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Overview
Why get a Secured Loan from HFS?
A Secured Loan allows you to build or rebuild your credit or make a necessary purchase without dipping into your Savings. Secured Loans often cost less than other loan products and are simply backed by your Savings or Share Certificates.
Share Certificate Secured Loan
- Fixed rates (2% above current Certificate rate)
- Term of loan equal to selected Certificate term (6 months – 60 months)
- Interest only loan
- When the Certificate matures, funds can be used to pay off the loan
Share Secured Line of Credit
- Low, variable interest rate
- Low monthly payments
- Revolving open credit line
- Rebuild or establish your credit using this low-rate option
Share Secured Loan
- Variable rates (2% above current Savings rate)
- Terms up to 120 months
- Funds equal to the amount of the loan are held in the account
- As you pay the loan down, the funds are released and become available to you
Review
happywife930
We wanted to use our own money & pay ourselves back rather than take out a loan. It was fast & easy. We were able to use our money but still have our money returned through payments.
Subject to credit approval. Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the Island of Hawaii. A non-refundable $1.00 fee is required to establish membership. A minimum opening balance of $50.00 is required to open a savings account.
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Reviews
Secured Loans Reviews
by Happywife930Best way or usWe wanted to use our own money & pay ourselves back rather than take out a loan. It was fast & easy. We were able to use our money but still have our money returned through payments.
My Review
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Rates & Fees
Rates Effective as of: 03-19-2024
Share Secured Loans
% Above Index Term Share Certificate Secured Loan 2% Share Secured Loan 2% Up to 120 Months Effective Date: May 1, 2017
Rates Effective as of: 03-19-2024Share Secured Line of Credit
Annual Percentage Rate Share Secured Line of Credit 7.50% Effective Date: May 1, 2017
Subject to credit approval. The Annual Percentage Rate (APR) you receive for the above accounts will be within the range disclosed and is based on certain credit-worthiness criteria. Ask the Credit Union for the rate you qualify for.
All the advances are secured by any property specifically pledged and shares on deposit with the Credit Union. In addition ALL advances are cross-collateralized by all property and shares pledged to secure any sub-account or advance. For example, a car pledged to secure a New Automobile Sub-account will also secure a Signature sub-account. Cross-collateralization does not apply to your home, any Keogh or IRA accounts with us, or to property defined as household goods under Regulation AA or 12 CFR §706.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the Island of Hawaii. A non-refundable $1.00 fee is required to establish membership. A minimum opening balance of $50.00 is required to open a savings account.
Share Certificate Secured Loan: The Annual Percentage Rate (APR) for Certificate Secured advance will be the dividend rate being paid on regular shares (Index) on the date of the advance plus 2%. The Certificate must be renewed until the advance is completely paid. When the Certificate is renewed, the APR will change to reflect the new dividend rate. Any increase in the APR will result in more payments of the same amount until what you owe has been repaid. The current APR will be disclosed at the time of the advance. The payment amount disclosed on the disbursement receipt will be an approximation of the interest payment that will be due on your first due date. A billing statement will be sent to you on a monthly basis, which will disclose your interest payment due for that billing cycle. The number of interest only payments will be determined by the remaining term of the Share Certificate secured for the loan. The outstanding principal balance and accrued interest will be due in full upon maturity of the Share Certificate.
Share Secured Loan: The Annual Percentage Rate (APR) for Share Secured advances will be the dividend rate being paid on regular shares (Index) on the date of the advance plus 2%. If there is an existing balance on the date of the new advance, the existing balance will be added to the new advance and the entire balance will be at the new APR. The rates will change as the dividend rate on the shares (Index) changes to reflect any change in the Index. Any increase in the APR will take the form of more payments of the same amount until what you owe has been repaid.
Share Secured Line of Credit: Line advances will be given in increments of $100.00. Your monthly payment will be calculated at $35.00 per $1,000.00 in line balance at the time of your billing cycle and is due on the last calendar day of every month.Additional Info
Late Charges:
If you are more than ten (10) days late in making a payment, you will pay a late charge of 5% of the payment due with a minimum of $5.00.
Collection Costs:
You promise to pay all costs of collecting the amount you owe under this agreement including court costs and reasonable attorney fees.
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Calculator
Calculator
Calculate your monthly payments.
Loan Calculator
The Calculator Tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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FAQ
Frequently Asked Questions
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Can I use the funds in my Money Manager Account for a Secured Loan?
Only Savings Account funds can be used for a Secured Loan. The full amount of the loan must also remain in the account throughout the loan.
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Is the interest rate on a Secured Loan fixed?
Share Secured Loans are based on the current index rate, therefore your interest rate may fluctuate. Since Share Certificate Loans are based on your current Certificate, the rate will remain the same.
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Can I use the funds in my Money Manager Account for a Secured Loan?