Did you know you can borrow against an existing Share Certificate to get access to the cash while avoiding early closure fees?

 

When you open a Share Certificate, you agree to lock your funds in for a set amount of time and pay a penalty if you take it out early. But what can you do if you need that cash now?

When you use a Certificate Secured Loan to borrow against your existing Share Certificate account, funds equaling the amount of the loan are frozen from use and released when your Secured Loan is paid back. The money in the certificate continues to collect dividends, which helps offset the already low interest rate charged on the loan.

This allows you to avoid certificate early closure fees, which can equal 3 to 12 months of dividends depending on the original term of your Share Certificate.

 


Certificate Secured Loan1

 

Borrow against existing funds in any Credit Union Share Certificate account and pay it back as your certificate matures.

  • Avoid certificate early withdrawal fees
  • Share Certificate continues to earn dividends
  • Term equals the remaining term of original certificate
  • Minimum loan amount $500

 

Today's Rates          Apply Now

 


Share Secured Loan2

 

CFCU also offers Share Secured Loans. If you have a large emergency fund built up and don’t want to withdraw from it, borrowing against some of your savings allows you to get a loan at a much lower rate than a Personal Loan or a credit card advance. Plus, with terms available up to 60 months, you can personalize your loan with monthly payments that make sense for you.

Borrow against funds in any existing Credit Union regular Savings account.

  • Much lower rate than a Personal Loan or credit card advance
  • Terms available up to 60 months
  • Savings dividends help offset loan interest, resulting in a super low loan rate
  • Minimum loan amount $500; maximum $100,000

 

Today's Rates          Apply Now

 


1 APR (Annual Percentage Rate) of Certificate Rate + 2.00% effective March 30, 2020, and subject to change without notice. Member must complete and submit a loan application, subject to approval. Term equals the remaining term of the certificate. $500 minimum loan amount. $25 minimum loan payment. Other restrictions may apply. Loan payment example: $18 per month per $1,000 borrowed at 4.00% APR for 60 months.

2 APR (Annual Percentage Rate) of Share Rate + 2.00% effective March 30, 2020, and subject to change without notice. Member must complete and submit a loan application, subject to approval. Terms available up to 60 months. Minimum loan amount $500, maximum $100,000. Funds held for the Secured Loan must be 100% of loan amount. Other restrictions may apply. Loan payment example: $17.73 per month per $1,000 borrowed at 2.49% APR for 60 months.

 

Facing Financial Hardships? We Can Help.

Read More