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Our Shared Secured is one of our personal loan at the Tyler City Employees Credit Union. This loan is considered an secured loan, which uses your saving account as collateral.

Most Common Question about Share Secured Loan:

How does this works? 

  • Let's pretend that you asked for $500 for a starter loan and you want to borrow against your own saving as collateral. There are two scenario that can be presented:
  1. Let's pretend that you already have $500 in your saving account or share account. We will put that $500 from your saving account on hold and you will get the $500 cash in hand.
    •    How does the monthly payment works?
      •    Each time that you make your monthly, bi-weekly, or weekly payment, your hold amount will decrease and that payment amount will go back into your saving account. 
  2. Let's pretend that you don't have the $500 in your saving or share account. We will put up the $500 up-front, but you will not get the $500 cash in hand. Lastly, we will put that $500 on hold.
    •    How does the monthly payment works?
      • Each time that you make your monthly, bi-weekly, or weekly payment, your hold amount will decrease and that payment amount will go back into your saving account. 

What are the benefits of a Shared Secured?

  • Shared Secured loans are great for those who will like to build or repair their credit score. 

*Take a look at our rate sheet on our home page, towards the bottom under "Additional Information".