Share Secured Loans

If you just need to borrow money for a brief time and don't want to use money from your savings, LGFCU has personal loan options to meet that need.

Share Secured Loans

You don't always have to use your savings when you need funds for a short term. Consider the LGFCU Share Secured Loan. This loan allows you to borrow money and use your share account as collateral.

Share Secured features and terms

  • Your share account is held to secure the loan
  • When the loan is paid off, the hold is released
  • You continue to earn dividends on your share account during the term of the loan
  • Three terms available
    • Fixed Rate for up to 24 month terms
    • Fixed Rate for 25-48 month terms
    • Variable Rate for 49-120 month terms

Rates and terms

  • Fixed rate of 5.00% APR1 for up to 24-month terms. Example: For a $5,000 Share Secured Loan your monthly payment will be $220 for 24 months at 5.00% APR1.
  • Fixed rate of 5.50% APR1 for 25-48 month terms. Example: For a $10,000 Share Secured Loan your monthly payment will be $233 for 48 months at 5.50% APR1.
  • Variable rate2 of 8.75% APR1, 3 for 49-120 month terms using Payroll Deduction/Funds Transfer repayment (9.25% APR1 for Direct Pay). Example: For a $15,000 Share Secured Loan your monthly payment will be $189 for 120 months at 8.75% APR1 when your payment method is payroll deduction/funds transfer ($192 for 120 months at 9.25% APR1 with direct payments).
  • Maximum term of 120 months (10 years).
  • Lending is limited to residents of North Carolina, South Carolina, Virginia, Georgia and Tennessee.

1 APR = Annual Percentage Rate.
2 The APR cannot increase by more than 1% each quarter over the previous quarter and cannot exceed 18%.
3 The APR is calculated by adding the index rate to the loan margin. The index rate is the 26 week Treasury Bill Rate set at the first auction held on or after the 15th day of the second month of the previous quarter adjusted up to the nearest 1/4%. When the loan is repaid by Payroll Deduction or Funds Transfer, the loan margin is 2.00%. When the loan payments are made directly to the loan, the loan margin is 2.50%. The index rate cannot be less than 6.75%.

Next Steps

Choose a way to request the Share Secured Loan that’s right for you.