Secured Loans
Secured Loan
Considering a new lawn tractor or snowmobile? We have loans for your toys and necessities. We offer a competitive fixed rate with flexible terms. How does this work? Apply for your fully secured loan at Members Credit Union, purchase a new lawn tractor and pledge the tractor as collateral for the loan. You will have a low fixed rate loan and budget minded payment each month. Check with your credit union before you start to shop for your next lawn tractor, or snowmobile. We can pre-approve you before you begin to shop! Remember, we do not charge an application fee!
| Secured Loan | ||
| Name | APR* | Type |
Snowmobile |
8.50% | Fixed |
| Tractor | 8.50% | Fixed |
| Personal Computer | 8.50% | Fixed |
| Fully Secured Collateral | 8.50% | Fixed |
Share Secured
Need to establish credit, rebuild your credit or just want a low fixed rate loan. We have options for you. Establish a share account with Members Credit Union and we will place a hold on the available funds as security for your new loan. The rate is fixed and the term limit is flexible. This is the perfect account for members who wish to have a low fixed rate and a set monthly payment. There is no application fee. An IRA account cannot be used to secure funds.
| Share Secured Loan | ||
| Name | APR* | Type |
Share Secured Loan |
5.00% | Fixed |
CD Secured
This secured loan can be used for the same reasons as the share secured. Establish the CD of your choice and the loan rate will be fixed at 2% above your current CD. The loan balloons at CD maturity. When the CD matures the loan rate can be rewritten at 2% above the new CD rate if the member is in good standing with the credit union. An IRA CD account cannot be used to secure funds.
| CD Secured Loan | ||
| Name | APR* | Type |
CD Secured Loan |
CD rate + 2% | Fixed |
Mobile Home Secured Loan
We offer secured loans to purchase new or used mobile homes that are located in a mobile home park. For details contact our Lending Center at 929-2010 or (800) 765-0113.
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