Personal loans for all your needs
|Personal Loans||APR* As Low As|
|You Name It Loan 1||8.49 %|
|Personal Loan 2||11.49 %|
|Line of Credit 3||11.40%|
|CD and Share Secured Loans||APR* As Low As|
|Certificate of Deposit Secured 4||2.50 %|
|Savings Share Secured 1||2.50 %|
Rate is share certificate or savings share annual dividend rate plus 1.50%. Term of share certificate secured loans cannot exceed the term of the certificate. Maximum term of a savings share secured loan is 60 months. Floor rate 2.50%.
An unsecured personal loan
An unsecured or personal loan is based entirely on the borrower's credit. Unlike a home equity loan, there is no collateral. These loans are generally for shorter periods of time and don't require collateral. Because they are based on credit, approval can be determined in a very short amount of time.
A secured loan uses collateral, such as the borrower's savings account to secure the loan. Secured loans can also use share accounts, also know as certificates of deposit (CDs), as collateral. Share certificates are term specified savings accounts that offer higher yields than traditional savings accounts. The only downside to share certificates is that withdrawing your money early will be penalized. So why not just use your savings instead of a loan? A secured loan is beneficial in that it allows the borrower's savings to continue to gain dividends during the loan period. Having your savings as collateral also allows lenders to offer longer terms and lower interest rates on secured loans.
Effective 01/07/16. Rates subject to change without notice and are for informational purposes only. For details or latest rate information, contact a credit union representative.