Use money in your ACT 1st FCU savings or certificate account as collateral to get a great rate.
Use your savings as collateral
Earn dividends on your savings
Pay lower interest rates
Get the money you need and continue saving
If you are looking to establish or improve your credit, or if you require funds to cover expenses, you have the option to borrow against your savings at ACT 1st FCU through either a Shared Secured Loan or a Certificate Secured Loan.* By using your savings as collateral, you will benefit from a lower interest rate compared to what is typically offered on credit cards or unsecured loans. Moreover, both loan options enable you to continue earning dividends on your savings while accessing a competitive loan rate.
Share Secured Loan
You can borrow up to the amount you have on deposit in your savings account for up to 60 months. The loan rate is your savings rate plus 3.00%.
Certificate Secured Loan
You can borrow up to the amount you have on deposit in your certificate account for up to the remaining term of your certificate. The loan rate is your certificate rate plus 3.00% if your term is less than certificate maturity date. The loan rate is your certificate rate plus 4.00% if your term is more than certificate maturity date.
How do I pay my loan?
You may mail your loan payment, pay online by transferring funds from a checking/savings account (please note that you must be set up for Digital Banking), or you may pay in person at any of our branch offices. In addition, you may set up a debit from another bank account or create a distribution from a direct deposit or payroll deduction.
* Applications are subject to credit qualifications and approval. Actual rate is based on your credit history. Must meet membership eligibility requirements.
