CENLA FEDERAL CREDIT UNION
Share Secured Loans
If you need money for something important, but want to keep your savings intact, consider the merits of a cost-effective Cenla FCU Share-Secured Loan. First and foremost is the interest rate: It’s low! That’s because you’re using your own savings as collateral for the loan. Choosing to collateralize your loan in this manner allows us to offer you a lower interest rate for the life of your loan.
Share secured loans use savings accounts or certificates to secure loans. For savings-secured loans, the loan amount plus interest can total up to 100% of your account balance. What’s more, it’s a great way to establish credit.
Cenla FCU savings-secured loans offer a variety of benefits to members:
- APR as low as 2%
- Convenience of using savings as collateral
- Fast approval
- Low interest rates
- Borrow up to 100% of savings account balance
- Terms of up to 72 months or the remaining term of the account, whichever is less
- Generally lower loan rate than other types of secured loans
- Simple application – there is less paperwork because your loan is secured
- Fixed term, fixed rate – you know exactly how much you’ll pay each month, making it easy to budget
- Your savings continues to earn interest