Share Secured Loan
A Share Secured loan can be used for any expense and offers flexibility to use funds for vacations, education, holidays, wedding or any other special life event or purchase. Members get to keep their deposit, while gaining very competitive rates on their loans.
Minimum Requirements
- Must meet credit union member eligibility requirements.
- Shares or Share Certificate equal to the outstanding loan balance remain on deposit in an First Californian account for the duration of the loan.
- Share Secured Loan terms available up to 120 months.
- Share Certificate Loan terms available up to 60 months.
- Minimum loan amount – $300.
Product Fees
- Account subject to all General Account Fees (Refer to Services Fee Guide).
- Late Fee 5% of monthly payment, minimum $10, maximum $35.
Product Features
- Quick and easy approval.
- No pre-payment penalty for paying the loan off early.
- Loan payment protection options.
- Monthly itemized statement.
Product Benefits
- Shares or Share Certificate can be pledge for the member or a member’s family.
- As loan is paid down, more shares become available to the member.
- Shares continue to earn dividends.
- Fixed rate and payments.
- Flexible terms.
- Competitive rates.
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