Secured Loan

Put your savings to work with a secured loan. New low rate! 1.99%25* APR. Example: Loan: $2,000 = Monthly Payment: $85.08. We're here for you!

We know you've worked hard to build your RIFCU savings account. It's nice to have peace of mind, knowing you have money in case of an emergency. During times like these, many of our members find themselves depleting these hard earned funds.

Now there is another option...

We are now pleased to offer you an incredibly low rate so you can borrow against these funds in a cost-effective way. We hope this option will provide a low-cost alternative to personal loans during COVID-19.

When you borrow against your savings, your money stays in your account. We place a hold against these funds and release it back to you as you make payments.

For those who are not familiar with a share secured loan, here is a basic overview:

  • Funds from a savings (01 suffix) or certificate of deposit may be used as collateral for the loan
  • Members may borrow up to 100% of their savings or certificate account balance
  • The funds are put on hold, and will be released to the member as payments are made
  • The minimum loan amount is $500
  • The maximum term is 24 months
  • This loan is a fixed rate of 1.99%*
  • Minimum payment is $25
  • Funds from a money management account may be used however, the funds must be transferred into the savings account during the loan process

*Annual Percentage Rate (APR) is fixed for the duration of the loan. Payment example: For a $2,000 loan with a 24-month term, payment would be $85.08. Limited time offer. Rates are subject to change without notice. Maximum term 24 months. Minimum $25 monthly payment.

Apply for a Secured Loan