Share/Certificate Secured Loans
Loans are available to Lakeshore Federal Credit Union members when they pledge their shares or certificates of deposit as collateral. If you would rather borrow funds than withdraw them, try a pledged share loan. It’s a great way to establish credit and receive a low-interest loan.When you borrow dollar for dollar share secured, you only pay 2% over the rate you are receiving on your shares or certificate. If you use a certificate of deposit as collateral, the term of the loan cannot exceed the maturity date of that certificate.
Your shares will automatically be released as the loan balance declines. They are available for withdrawal whenever you need.