Loan terms

Rates

Fixed or variable 

Collateral

Share Account

Share Secured Loans

You don't always have to use your savings when you need funds for a short term. Consider the LGFCU Share Secured Loan. This loan allows you to borrow money and use your Share Account as collateral.

Share Secured features and terms

  • Your Share Account is held to secure the loan.
  • When the loan is paid off, the hold is released.
  • You continue to earn dividends on your Share Account during the term of the loan.
  • Three terms available
    • Fixed-rate for up to 24-month terms
    • Fixed-rate for 25- to 48-month terms
    • Variable rate for 49- to 120-month terms
    LGFCU member Emma T.
    I’ve been a member of LGFCU for 28 years. I really appreciate how the Credit Union has low interest rates for credit cards and personal loans.
    Emma T.Southport

    Rates and terms

    • Fixed rate of 5.00% APR* for up to 24-month terms. Example: For a $5,000 Share Secured Loan your monthly payment will be $220 for 24 months at 5.00% APR.
    • Fixed rate of 5.50% APR* for 25- to 48-month terms. Example: For a $10,000 Share Secured Loan your monthly payment will be $233 for 48 months at 5.50% APR.
    • Variable rate† of 8.75% APR*,‡ for 49- to 120-month terms. Example: For a $15,000 Share Secured Loan your monthly payment will be $189 for 120 months at 8.75% APR. 
    • Maximum term of 120 months (10 years).
    • Lending is limited to residents of North Carolina, South Carolina, Virginia, Georgia and Tennessee.

    Disclaimer:
    APR = Annual Percentage Rate.
    † The APR cannot increase by more than 1% each quarter over the previous quarter and cannot exceed 18%.
    ‡ The APR is calculated by adding the index rate to the loan margin. The index rate is the 26-week Treasury Bill Rate set at the first auction held on or after the 15th day of the second month of the previous quarter adjusted up to the nearest 1/4%. Loan margin is 2.00%. The index rate cannot be less than 6.75%.

    Next Steps

    Choose a way to request the Share Secured Loan that’s right for you.

    Your resources: Loan Information Checklist