Borrow against your savings. Keep earning while you repay.
A Share Secured Loan or Share Certificate Secured Loan lets you borrow against funds already on deposit with Firefighters First Credit Union without draining your savings. Your money keeps earning dividends throughout the life of the loan. Because your own funds back the loan, rates are lower than unsecured borrowing and qualification is more straightforward. It’s a smart option for short-term needs, unexpected expenses, or building credit.
Two ways to borrow against what you already have.
Firefighters First Credit Union offers two secured loan options depending on where your funds are held. Here is how each one works.
Share Secured Loan: How it works.
A Share Secured Loan uses your primary share savings account as collateral. You borrow against that balance while your account stays open and continues earning dividends at the regular share rate. Your rate is set at 2.00% above the current share rate.
Share Secured Loan: Your savings are released as you repay.
As you pay down the loan, the held portion of your savings is released proportionally. If you borrow $2,000 and repay $1,000, only $1,000 remains frozen as collateral. The rest becomes fully accessible again without any additional steps.
Share Certificate Secured Loan: How it works.
Share Certificate Secured Loan uses a share certificate as collateral. Your certificate stays intact and continues earning dividends at its locked-in rate for the full duration of the loan. Your rate is set at 2.00% above the pledged certificate rate and the loan is due at the certificate’s maturity. IRAs are excluded.
Share Certificate Secured Loan: Skip the early withdrawal penalty.
If you have funds locked in a certificate and need access to cash, borrowing against it means you keep earning dividends at the full certificate rate instead of forfeiting them through an early withdrawal.
Both Options: Your savings never stop working for you.
Whether you borrow against your share savings or a certificate, your funds continue earning dividends throughout the life of the loan. You get the cash you need without sacrificing the growth you have already built.
Your savings back the loan. Your rate reflects it.
Your rate is calculated as 2.00% above your current share or certificate rate, giving you access to funds at one of the lowest rates available to Fire Family members.
Share Secured Loan.
| Annual Percentage Rate (APR) | Term (up to) |
|---|---|
| 2.00% over current regular Share Rate | 180 Months |
Representative Example: A $5,000 Share Secured Loan financed at 2.25% for a term of 60 months would result in 60 monthly payments of $88.19.
Share Certificate Secured Loan Rate.
| Annual Percentage Rate (APR) | Term (up to) |
|---|---|
| 2.00% over pledged Share Certificate Rate | Paid at maturity of certificate |
Want to build or rebuild your credit? Here is how.
A Share Secured Loan or Share Certificate Secured Loan is one of the simplest ways to strengthen your credit profile. Every on-time payment works in your favor.
Every payment builds your credit profile.
Because the loan is reported to credit bureaus, consistent on-time payments strengthen your credit score over time and open doors to better rates on future borrowing.
New to credit? This is a smart starting point.
A Share Secured Loan or Share Certificate Secured Loan gives members who are new to credit a low-risk way to establish a credit history with a manageable payment and a rate backed by their own savings.
Already carrying credit card debt?
A Signature Loan can consolidate multiple high-interest balances into a single fixed payment at a lower rate. Less interest, less complexity and a real payoff date on the calendar.
Paying too much in credit card interest?
A Share Secured Loan or Share Certificate Secured Loan can consolidate multiple high-interest balances into a single fixed payment at a lower rate. Less interest, less complexity and a real payoff date on the calendar.
Is a Secured Loan the right move? Here is how to know for sure.
A Secured Loan is not for everyone. Here is when it makes the most sense for Fire Family members.
-
Access cash without depleting your savings. -
Build or rebuild credit with a low-rate loan.
-
Avoid breaking a share certificate early.
-
Get a lower rate than an unsecured loan offers.
-
Fund debt consolidation or home improvements.
Everything you need to know about secured loans.
What is a Secured Loan?
A secured loan is a loan backed by collateral. In this case, your own savings on deposit with Firefighters First Credit Union. Because your funds secure the loan, the rate is lower than unsecured borrowing and the approval process is typically more straightforward.
Does my money stay in my account while I have a Secured Loan?
Yes. Your funds remain on deposit and continue earning dividends throughout the life of the loan. Only the amount used as collateral is held. As you pay down the loan, the held portion is released proportionally and becomes accessible again.
Can I use a Secured Loan to build credit?
Yes. A secured loan is reported to credit bureaus and regular on-time payments contribute positively to your credit history. This makes it a useful tool for members who are building credit for the first time or working to strengthen an existing credit profile after a difficult period.
What happens to my Share Certificate if I take out a Share Certificate Secured Loan?
Your share certificate remains open and continues earning dividends at its existing rate. The funds are pledged as collateral for the loan but are not withdrawn. The loan term is structured to mature at the same time as your certificate.
What is the difference between a Secured Loan and an Unsecured Loan?
A secured loan uses collateral, in this case your savings, to back the loan. This lowers the lender’s risk, which is why secured loans typically carry lower rates and are easier to qualify for. An unsecured loan, such as a Signature Loan, does not require collateral but may carry a higher rate because it relies on creditworthiness alone.
Can I use an IRA as collateral for a Share Certificate Secured Loan?
No. IRAs are excluded from the Share Certificate Secured Loan program.
What can I use the funds for?
Common uses include covering unexpected expenses, consolidating debt, funding home improvements or using the loan as a credit-building tool.
Subject to credit approval. Rates are subject to change without prior notice. All loans are subject to the Credit Union’s policies and procedures.
For current rate information, please visit our Rates page.