IDB-IIC Federal Credit Union
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Share Secured & Certificate Secured Loans

Loan Rates

IDB-IIC Federal Credit Union Share Secured and Certificate Secured Loans provide you with the ability to build a good credit history. You are able to use the funds in your Savings or Share Certificate account to secure these loans.

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. IDB-IIC Federal Credit Union share secured and certificate secured loans provide you with the ability to build a good credit history. You are able to use the funds in your Savings or Share Certificate account to secure these loans.

Benefits

  • Lower rate than many other conventional loans
  • Establish credit; allowing future credit opportunities
  • Convenient terms of up to 10 years

Terms to maturity of loan on share certificate secured

What is a Savings or Share Certificate Secured Loan?

A savings or share certificate secured loan is secured by the funds in your savings or share certificate account. 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.

Apply Online or just contact our Lending Department* to get started.

 
National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.