The general purpose of the Members Savings Loan is to assist members with a personal savings plan. A savings goal is set and payments are customized to fit the member’s budget. Timely payments will be reflected on their credit report.
The member is required to keep the amount securing the Member Savings Loan in the designated savings account at all times.
- Maximum amount to borrow is $3,000.
- Entire loan proceeds are directly deposited into the member’s account to be used as security for the loan. Funds must stay in this savings account until the loan is paid in full.
- Dividends are paid quarterly on the savings if the average daily balance is $500 or more.
- Member can choose any term of repayment up to 36 months.
- Interest rate paid on loan is currently 7% APR.
*Some restrictions and limitations may apply.
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