Share Secured Loans

need a loan with no frills? keep it simple with a secured loan

It’s convenient and easy! Using money on deposit in your savings account with EIFCU, make yourself a loan up to the available balance in your account! A Share Secured Loan can offer a lower rate than other types of loans because it uses funds in a savings account — either a share account or share certificate account — as collateral for your loan. The funds will be “frozen” from use and made available as the loan payments are made. For example, if your loan is $1,000, this amount would be “restricted” or “frozen” from use in your savings account. Flexible terms (up to the maturity date of the Certificate) along with a low interest rate makes this a fantastic way to borrow money quickly.

Benefits:

  • Help build credit

  • Low, fixed interest rate with predictable monthly payments

  • Funds may be used for anything

  • Flexible terms so your payment will fit your budget

  • Maximum loan amounts based on amount on deposit

  • Continue to earn dividends on your deposited funds

  • No income verification required

Call or email with questions, or Apply Now with our online loan application!