Health Employees Federal Credit Union
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 Share Secured Loans

Borrow up to your saving balance
at competitive rates for up to 60 months
Disclaimer:  The stated rates are for information purposes only.
  Please contact your branch office to ensure that the stated rate is still current.

 The Basics
 A share-secured loan allows you to receive a significantly reduced loan rate in return for pledging your credit union shares as collateral against the loan. 

In order to be classified as a "share-secured" loan, 100% of the loan balance must be covered by your savings. For example, If you borrow $5000.00 - you need to pledge $5000.00 from your savings account.  Your pledged amount automatically reduces with your loan balance.  

The rate is a fixed rate and is calculated at the time you apply for the loan.      

 

 

Great for members who need to build a good credit history:

If you're new to credit, have a limited credit history, or have had previous credit problems, a share secured loan can help you build up your credit.  The loan is automatically approved and payments are automatically deducted from your paycheck (no late payments to hurt your credit record).  Each month, this loan is reported to the credit bureau as a current account in good standings -- and over time -- helps to build a stronger credit record.
 

Benefit for members with long-term savings accounts:

If you are one of the many members who build a savings account – with no intention of withdrawing those funds for several years -- then this program is a benefit for you.

In the past, you only had two options when additional funds were needed, you could either:

  • withdraw your savings and start over, or,

  • apply for a loan at the current personal loan rate.

This program is designed to help you make use of your credit union savings and reduce your borrowing costs –thereby—increasing the over-all "benefit" and "return"  on the funds you have deposit with us. Let me explain...

 

Loan Application

You may apply for your loan in person or use our "secured" online loan application.  It's fast--it's safe--and it's easy.  To use the online loan application, simply "click here" or click on the "Online Loans" tab above.

 

 

Your savings federally insured to at least $100,000
And backed by the full faith and credit of the United States Government
 
 Quick Clicks

 



 

Share Secured Summary

Rate:  currently 6.50% for 36 months
                        7.50% for 48 months
                        8.50% for 60 months

Terms:  up to 60 months
 
A benefit for members who have:
  • no credit file
  • a limited credit history
  • had past credit problems
  • a long-term savings account with the credit union as the share -secured loan increases their  "equivalent yield" on their savings deposit.
 
 		  

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