Loans secured by savings in the credit union are available at special low rates of interest. When savings are pledged as collateral, the savings balance is maintained in an amount at least equal to the declining loan balance. Loan Calculator
A savings-secured loan can be used as a means of obtaining a lower interest rate when there is a need for money and the member does not wish to take money out of savings. Or, savings in which the member has an ownership interest, such as money in a child's account, can be used to secure a loan.
Rates on loans secured by regular savings are available at variable rates of interest only. Loans secured by Time Certificates are available only at fixed rates.
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