Share/Certificate Secured Loans
What is a Savings or Share Certificate Secured Loan?
A savings secured loan is a loan that is secured by the funds in your savings account. A certificate secured loan is a loan secured by a certificate of deposit, or CD. This means when you receive the loan, the amount of the loan is "frozen" in your savings account or on your CD. We will loan up to 95% of your pledge amount. No funds are available until paid in full.
Share Secured Loan Benefits and Details
No credit check or report
Can help establish or re-establish credit
Flexible terms
$300 minimum loan amount
Funds in your account continue to earn dividends even while "frozen"
Certificate Secured Loan Benefits and Details
No credit check
Continue to earn interest on your CD while enjoying a low interest rate on your loan
Create a history of consistent payments
$300 minimum loan amount
Term tied to maturity date of the CD
What is a Pledge Loan?
A pledge loan differs from a standard loan in that the loaned amount is completely backed with collateral from the borrower. A borrower can use their funds, such as a savings account, as collateral to obtain a loan. The funds used as collateral then become "frozen" until the loan is paid back in full. Because pledge loans are fully backed with collateral, they are easier to obtain than traditional loans and offer a number of other benefits to borrowers such as:
Better interest rates than standard loans
No credit check required
Helps establish or rebuild credit history easily
Flexible terms
A pledge loan from Fort Liberty Federal Credit Union offers additional benefits:
Low loan amounts starting at $300
You continue to earn dividends on your "frozen" funds