A passbook loan is a loan that is secured by funds in your share account. The loan amount is put on “hold” in the corresponding account and you will continue to earn dividends. As you pay down your loan, the “hold” amount in your account is released back to you as available funds.
•Secured loans are based on your available balances and can be used for any purpose.
•Rate is 2% above the current share savings rate.
•The maximum loan term is 36 months.
•Convenient payroll deduction or automatic payments.