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Secured loans at Western Credit Union are guaranteed by your Western Share Account, Share Certificates or other collateral.
Members may borrow up to 100% of the funds they have on deposit in their Western Regular Share Account, Secondary Share Account, and Share Certificate Accounts.
These deposits secure the loan, and the program is another excellent way for the Member to get money for a variety of financial needs, without having to withdrawal their savings.
It is also a good alternative for Members who would not otherwise qualify for a loan based on their credit history, as these loans are not subject to some of the standard credit underwriting guidelines.
These loan rates are fixed and terms are available up to 120 months.
| Advantages to Share Secured Loans |
- When the loan is paid off, you still have your savings
- You can pay off the loan at any time
- As the loan balance decreases, the shares used to secure the loan become available
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To estimate the net cost of your share secured loan, just call the credit union.
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