Share Secured Loan

Borrow the money you need on your terms with a share secured loan from Great Lakes Credit Union. With a share secured loan, you can use the money in your share savings account as collateral for the loan. We are proud to offer a fully secured loan (share secured) and a partial secured loan (share secured plus) to our members.

As you make payments on your share secured loan, the money in your share savings account will become available for you to use. 

Why choose a share secured loan: 

• A low APR* 
• The opportunity to build or re-establish credit 

Why Choose Share Secured Plus:

• Loan Amount Ranges: Based on Share Savings Balance
• Competitive APR*:  2% Below member’s qualifying unsecured rate
• Term: Up to 60 months
• Ease of Application: Apply in person, over the phone or through digital channels

Key differences between a Share Secured Plus loan and a Share Secured Loan:

1. Security Pledge:
• Share Secured Plus: Only partial security is required. For example, if you want a $1,000 loan, you only need to pledge $500 from your Share Savings, with the remaining $500 being unsecured.
• Share Secured: Full security is required. In this case, if you want a $1,000 loan, you must pledge the full $1,000 from your Share Savings as collateral.
2. Interest Rates:
• Share Secured Plus: The loan has a 2% lower interest rate than the unsecured loan rates because it has a partial pledge of shares but also carries some unsecured risk.
• Share Secured: This loan type has a lower, more favorable interest rate of 3% above the Share Savings Rate due to the full pledge of collateral, which reduces the lender's risk.
3. Pledged Amount Availability:
• Share Secured Plus: The pledged amount is updated as loan payments are made. After the loan is partially repaid, the pledged shares (starting with the $500 in the example) are gradually released. By the middle of the loan term, the pledge is fully released, and the loan transitions to being unsecured.
• Share Secured: Since the loan is fully secured by the pledged amount, as payments are made, the pledged funds are updated. Once the loan is fully paid off, the entire pledged amount is released, and the loan is no longer secured by shares.

For more information email a loan consultant or call our Loan Center at (844) 235-LOAN | (844) 235-5626.