Secured Loans

A Secured Loan uses the funds in your account as collateral for the loan. This collateral allows you to get a better rate than you might on a regular personal loan. Therefore, Secured Loans are great if you have savings and require additional funds, but do not want to deplete that savings. 

For a Secured Loan, your funds must match 100% of your loan balance. For example, if you would like to borrow $5,000, we will place a hold on $5,000 of your shares (savings). As your loan balance decreases, the amount that is held against your loan will also decease and will be available for withdrawal. 

Secured Loans are fast and convenient – since your funds will be held as collateral for your loan, your loan request will be automatically approved. We don't need to order a credit report, and you will not have to provide any income or asset documentation.

Learn more about Share Secured Loans at Wailuku Federal Credit Union.


Apply For Secured Loan Online

To apply for a loan, click here, select a loan type and complete the loan application.

Not currently a member? Please make an appointment to verify eligibility for membership. You must become a member of the credit union before your loan can be completed.

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