Certificate Secured Loan
|MAXIMUM AMOUNT||MAXIMUM TERM||ANNUAL PERCENTAGE RATE|
|$50,000||60 months||3.00% + Dividend rate|
LOAN PAYMENT EXAMPLE:
$17.97 per month per $1,000 borrowed at 3.00% APR for 60 months
*Information accurate of January 5, 2021.
Estimating your loan payment before buying can boost your negotiating power and help you choose the best loan term and down payment for your budget.
Frequently Asked Questions
What is interest?
Interest is the amount of money charged for borrowing from a financial institution, typically expressed as an annual percentage rate (APR).
Can my rate change after I’m approved for a loan?
No, once you’ve been approved, your rate will remain the same throughout the life of the loan.
Do I have to borrow the total amount that’s in my Share Certificate?
No, you can borrow any portion of your Share Certificate ($500 – $50,000) as long as the amount is available in your certificate account.
Will the entire amount of my Share Certificate still earn interest or just the amount I didn’t borrow against?
The entire amount of your Share Certificate will still earn interest.
Can I pay my loan off early?
Yes, you can pay your loan off at your own pace as long as you make at least your minimum payment each month.
Is there a fee for paying my loan off early?
No, there are no fees for early payoff.
What happens if my certificate draw period ends before my loan does?
The term of the loan cannot exceed the Share Certificate maturity date. If your maturity date arrives while you’re still paying off your loan, the loan will be paid off with the money from the Share Certificate.
Can I get a Certificate Secured Loan on any Share Certificate?
You can get a Certificate Secured Loan on any of our Share Certificates regardless of their term. However, we are unable to provide Certificate Secured Loans on any IRA Certificates.