Savings Secured Loan to Build CreditLoan secured by a savings account for taking out a loan
Bank book Secured loan
Now you can lend a secured savings loan at our best interest of 5% APR. Avaliable for all members with one memberccount. Safeguard your savings while you're still withdrawing cash with our Savings Loan. Just select the amount you want to lend from the available funds in your member area.
Save this amount in your member savings until your loan is paid. While repaying the loan, you will still build up your member funds, which means that you will have a larger savings account once the loan is paid out. It is very convenient if you do not immediately plan to take out all your savings.
Interest and principal payments may differ depending on the loan amount and state. The Credit Union loan is covered in the case of your loss1 - a contribution to protecting your loved ones from the mourning costs. If you take out a loan with us, you also receive credit protection.
Should you should be dying before your Credit Union loan is paid back, this cover can help settle the debts so that it is not handed on to your beloved ones. For you, this advantage is part of your Credit Union Loan Agreement2 at no additional charge, so rest does not take the world away; it is just another advantage to be a member of the Credit Union.
Not only do you lend for the things you want to make your and your family's lives more enjoyable by becoming a member of Credit Union; by selecting the Credit Union you want to lend from, you help your Credit Union make cheaper credit available to all Credit Union members. The additional collateral provided by credit protection allows credits from your credit union to better protect you and your loved ones financially.
Please ask your credit cooperative for more information on the various credit protection ceilings and limitations or click here for information about them. Only members with excess savings on their member account have access to the secured passbook. Excess savings relate to the amount of savings available on your Member Account and do not incorporate savings already associated with other credit product, permanent order transfer or other such periodic payment.
The members must have made at least 1 periodic payout either by salary deductions or debits before a loan can be contemplated. All members are requested to NO more than one loan claim within 6 month of each claim. On the same date loan transfer: Credit Union members with a current account can take advantage of our same-day bank transfers, which include stock repurchases and loan repayments.
Loan will be made out to your Credit Union account on the date specified in your credit agreement above and will not be carried over on the day of your request. Free credit protection insurance: The life insurance on credit balance does not provide coverage for members over 69 years of age. 65.
Credit protection is subscribed by Sterling Life Limited. The Distance Selling Directive gives you the right to terminate your savings within 14 working days of opening without paying any fines or other penalties.