Pledged Savings Loan
Your commitment to saving can provide you with the security you need for a loan. When something unexpected comes up there is no need to take the money out of your savings account. Pledge the money in your savings account as collateral on a loan. As the loan balance reduces during repayment, the pledged amount in savings reduces as well. You do continue earning dividends on any amounts from savings pledged as collateral on the loan as usual. Additional features and benefits are:
Low fixed interest rate
Fixed monthly payment
No penalty for an early payoff
Minimum loan amount - $500
Financing available up to a 10-year term*
A Pledged Share Certificate Loan is also available by pledging a share certificate at the Credit Union and taking a loan for a term no longer than the remaining term on the certificate.
Pledged Savings Loan Rates
Last Updated: August 1, 2024
*The monthly payment per $1,000 at 4.03% for 36 months would be $29.54; monthly payment per $1,000 at 5.03% for 36 months would be $29.99; monthly payment per $1,000 at 4.03% for 48 months would be $22.59; monthly payment per $1,000 at 5.03% for 48 months would be $23.04; monthly payment per $1,000 at 4.03% for 60 months would be $18.43; monthly payment per $1,000 at 5.03% for 60 months would be $18.88.
| Min. Amount to Borrow | Max. Amount to Borrow | APR* as low as | Max. Term (months) | Payment per $1,000 |
|---|---|---|---|---|
| $500.00 | - | savings rate + 4% | 36 | $29.54 |
| $75,000.00 | - | savings rate + 5% | 120 | $10.62 |
Pledged Certificate Loan
Last Updated: August 1, 2024
The loan term must be equal to or less than the term remaining on the certificate.
*The monthly payment per $1,000 at 4.03% for 36 months would be $29.54; monthly payment per $1,000 at 5.03% for 36 months would be $29.99; monthly payment per $1,000 at 4.03% for 48 months would be $22.59; monthly payment per $1,000 at 5.03% for 48 months would be $23.04; monthly payment per $1,000 at 4.03% for 60 months would be $18.43; monthly payment per $1,000 at 5.03% for 60 months would be $18.88.
| Min. Amount to Borrow | Max. Amount to Borrow | APR* as low as | Max. Term (months) | Payment per $1,000 |
|---|---|---|---|---|
| $500.00 | - | savings rate + 4% | 48 | $22.59 |