Share Secured Loans

Whether you’re looking to build credit, 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 secured by your OTIS Savings, Share Certificates, and/or Money Management Accounts – no credit check required. Get access to the money you need today at a low rate while your deposits at OTIS continue to earn interest!

Give us a call at 207-897-0900 to apply today!

How Does a Share Secured Loan Work?

  • 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.

How can OTIS work for you?

If you live, work, worship, or attend school in Franklin County, Canton, Fayette, Hartford, Leeds, Livermore, Livermore Falls, Mount Vernon, Readfield, Turner, Vienna, or Wayne, you’re eligible to be part of OTIS FCU – and we’d love to have you join our community.