What is a Secured Loan? A share secured loan is a loan that is secured or guaranteed by a shareholder’s savings account. When you own a savings account with the credit union, you are a share owner of the credit union. The total amount of money available as a loan is based on the amount that you currently keep in your share account and the credit union will “hold” those funds until the balance of the loan is paid in full. More funds will become available as you pay the balance of the loan down. These types of loans help to build credit, repair bad credit or let your money work for you and borrow against your own account.
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