Share Secured Closed-End Fixed-Rate Loans

The Credit Union offers a Share Secured loan for members who are in need of funds but do not wish to deplete their savings. The share account will be held as collateral for the loan1 and, once the loan is paid off, the hold on the account is released. The share account will continue to earn interest during the term of the loan.

  • Maximum term of 48 months
  • Installment loan of equal payments throughout the term
  • Share account funds serve as collateral
  • Lending is limited to residents of North Carolina only
Terms
Interest Rate / APR2
Payment Example
Up to 48 months
1Member can withdraw funds from the share account in excess of the amount used as collateral for the loan.
2APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate. This is not your interest rate.