Closed-End Unsecured Loan
A Closed-End Unsecured Loan is typically used for consolidation of debt, home/car repairs or smaller home appliance purchases, i.e., washer/dryers, dishwashers, mowers. It is a one-time advance loan set at a fixed interest rate and repayment term.
Share Draft Line of Credit
This is an all-purpose loan that can also serve as a back-up overdraft protection on your checking account for a minimal fee. It is a fixed interested rate LOC where the rate will not increase while the plan is open. It is good for a three year draw period with a three-year payback term.
Share Secured Loan
A Share Secured Loan is a loan which uses the shares in your account as security for the loan. The loan must be 100% secured to receive the rate of 2% over the current dividend rate being paid on the shares used to secure the loan.
Share Certificate Secured Loan
A Share Certificate Secured Loan is a loan which is 100% secured by a share certificate with First Class Community Credit Union. The loan must be 100% secured to receive the rate of 2% over the share certificate rate being paid on the share certificate used to secure the loan. The term of a Share Certificate Loan may not exceed the months remaining until maturity of the certificate.
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