#personal loans rates
# Share Secured Loans
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 25-48 month terms
- Variable Rate for 49-120 month terms
Rates and terms
- Fixed rate of 5.00% APR 1 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 1 .
- Fixed rate of 5.50% APR 1 for 25-48 month terms. Example: For a $10,000 Share Secured Loan your monthly payment will be $233 for 48 months at 5.50% APR 1 .
- Variable rate 2 of 8.75% APR 1, 3 for 49-120 month terms using Payroll Deduction/Funds Transfer repayment (9.25% APR 1 for Direct Pay). Example: For a $15,000 Share Secured Loan your monthly payment will be $189 for 120 months at 8.75% APR 1 when your payment method is payroll deduction/funds transfer ($192 for 120 months at 9.25% APR 1 with direct payments).
- Maximum term of 120 months (10 years).
- Lending is limited to residents of North Carolina, South Carolina, Virginia, Georgia and Tennessee.
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