Share Secured Loans
Want to re-establish your credit, or avoid dipping into your savings to make a major purchase? Consider an OTIS Share Secured Loan. The Credit Union will extend credit to our members secured by OTIS Shares, Share Certificates, and/or Money Market accounts. Get access to the money you need today at a low rate while your deposits at OTIS continue to earn interest!
How a Share Secured Loan Works:
- Your Share funds function as collateral for a Share Secured Loan.
- The Credit Union places a hold on the amount you want to borrow against.
- You may withdraw funds from pledged (collateralized) accounts up to the balance of the loan.
- Loans 100% secured with a member's shares have NO maximum loan limit.
- Payments must be large enough to cover principal and interest to avoid negative amortization.
- Loans secured by Certificates or Shares may be financed for up to a six year (72 month) term.