Share Secured Loans

All borrowers must be SFFCU members and qualify according to current Credit Union guidelines.

Share Secured Loans allow borrowers to use the balance in their Credit Union Savings Account as collateral.

  • Borrowers must have an ownership interest in the savings account(s) securing the loan.
  • Loans may be secured by up to 100% of the available balance. 
  • Loans may be secured by up to two savings accounts.
  • E-share and IRA accounts are not eligible to be used as collateral.
  • Savings accounts securing the loan earn interest but the funds securing the loan are not available for withdrawal.

 

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Share Secured Loans

Minimum Loan Amount Terms up to Annual Percentage Rate [2] Payment per $1000 [1]
$1,000 60 months Variable Regular Shares Rate +.20 $17.62
$20,001 72 months Variable Regular Shares Rate +.20 $14.84
$30,001 84 months Variable Regular Shares Rate +.20 $12.86
$60,001[3] 120 months Variable Regular Shares Rate +.20 $9.30

 

Share Secured Loans – Single Pay Note

Minimum Loan Amount Terms up to Annual Percentage Rate [2] Payment per $1000 [1]
$1,000 12 months Variable Regular Shares Rate +.20 N/A

 

[1] Payment per $1000 calculated on maximum term available.

[2] The rates for Shared Secured Loans are subject to changes monthly (such change to be effective on the first day of each month) to reflect any change in the index as declared by the Board of Directors of the State Farm Federal Credit Union during the month preceding any such change.

[3] Maturities greater than 84 months (7 years) are restricted to loans with a loan amount greater than $60,000 and secured only by shares, boats or motor homes. All other collateral is limited to a maximum of 84 months repayment.