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Share Secured Loans

Build your credit or get cash. Just use your savings as collateral for a quick loan.


A share secured loan lets you use your regular savings account, money market account, or certificate of deposit as collateral, so you can get a loan at a lower interest rate. It’s a great way to boost your credit score or start building credit from scratch.
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Low rate loan

Using your Share Savings, Money Market or CD account as collateral, we are often able to offer you lower loan rates than an unsecured loan.
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Build your credit

Looking to give your credit a boost? As you make monthly payments on your loan, your credit score could start to improve. 
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Quick & easy process

Securing your loan is fast, simple, and seamless at Members Choice. You can get started online or over the phone.

Benefits of a share secured loan

Share Secured Loans are relatively easy to obtain because you are offering collateral to secure the loan. One of the biggest advantages of this type of loan is that you can restore your credit with less stress or risk. 

Share Secured Loan benefits:

  • Quick and easy loan approval process
  • Competitive interest rates
  • Flexible terms
  • Easy repayment options
  • Higher loan limits
  • Build your credit as you pay back the loan
  • Available for CD, Money Market or Savings Share Accounts

How share secured loans work

With a Share Secured Loan, you borrow against the money in your Share Account. As you make the monthly payments on the loan, your credit score could improve. The loan is secured by your savings account, share certificate account, or money market Share Account.

While you’re paying on your Share Secured Loan, the collateral in your Share Account is in a hold status. Once you pay off the loan, your collateral funds are released for your use. 

The interest on Share Secured Loans is extremely low. Since your Share Account earns interest or dividends, the actual cost to borrow with a Share Secured Loan is minimal. 


Who are share secured loans good for?

While there are a variety of reasons Share Secured Loans are the right choice, there are a number of factors that make someone a good candidate for this type of loan.

You might be a good candidate if:

  • You are looking to build their credit
  • You are interested in saving for future loans
  • You want to protect you savings

Ways to use a share secured loan

Share secured loans can be used however you'd like, but it’s smart to use the loan as a necessity or way to pay less interest on existing debt.

Some common ways to use them include:

  • Home repairs or renovations
  • Medical expenses
  • Debt consolidation
  • College tuition
  • Unexpected expenses

Start off with an estimated rate quote – No credit pull required

Fill out the short form below to hear from a Loan Officer within the next business day.

Securing your loan is easy and can be started online or over the phone. Apply today.

Apply Online

Call us at 281.754.1470 to ask questions or start a loan application by phone.

Apply in a Branch

To apply in branch, visit a branch near you.

Compare Personal Loan Options


 
 HomePlus Personal Loan** Unsecured Signature Loan Share
Secured
Loan
 CD Secured Loan Personal Line of Credit
Payments Fixed Fixed Variable
 Fixed Variable
Terms 37 to 72 months Up to 72 months
 Up to 120 months;
 Up to 60 months or the remaining CD term
 No term limit
Minimum/maximum loan amount $10,000 to $30,000 —
($35,000 minimum on 61-72 month term)		 Up to 100% of the share balance
 Up to 90% of the CD balance
 $25,000 maximum
Interest rate Fixed interest rate Fixed interest rate Variable interest rate: Share rate + 3.00% Fixed interest rate: CD Rate + 2.50% Variable rate
Secured vs. Unsecured Unsecured Unsecured
Secured with a Members Choice Share Account Secured with a Members Choice CD Unsecured

HomePlus Personal Loan Details Unsecured Personal Loan Details Share Secured Loan Details Share Secured Loan Details Personal Line of Credit Details

**For homeowners. Certain tax benefits may not apply. You should consult your tax advisor for information regarding the deductibility of interest and charges.


FAQs about Share Secured Loans

You can borrow up to 100% of the available funds in your share secured account or 90% of the CD balance for a CD Secured Loan.
The interest rate on the Share Secured Signature Loan is variable and the Share rate + 3.00%. The interest rate for the CD Secured Loan is fixed Rate + 2.50%.
You can borrow for up to 120 months with the Share Secured Signature Loan and up to 60-months or the remaining term for CD Secured Loans.
According to the credit reporting agency Experian, payments are usually reported once every 30 to 45 days. From there the three national credit reporting agencies (Experian, Equifax, and TransUnion) update credit scores.
Funds will be frozen until a predetermined amount has been paid on the loan. Your shares will continue to earn dividends while your funds are frozen.






Disclosures

If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships are subject to approval including credit approval.