A Shared Secured Loan is perfect for your first loan, building or repairing credit, or if you are in need of a loan quickly. Shared Secured Loans are based on a "pledged" amount of money that you keep in your Savings Account. That amount of money is also used as collateral. Not sure if this loan is right for you? Give us a call and we'll connect you with a loan officer that can help you decide which loan is best for your needs.
The share secured loan offers the following benefits:
- Fast and easy to apply for.
- Carries one of our lowest interest rates.
- Simply 'pledge' a portion of your LLCU share account that is equal to the amount to be borrowed.
- An amount equal to the unpaid principal must remain on deposit in your share account until the loan is paid.