Share Secured & Certificate Secured Loans
Establish a positive credit history with a secured loan.
IDB Global Federal Credit Union Share Secured and Certificate Secured Loans can be secured by the funds in your Savings or Share Certificate accounts.
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WHAT IS A SAVINGS OR SHARE CERTIFICATE SECURED LOAN?
The funds will be “frozen” from use and made available as the loan payments are made. For example, if you borrow US $2,000 from your Savings account, this amount would be “restricted” or “frozen” from use. As you make monthly payments of US $65, US $60 would be applied to principal and this amount would be made available. Therefore, after one month of payments, you would now have US $1,940 “restricted” and US $60 made available for your use.
These loans provide you with the ability to build a good credit history. Establishing and maintaining a good credit history allows you to achieve many of your goals in life. Purchasing a home, car or pursuing a college education requires you to establish a positive credit history.
BENEFITS
- Lower rate than many other conventional loans
- Establish credit; allowing future credit opportunities
- Convenient terms of up to 10 years
QUESTIONS? Just contact our Lending Department to get started.
SECURED BY REGULAR SHARES rates
| Share Secure (Savings) | ||
| Maximum Term | Rate | Monthly Payment per $1,000 |
| 10 years | The dividend in savings +1.5% (1) | $9.16 |
(1) The rate is subject to change based on the dividend payed in the savings account.
SECURED BY share certificate
| Secure Share Certificate | ||
| Maximum Term | Rate | Monthly Payment per $1,000 |
| Maturity of certificate | Certificate Rate + 1.5% (1) | Interest Only; principal due at maturity |
(1) Rate is fixed for the term of the Share Certificate.