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Lennox Employees Credit Union offers a
unique way to borrow money. If you have share savings or share certificates at the
credit union, you may use these as collateral to secure your
loan. (IRA deposits
are not eligible.)
The loan rate is the rate of the deposit
being used as collateral plus 3%.
EXAMPLE:
You have funds in a share certificate at
the credit union earning 1.74% dividend. You pledge these funds as collateral for a share secured
loan. The APR (annual percentage rate) on this loan will be 3.74%. (1.74% dividend rate on share certificate plus the additional 2%).
Must be 18 years of age to apply.
To
apply for a loan at the credit union, click HERE
to go to
our secure Online Banking site,
then
complete the "Loan Application."
If
you prefer, call the credit union at 641-754-4501.
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