Share Secured loans are loans secured by the shares in your account, which will be “frozen” up to the balance of your loan. As your loan is paid down, the amount secured in your share account is reduced to match the balance on your loan. This type of loan is an excellent way to establish your credit history or obtain a loan if you have bad credit. This type of loan does not require an income or employment verification, as well as a debt ratio analysis. The maximum amount of the loan is the amount that you can secure in your savings account. The current interest rate is a 3.00% Annual Percentage Rate. Keep in mind that your shares are earning interest all the while that it is being “frozen”. The payment is determined at $12 per every $1,000 borrowed.
This type of loan rate is variable and may change.
*Direct Deposit and Automatic Payments qualify for up to a 1.0% discount on Share Secured Loans