Our low-interest Share Secured loan is designed to help you establish or rebuild credit by borrowing against an amount in your savings with an established repayment plan.
- A young member is getting started in their adult life and needs to establish installment debt on their credit history. Job time often prevents a financial institution from considering unsecured credit, so we offer a Share Secured Loan to develop credit history and a lending relationship with the credit union.
- A member applies for a Share Secured Visa. After a review of the application, the loan officer determines the member would also benefit from new installment debt on their credit history. A Share Secured Loan can be offered with no additional financial investment from the member.
- Parents are seeking a loan to purchase a vehicle for their child. If the request doesn’t fit our lending guidelines for an auto loan or unsecured lending, but the parents have offsetting funds in their savings, a Share Secured Loan can be offered using the funds in the parents’ account to establish a contractual obligation for repayment and help the child build credit.
- A Member plans to make a large cash purchase but would like to guarantee they’ll pay back their savings over time and isn’t interested in a high-interest unsecured loan. A Share Secured Loan can be used as a way to structure future savings growth so they can achieve this goal.
Apply now or speak with one of our loan officers at (800) 303-3838.