Share Secured Loans

 Our Share Secured Loans are approved immediately, regardless of your credit history.

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 secured by OTIS Shares, 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!


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.

Learn more about Share Secured Loans here.

 
Ready to apply? Give one of our friendly Loan Officers a call today at (207) 897-0900.


Kariss Loan OfficerExtension 128
Lindsay Loan OfficerExtension 103
Caitlin Loan OfficerExtension 108
Jasmine Loan OfficerExtension 105
Jamie Loan ManagerExtension 124

Please note: If you apply during non-business hours, we will contact you the next business day.


It’s easy to apply! Call 897-0900 or stop in at the Credit Union and talk to one of our friendly loan officers today!