Share secured loans are a great way to borrow money at a very affordable rate. Your deposit in an SHPFCU share account is used as collateral, and the loan rate is one percentage point above the rate earned on the deposit account. Currently, the share secured loans have a floor percentage rate of 2.50%.
You may also borrow money using your SHPFCU share certificate as collateral. Your rate will be one percent above the percentage rate you are earning on your certificate. Terms will not extend past the certificate maturity.
