Share Savings or Certificates of Deposit Secured
Share secured and CD loans are a great way to establish credit for a young person, or to help reestablish credit for someone that has had financial issues in the past. The loan gets reported to the credit bureaus to help build a good payment history. When the loan is collateralized by a savings account, there is no need for a cosigner to guarantee it and the rates are generally lower then other types of loans.
Generally share and CD secured loans have a maximum term of 36 months, but may have a reduced payment to fit your budget with a balloon payment due at maturity which will have to be repaid or refinanced.
The interest rate is generally lower than other loans; currently ECU offers the following rates and terms for share and CD secured loans.
| Loan Type | Term | Rate |
| ECU Shared Secured | Up to 36 months | 4.25% |
| ECU Certificate of Deposit*Rate is subject to change = 2% + ECU CD rate | Up to 36 months | 7.10% |
| Other Banks Certificate of Deposit | Up to 36 months | 11.25% |
**There is a $20.00 application fee for each applicant on all loan requests.
**Other terms may be available. Rates are subject to change. Please contact ECU at (800) 382-2400 for details**
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Current Rates
