Savings-Secured Loans
A Savings-Secured Loan is an adjustable-rate loan secured by the member's savings.
A Savings-Secured Loan is an adjustable-rate loan secured by the member's savings.
The maximum loan amount is up to 100% of the member's savings, less $50. The maximum term is 7 years, or a one-year lump-sum payment.
The minimum loan amount is $1,000.
Savings-Secured Loans interest rate
Annual Percentage Rate
3.00
%
Monthly payment: $13.22 per $1,000, Variable rate, 7 years maximum term, minimum loan amount of $1,000
Protect your loan with Credit Life and Disability Insurance—available for vehicle loans, personal loans and lines, and share-secured loans.
Even if you have life insurance, other unfortunate circumstances could impact your monthly income. Having the peace of mind that your loan payment will be made, should you become disabled due to injury or illness, is worth the minimal cost added to your loan payment.
View our Credit Life and Disability PDF brochure.
Maximum Coverage Limits
| Level Rate | Disability | Life |
|---|---|---|
| Coverage Amount | Unlimited | $50,000 per loan |
| Termination Age | 70 | 70 |
| Coverage Duration | 120 months | 120 months |
| Monthly Benefit Amount | $750.00 per loan | Not applicable |
Who is Eligible and How Much Does it Cost?
| Level Rate | Disability | Life |
|---|---|---|
| Eligibility Age | Under age 70 | Under age 70 |
| Working Requirements | Actively at work a minimum of 30 hours per week on the loan advance date | Not applicable |
| Single Rate | $2.00 per $1,000 per month | $0.69 per $1,000 per month |
| Joint Rate | Not applicable | $1.16 per $1,000 per month |