Shared Secured Loans

Shared Secure Loans

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 2%.


EXAMPLE:

You have funds in a share certificate at the credit union earning 1.00% dividend.  You pledge these funds as collateral for a share secured loan.  The APR (annual percentage rate) on this loan will be 3.00% (1.00% dividend rate on share certificate  plus the additional 2%).


Must be 18 years of age to apply.

Already a member click HERE to apply for a loan or add a new account and on Monday through Friday during normal business hours we will make every effort to get back to you within 24 hours.

Not a member yet click HERE to apply for a loan or add your account and on Monday through Friday during normal business hours we will make every effort to get back to you within 24 hours. Yes, that is how easy it really is at Lennox Employees Credit Union.

If you prefer, call the credit union at 641-754-4501.