Member Savings Loan
Are you looking to build your savings and establish credit? With a Member Savings Loan from Members Exchange, you can accomplish both! The loan proceeds will be deposited into a designated savings account that will be used as collateral for the loan with a great low rate! Once the loan is paid in full, the money in the savings account is yours and all timely payments will be reflected on your credit report!
- Minimum Loan Amount – $500
- Maximum Loan Amount – $3,000
- Loan Term – Up to 36 months
- Loan Interest Rate – 7.00% APR*
- Automatic Approval!
Share Certificate Loan
Want to purchase something without draining your hard-earned savings? We’ve got the perfect solution. Use your share certificate as collateral and the loan interest rate is only 3% above the rate of your Share Certificate. The money you’ve worked so hard to save will continue to earn interest and will still be there when the loan is paid in full!
This is also a great way for those establishing credit for the first time or those wanting to repair their credit. It helps build positive repayment history and proves that you can handle credit responsibly.
Personal Line of Credit
An Open-end Personal Line of Credit from Members Exchange is the best kind of Personal Loan you could hope for – because you can use the money for any purpose.
What will you use your loan for?
- Take a vacation
- Make home repairs or appliance upgrades
- Pay off credit card debt by consolidating your debit into monthly payment.
- Avoid “bounced” or returned checks on your Members Exchange checking account by automatically transferring funds to clear any outstanding checks up to your approved credit limit.
With a good credit rating you can qualify for a loan or credit line with no collateral or security deposit. Call Members Exchange to speak with the Personal Service Representative or click below to apply online.
*APR = Annual Percentage Rate. Only one Member Savings Loan is allowed at a time. The funds in the designated savings account must remain on deposit during the life of the loan. Delinquent loan payments will result in immediate repayment of the loan.
There is a one-time non-refundable application fee of $15.00. This fee must be paid before we can process your loan application request. By submitting your application you authorize Members Exchange to deduct this fee from your account. You understand that if the funds are not available in your account to cover this fee, we are not able to process your loan application request.
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