Use your Share or Share Certificate Accounts as collateral to secure low interest loans. Benefits are:
- Available immediately - no application to fill out
- Term - up to 12 years, you decide the length of the term
- Interest rate - only 2.5% above the dividend rate paid on the Share Account or Share Certificate
- Rate changes on Share Accounts are automatically adjusted on the loans
- Loans may be secured with the borrower's account, or with any other authorized account held at the credit union
- Maximum amount $100,000.00
Loans are secured up to the value of the securing instrument.
Loans secured by Share Certificates (SC) do not renew automatically.
For more information contact a member service representative.
SUAFCU never charges a pre-payment penalty, and interest is due only on the outstanding balance.
Share and Share Certificate Accounts may be used as collateral. The Annual Percentage Rate (APR) will be the same as the underlying dividend rate plus 2.5 percentage points. Any changes in the dividend rate will automatically change the APR. Loans are secured up to the value of the securing instrument. Share Certificates used as collateral do not renew automatically. Maximum loan amount of $100,000 and up to 12 years when a Shares Account is used as the underlying collateral or up to the maturity date when a Share Certificate Account is used. All SUAFCU loan programs, rates, terms and conditions are subject to change at any time without notice.