If you’re a Fort Worth resident and are interested in getting a share secured loan, look no further! FCACU offers members the best share secured loan options and your financial goals are our top priority.
What is a Share Secured Loan?
A shared secured loan is a type of loan that is secured by the savings account of the shareholder. When trying to learn more about what is a secured loan, it is a good idea to learn more about credit unions as well. Credit unions can offer share secured loans to its members without any type of security. However, this is normally only when the member has good credit. If the member has a low credit score and needs a loan, we can still provide them with a loan. This is done by putting the member’s savings account on hold until the loan has been paid back.
The Benefits of A Share Secured Loan
Share secured loans are one of the best ways to try to establish or raise credit. This type of loan will be reported to all of the main credit bureaus. In addition, monthly payments are never late since they are taken out automatically. A cosigner will not have to provide a guarantee for the loan as well since the loan is secured with collateral. The interest that is associated with this type of loan will is less than the average loan, because it is based on what the member is earning with the savings account.
Why Get a Share Secured Loan with Our Credit Union?
- You can use the funds you have in your FCACU Savings, CD or Money Market account as security against the loan.
- Enjoy low rates and terms up to 60 months while you continue to earn money on your deposits.
- You can use your good credit to qualify for an FCACU Signature loan. Our Signature loan offers credit limits up to $15,000, low rates, convenient repayment options and terms up to 60 months.
- You can build or rebuild your credit. Your payment history is reported to the credit bureau to build your credit. Minimum term of loan is 6 months.
FCACU’s share secured loans make it easier for our Fort Worth members to keep a smarter budget and maintain their finances. If you’re interested in taking advantage of the share secured loans offered by FCACU, contact us!