A share-secured loan is one that has a cash reserve as collateral. For example, a member may be qualified for a share-secured loan if he or she already has an existing savings (share) account with the Credit Union.
It is important to remember that the cash reserve must match 100% of the loan’s principal. Upon payoff, the total amount of the cash reserve becomes available back to the member.
A share-secured loan is a great way to build/rebuild credit.
To view our Share Secured rates, click here.