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