SONEPCO members can use an existing share deposit or term certificate as collateral for a low cost secured loan.  Approval is hassle free since the loan is 100% secured by the deposit amount.  This loan is a great alternative for short-term borrowing or for members who need to establish or re-build credit.  The rate is 2% above the existing share or certificate rate. 

Product Features:

• No credit report or job history required – approval is hassle-free.
• Maximum term is 120 months.
• Member may borrow up to 100% of the value of the deposit account.
• Minimum loan is $500.
• Rate is 2% APR over the rate of the deposit account.
• No prepayment penalties.

Product Benefits:

• Cost effective – the deposit continues to earn dividends and the rate is usually lower than a signature loan or Visa advance.
• Smart – a great way to establish or re-establish credit
• Convenient – easy approval with funds available immediately – good for a short-term emergency loan.
• Thrifty – allows use of funds without depleting the savings.