When you secure a loan with your savings account or a certificate, it almost always means you’ll pay a lower rate than with an unsecured loan. So, if you need a quick and less expensive loan, a MemberSource secured loan may be the way to go.
What you use the money for is up to you. Your maximum borrowing limit is based on the amount you have in your share account and the rate is based on your desired term and the rate you’re earning on your share account.
Term Share Certificate-Secured—CD Secured
This secured loan features a $1,000 minimum with terms based on your current share earnings and more. While the term cannot exceed the maturity of the term share certificate, it is a great way to borrow money while you earn interest on your collateral.