Yes, this loan qualifies for our Skip-a-Payment program.

With Skip-a-Payment you have the ability to skip up to two (non-consecutive) monthly credit union loan payments each year, whenever it’s most convenient for you.

To enroll, complete the Skip-a-Pay form, indicating the month you would like to skip your payment, and return it to the Credit Union at least five days before your payment is due.

Some of the reasons why a secured loan might be right for you are:

• Immediate funding, often by the next business day.
• Preserve savings. You can continue earning interest on your savings and avoid early withdrawal penalties on your Share Certificate.
• Builds credit. If you have bad credit or no credit at all, these loans can help you build credit.
• Lower interest rate. You will get a lower annual percentage rate than a regular non-secured personal loan.

Your funds from your savings or share certificate account will be used as collateral to secure the loan.

Yes, you will have access to the funds that are not pledged, but you will continue to earn dividends on all of the funds in your account.

As you repay the loan, you will regain access to your pledged funds, equivalent to the amount you have paid off on the loan.

Our Share Certificates page can help you learn more about them. However, you do not need a Share Certificate to apply for this loan—you can also use your Share Savings account.