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Share-Secured Loans

Share-Secured Loans are a great way to build or restore credit. Use your Share Savings or Share Certificate account as collateral, and build your credit as you make monthly payments.

Use the Personal Loan Application and type "Share-Secured" in the comments section when you apply.

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Benefits of a Share-Secured Loan

Share-Secured Loans are one of the easiest loans to get. They’re also a very low interest rate loan, making them a smart tool for helping you achieve your financial goals.

Share Secured Loan Benefits:

  • Easy Loan Approval
  • Low Interest Rates
  • Use Your Assets as Collateral
  • Flexible Terms to Fit Your Needs
  • Builds or Restores Your Credit

Use the Personal Loan Application and type "Share-Secured" in the comments section when you apply.

Apply Now

How Share-Secured Loans Work

With a Share-Secured Loan, you borrow against the money in your Share Savings or Share Certificate Account. By making regular and on-time monthly payments on the loan,these payments are reported to the credit bureaus which could, in turn, positively influence your credit score.

While you’re paying on your Share-Secured Loan, the collateral in your Share Savings or Share Certificate Account is in a hold status. Once you payoff the loan, your collateral funds are released for your use.

The interest on Share-Secured Loans is extremely low. Since your Share Savings or Certificate Account earns interest or dividends, the actual cost to borrow with a Share-Secured Loan is minimal.

Share-Secured Loans give you the power to restore your credit without stress or risk.



Share-Secured Loan Calculator

Unsure if a Share-Secured Loan is right for you? Use our interactive personal loan calculator to compare different loan amounts and terms to find the perfect combination.

Loan Calculator

Share-Secured Loan FAQs

Q: How much can I borrow with a Share-Secured Loan?

A: You can borrow up to 100% of the available funds in the account you’re using as collateral.

Q: What is the interest rate for your Share-Secured Loans?

A: The interest rate depends on the term and whether or not you set up autopay.

If you set up autopay, the rate is 0.50% lower than the floor rate for the corresponding term. If you don’t set up autopay, the rate is 0.25% lower than the floor rate for the same term.

If it's a Certificate Account, the interest is 1.50% over that account’s interest rate, and the term for that Share-Secured Loan cannot exceed the Certificate’s term.

Q: How long can I borrow the money with a Share-Secured Loan?

A: You can borrow up to 60 months if the loan is below $15,000. You may be able to borrow for a longer term.

Q: How quickly will my credit improve with a Share-Secured Loan?

A: According to the credit reporting agency Experian, payments are usually reported once every 30 to 45 days. From there the three national credit reporting agencies (Experian, Equifax, and TransUnion) update credit scores.

If everything else on your credit is good, you should see an improvement in your score fairly quickly. But, if you still have overdue balances and are making late payments, then you’ll need to clean those things up before you’ll see an improvement in your score.


Sign Loan Documents Wherever You Are

e-Sign powered by DocuSign® allows us to make your loan documents accessible electronically for you to sign.* e-Sign allows members to sign loan documents using the highest levels of security and encryption.

It can be done anywhere from your Mobile Phone, iPad, Tablet, Laptop, or Desktop Computer. Easily sign your loan documents from a dealership, your home, your work, or while you are traveling.

How It Works:

  1. You receive an email containing a link to sign your documents.
  2. After clicking that link, you will enter an "Access Code" that was provided by Best Reward.
  3. Click to "Agree" to the Electronic Record and Signature Disclosure.
  4. Click "Start" to select a signature or draw your own.
  5. Sign electronically where instructed (no special software needed).
  6. You will receive a confirmation email containing a link to your completed documents.
  7. Print or download a copy of your documents for your records.

The next time you need a loan from Best Reward, know you’ll enjoy the convenience of e-Sign. You will love how easy it is to sign your paperwork from anywhere with email access.

Personal Finance Resources

At Best Reward Federal Credit Union, we want to provide you with all of the information you need to achieve your goals. Here are some tools and resources you might be looking for:



Take Back Your Credit With a Share-Secured Loan

If you’re ready to establish or restore your credit with a Share-Secured Loan, apply online today.

If you have questions or want a no-obligation quote, give our loan specialists at Best Reward Federal Credit Union a call. We're always here to help you.

Use the Personal Loan Application and type "Share-Secured" in the comments section when you apply.

Apply Now

APR = Annual Percentage Rate
Rates and terms are subject to change without notice. The fixed rate and term of loan will be determined by the credit qualifications. *Not all transactions qualify for e-Sign. e-Sign is available to existing members only. New members must visit a branch to verify their identity and establish their membership before utilizing this service.