There are times when a borrower has no collateral to pledge for a loan or does not wish to pledge collateral for a loan. In both circumstances, Your Legacy Federal Credit Union strives to provide your loan on an unsecured basis (without collateral). With acceptable credit history and sufficient repayment capacity, we are able to normally approve small unsecured loan requests. With outstanding credit history and a strong financial position, we are able to approve unsecured loan requests in larger amounts. In short, the stronger the financial position, the more we are able to loan on an unsecured basis.
Pledging of collateral is normally superior to an unsecured loan because collateralized loans have less risk of loss and therefore are priced more favorably. However, as mentioned previously, collateral is not always available or desired. In such instances, Your Legacy Federal Credit will make every attempt to loan to its members on an unsecured basis when feasible.
Rates by term of loan
|Term||Annual Percentage Rate as low as|
|For a signature loan with a purpose of Home Improvement, the interest rate is .50% less than the regular signature loan rate.|
|*Copies of all invoices are required, when the subject loan is a home improvement loan.|
|Rates effective 1/25/18|
*Rates are based upon individual credit and all loans are subject to credit approval.