Share Secured Loans
Borrowing made simple
We'll let you in on a little secret... borrowing from yourself makes good sense. With Share and Certificate Secured loans, you can borrow against your funds on deposits at incredibly low rates.
No credit check & no income verification... really
It's true. there is no credit check and no income verification with a share secured loan. It's a great way to build or rebuild your credit.
You borrow against your own money while paying back a bit of interest. No credit check is required because your loan is secured by funds you have on deposit with Rio Grande Credit Union.
A Share Secured Loan from Rio Grande is a good idea if you're looking to build your credit or you need to make a necessary purchase but don't want to dip into your savings. With a Share Secured Loan you borrow against your savings at Rio Grande and receive a low-rate loan, while still earning interest on your financial resources on deposit!
With a Share Secured Loan:
- You can borrow up to 100% of the balance in your Share Savings or Certificate Account.
- No fees.
- Funds borrowed can be used for virtually anything
- Collateral from your share account qualifies you for a lower rate than an unsecured loan
- Flexible terms to better fit your financial situation
- Maximum loans are based on deposit, with terms up to 60 months
- You continue to earn dividends on the full balance in your account
Loan Rates
| Share Secured Loans | |
| Effective Date: Saturday, December 21st, 2024 | |
| APR | Term |
| 3.60% | 6 Months |
| 3.60% | 12 Months |
| 3.60% | 24 Months |
| 3.60% | 36 Months |
| APR=Annual Percentage Rate. Rates are subject to change at any time without notice. Actual interest rate charged is based on terms of the loan, which can only be determined upon receipt of application. All consumer loans are charged simple interest with no pre-payment penalty. Share Secured Loan rates are calculated by adding 3.50% to the current Share rate. Payment example: $86.58 per month for 24 months for $2,000 borrowed at 3.70% APR. | |
| Certificate Secured Loans | |
| Effective Date: Saturday, December 21st, 2024 | |
| APR | Term |
| 6.47% | 3 Months |
| 7.40% | 6 Months |
| 7.14% | 12 Months |
| 6.45% | 24 Months |
| 6.35% | 36 Months |
| 6.04% | 48 Months |
| 6.05% | 60 Months |
| APR=Annual Percentage Rate. Rates are subject to change at any time without notice. Actual interest rate charged is based on terms of the loan, which can only be determined upon receipt of application. All consumer loans are charged simple interest with no pre-payment penalty. Share Certificate Secured Loans are calculated by adding 3.00% to the current Certificate rate. Payment example: $87.67 per month for 24 months for $2,000 borrowed at 4.92% APR. | |