Share Secured Loans

Use your own money to lower your rate.

Earn Dividends & Get a Low Rate

Share Secured Loans use your money in your Meridia Account to secure the loan you are applying for. This allows you to earn dividends on your money and get a low interest rate on your loan.

Benefits

  • Retain your hard earned assets and let them work for you
  • Hold on money releases as you pay the loan down
  • Low interest rate
  • Money securing the loan still earns dividends.

Rates

TERMSAPR
up to 60 monthsas low as 1.50%
61-75 monthsas low as 2.50%

APR = Annual Percentage Rate. Loan Rate is determined by your credit score.

Updated April 27, 2017

Calculator

Fees

DESCRIPTIONFEE
Loan Late Charge
$29
each
Returned Loan Payment Check$20 each
Other fees may apply. Refer to our full fee schedule for further information.

Frequently Asked Questions

Is there a prepayment penalty?

If you pay the loan off early, there is no penalty. However, if using the savings purpose of this loan, the funds in the Term Share Certificate may be subject to an early withdrawal penalty if taken before maturity.

Can I use my Meridia IRA to secure a loan?

No. IRA funds cannot be used to secure a loan.

When can I schedule the closing of my loan?

In addition to our Lobby Hours between 9am and 4pm Monday through Friday, we have Saturday loan closing appointments available to be scheduled between 9am and 12pm at our Southwestern Branch. Appointments can also be set between 7am and 7pm Monday through Friday at our Southwestern Branch as well.

How long does the application process take?

Once we have your completed application and income verification, we can usually close your loan within an hour.

How does the hold on my account work?

When you make your monthly payment on your loan the principal amount will release from the hold on your savings.

What if I want to pay the loan off in full early?

Either bring in the payoff amount and the hold will be released, or we can release the hold on the account and payoff the loan from those funds.

Leverage Your Money

Secure a loan with money you already have your Meridia account: earn dividends on your money and get a low interest rate on your loan.