Share Secured

Share Secured

A share is synonymous with deposit. A loan secured or collateralized with a share account is collateralized with a deposit account at Your Legacy Federal Credit Union.

There are several advantages to pledging funds in a deposit account as collateral for a loan.

  • Oftentimes, the interest rate on a share secured loan is superior to the interest rate offered with other loan types
  • Reduced loan fees
  • The hold on the account corresponds to the balance on the loan. As the loan pays down, the claim on the deposit account also reduces each month. Rather than a claim on the entire asset, such as with a vehicle or a home, the claim is basically equivalent to the remaining principal balance owed

If you have funds on deposit with Your Legacy Federal Credit Union that exceed a loan need, you may want to consider a share secured loan as another way to put money back in your pocket.

Secured by share account - 2.75% Annual Percentage Rate

Secured by Certificate of Deposit - 2.75% over the CD rate (term of loan can not be longer than remaining maturity of CD)

*Rates Effective 1/25/18

**Rates are based upon individual credit and all loans are subject to credit approval.