AODFCU offers two types of share loans: This loan, which can be used for any purpose, is secured by the available funds in your regular savings account. You secured funds will still earn dividends. A share-secured loan allows you to receive a significantly reduced loan rate in return for pledging your credit union shares as collateral against the loan. AODFCU will charge you 1.75% above the current rate that you are currently earning on your share account. In order to be classified as a "share-secured" loan, 100% of the loan balance must be covered by your savings. For example, if you borrow $5000.00 - you need to pledge $5000.00 from your savings account. Your pledged amount automatically reduces with your loan balance. Borrow up to 90% of your Share Certificate balance while you continue to save money. AODFCU will charge you 1.75% above what you currently are earning on your share certificate account. Great for members who need to build a good credit history: If you're new to credit, have a limited credit history, or have had previous credit problems, a share secured or certificate loan can help you build up your credit. The loan is automatically approved and payments can be automatically deducted from your account (no late payments to hurt your credit record). Each month, this loan is reported to the credit bureau as a current account in good standings -- and over time -- helps to build a stronger credit record. A benefit for members who have: Use our Loan Calculator to work out your loan. Contact a credit union representative today for additional information.Share Secured Loans
Share Secured
Certificate Secured
