You've worked hard to build your savings or certificate balance. Rather than spend it on a down payment or for a high-dollar purchase, keep your savings and use it to get a low loan rate!
A share or share certificate secured loan is secured by the funds in your savings or share certificate account. Funds used as collateral are put on hold and made available as payments are made.
For example, if you borrow $5,000 using funds from your savings account as collateral, this amount would be on hold and unavailable for your use. If you make a monthly payment of $150, $135 will be applied to principal. Your hold would be reduced by this amount and those funds would be available for use.
Funds must be available in your savings or share certificate account
Help preserve your standard of living. Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because the unexpected can happen at anytime. You’re betting you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or pass away, leaving your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
CFCU Safety Net* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly occurs. And, simple eligibility requirements ease the enrollment process.
If your loan is protected and a life event happens to you, CFCU Safety Net* will cancel or reduce repayment of your loan debt - helping to lessen worries about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:
Life Plus adds protection for financially-stressful life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent.
Because each member has different needs, we offer three different options for protection with CFCU Safety Net:
|Signature Loan||8.49%||60 months||Calculator|
|Share Secured Loan ~||6.00%||60 months||Calculator|
|Credit Builder Loan||24.74%||60 months||Calculator|