Share Secured Loan

Share Pledge

Maximum loan is the available shares on deposit. The A.P.R. is 2% higher than the dividend rate paid to the pledged shares. Maximum loan term is 12 years.

These loans may be used between family members provided both parties have credit union accounts. One party pledges their savings account, and the other receives the loan. It is one way to help someone build a credit history.

We reserve the right to change the interest rate charged on these loans in conjunction with changes in the share dividend rates up to the maximum interest rate allowed by credit union regulations, currently 18%.

For example, a member allows their share account to be pledged as collateral which is currently earning a dividend rate of 0.30%. The loan A. P. R. is 2% higher, or 2.30%. The repayment of this loan over 60 monthly payments is $17.66 per $1,000 borrowed.