Share Secured & Certificate Secured Loans
Establish a positive credit history with a secured loan.
IDB-IIC Federal Credit Union Share Secured and Certificate Secured Loans can be secured by the funds in your Savings or Share Certificate accounts.
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.