Personal Loans

 Misc. Collateral

Have your home appliances seen better days? Do you need a new computer that isn't slow or buggy? We'll lend a helping hand with our Misc. Collateral Loan.

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 Share Secured

Thinking about getting a Share Secured loan? Below, we've answered some frequently asked questions about Share Secured loans to help you decide if a Share Secured loan is right for you.

What is a Share Secured loan?

Share Secured loans are essentially a way for you to borrow, using your own savings as the collateral. Instead of using all your savings to make a purchase you’re borrowing against that sum while your money stays in your account, so you don't lose out on all future dividends and your emergency safety net.

How does a Share Secured loan Work?

When you're approved for a Share Secured loan, the Credit Union will place a hold on the amount you want to borrow against and you'll be granted the amount you requested in the form of a check or a deposit into your Checking Account. To pay back the loan, you can make payments through a monthly automatic withdrawal from your checking account, via direct deposit, or by sending in a check each month to the Credit Union.

Who would benefit from a Share Secured loan?

While there are many benefits to a Share Secured loan, borrowers with damaged credit who may not otherwise qualify for a loan stand to gain the most. Since there is minimal risk, you'll get approved quickly without a credit check.

When will the funds I am using as collateral be available for me to use again?

The availability of these funds varies by credit union. Some credit unions will release these funds in predetermined amounts as you make monthly payments on the loan and others will not allow you to access the frozen portion of your savings account until the entire loan has been paid. At Members First, we will release the funds to you as you pay down the principal balance of the loan. Plus, your shares will continue to earn dividends while your funds are frozen.

What are some advantages of a Share Secured loan?

• It's Inexpensive. Since the lender is taking very little risk, they don’t need to charge a high interest rate to make their risk worthwhile. Interest rates on Share Secured loans are a fixed amount above dividend rate on your savings account. Since your account is earning dividends throughout the life of your loan, the actual loan ends up costing you less.
• It's Convenient. You can usually get on-the-spot approval for a Share Secured loan. Your credit union only needs to verify the amount in your savings, approve of the amount you want to borrow, and place a hold on the funds you’re using to secure it. Once you’ve been approved for the loan, you can use the money in any way you’d like.
• Improve your credit score. We'll report the loan just as we would a personal installment loan, so it will build credit history.
• There are low requirements. There is generally no credit check when you apply for a Share Secured loan. As long as you’re a member of Members First Credit Union of Florida and you have enough in your account to sufficiently cover the loan, we’ll be happy to help you take out a Share Secured loan.

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 Certificate (CD) Secured

Thinking about getting a Certificate (CD) Secured loan? Below, we've answered some frequently asked questions about CD Secured loans to help you decide if a CD Secured loan is right for you.

What is a Certificate or CD Secured loan?

A Certificate Secured loan or CD Secured loan is a type of personal loan that uses your Certificate of Deposit (CD) to secure the loan funds. Since the CD acts as collateral for the loan, there is generally no credit check and you'll get approved quickly.

How does a Certificate or CD Secured loan work?

With a CD Secured loan, your Certificate of Deposit acts as collateral. CD Secured loans allow you to retain your investment and get the additional cash you need and because CD Secured loans are personal loans, you can use the money for almost any type of expense. However, it is important to remember that since you are backing the loan with your CD, you risk losing that certificate if you fail to make payments on your loan.

What are the pros and cons of a Certificate or CD Secured loan?

Pros

• When you apply for a CD Secured loan with a credit union that holds your CD, you can often get loan approval quickly, sometimes within hours, and receive funds within a day or two.
• Since your CD is used as collateral to secure your Certificate or CD Secured loan, rates are often much lower than unsecured loan rates. You can view our rates here.
• Your CD continues to earn interest throughout the life of the loan.
• You can use the funds any way you choose.
• We offer generous terms, allowing you to repay funds for the duration of your certificate.
• Borrowers with damaged or poor credit often qualify for CD Secured loans.

Cons

• You must already have a CD to qualify.
• You cannot cash out your CD until after you’ve paid off the loan.
• You risk losing your CD if you fail to make payments on your loan.

Who would benefit from a Certificate or CD Secured loan?

A CD Secured loan is good for people who want to build or repair credit, especially since secured loans typically offer lower interest rates than unsecured personal loans. It’s also a good option for people who have a solid grasp of their monthly finances since paying off the loan each month is critical in order to avoid losing CD funds. People with longer credit histories and a good credit score also benefit since these borrowers can borrow a large amount of money at a very low interest rate.

A CD Secured loan is also a good option for people who would like to take advantage of their CD funds without facing early withdrawal penalties. Before committing to a CD Secured loan, we recommend comparing any loan fees to the CD’s early withdrawal penalty. If it would cost less to simply break your CD early, a CD Secured loan may not be the best option for you.

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 Christmas/Holiday Loan

Our Christmas/Holiday loan is available from October - February for members who want a bit of extra cash during the holidays. Borrow up to $2,000 for up to 12 months to spend on gifts for your loved ones, travel, a feast for family and friends, and more.

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 Vacation/Summer/Back-to-School Loan

Our Vacation/Summer/Back-to-School loan is available from April - September. Borrow up to $2,000 for up to 12 months to spend on travel or back-to-school essentials. Our Vacation/Summer/Back-to-School loan is also a great option for educators who don’t have regular income over the summer and need some extra cash until the school year starts again.

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