Secured Personal Loans

Want to start building credit? Start with a share secured loan and use your savings’ balance as collateral. You can borrow up to 100% of your balance. Apply online to get started!

What is a secured loan?

A secured loan relies on collateral, something you own, for security in exchange for borrowed money that you would repay over time.

Unsecured Loan vs. Secured Loan

Secured loans requires valuable collateral to obtain the loan while an unsecured loan is not backed by any collateral.

What can you use to secure a loan?

  • Your car
  • Your savings
  • Certificate of Deposit

Loan Terminology

Annual Percentage Rate

APR (annual percentage rate) includes interest rates and any credit union fees. APR should always be advertised.

Fixed vs. Variable Rate

• Fixed rate is a consistent rate throughout the length of the loan.
• Variable Rate is subject to change over the life of the loan.

Monthly Payments

APR, term length, and loan amount are calculated into your monthly payment. The monthly payment amount is what is considered when looking at a monthly budget.

Debt-to-Income Ratio

DTI (debt-to-income) measure income and debt – a low DTI is favorable and more likely to service a debt or loan.

Rates

Unsecured, Other Secured, & Credit Cards

Interest Rates Effective October 1, 2021

Unsecured**Max TermInterest RatesAnnual Percentage RatePayment per $1,000
$5,000+609.25%9.32%$20.91
$3,500+
489.00%9.09%$24.93
$500+368.50%8.61%$31.62
Other Secured
$5,000+846.40%6.49%$14.85
$5,000+726.15%6.26%$16.69
$5,000+
605.75%5.87%$19.27
$3,500+485.50%5.65%$23.33
$500+365.00%5.20%$30.06
Share Secured
603.25%$18.08
CD Secured
Term of CDCD Rate + 3.00%Variable
Energy/Emergency Loan (1 loan per member, $2,500 max)262.50%$39.56
Overdraft LOC
($5,000 Max; A+, A, B & C Credit Only)
Revolving15.00%$50.00
Dirigo Platinum Credit CardRevolving5.95% Introductory Rate then As low as 7.95%2% of balance or $25
Dirigo Platinum Rewards Credit Card (A+,A ,B, & C credit only)RevolvingAs low as 9.95%2% of balance or $25
Individual loan rates may vary based on creditworthiness, loan-to-value, and loan terms.