Put Your Savings to Work
A Share Secured Loan is a loan secured by funds you already have available on deposit with Hershey FCU. It's a simple way to access cash for whatever you need, all at a low, fixed rate.
How It Works:
The funds you're using to secure the loan stay in your account at Hershey FCU. As soon as your loan is created, a hold equal to your loan balance is placed on that account, meaning that portion isn't available to withdraw while you're repaying the loan. As you make payments, the amount applied toward your loan's principal becomes available again, and once the loan is paid in full, your full balance is yours to use again.
Why Members Choose This Loan
A Share Secured Loan is one of the easiest ways to get the cash you need, with no credit check required and the opportunity to build your credit history along the way.
Loan Details
- Fixed rate: 2.125% APR
- No matter which eligible share account you use as collateral
- Terms up to 60 months
- Loan amount is based on the available balance in your share account
- Choose the payment schedule that works for you:
- Weekly, bi-weekly, semi-monthly, monthly, or quarterly
- Make payments by:
- Cash, payroll deduction, or automatic transfer from your Hershey FCU account
- No credit check or income verification required to apply
Who Can Apply
- Funds used as collateral must be on deposit at Hershey FCU and considered available
- If the share account is jointly owned, all account holders must sign the security agreement
- Co-applicants must be current Hershey FCU members
- Certificates of Deposit, IRAs, and Holiday Club Shares cannot be used as collateral for a Share Secured Loan