Share Secured loans can be a valuable tool to establish, or rebuild your credit history. When you take out a loan using your funds as collateral, it’s known as a share secured loan. These loans are also helpful for consolidating debts at a low rate and financing purchases without actually tapping into your savings.
In a share secured loan, the Credit Union places a hold on the amount you want to borrow against. As you pay your loan down, the hold on your funds reduces. This acts as a great way to pay yourself back if you are needing access to your own cash!
Similar to a traditional payday loan, our freedom loan is a small, short-term loan. For first-time borrowers, the minimum is $300 and the maximum is $500. After successfully paying off the first loan, the subsequent maximum is $750 with a payback period not to exceed six months; $25 application fee.