Carolina Trust understands sometimes you need money for unexpected expenses, medical bills, or a family vacation.
A Share Secured Loan is another loan option for members who have money earning dividends in their Primary Savings (share) or Money Market account. This loan is secured by a savings or money market account balance. For example, if you have $10,000 in your savings account, then you may borrow up to $9,000 (90% loan to value (LTV)) at an Annual Percentage Rate (APR) that is 3.00% higher than the current Annual Percentage Yield (APY) earned on your savings balance. The savings balance continues to earn dividends, even on the amount pledged as collateral. The pledged portion of your savings/money market account balance will become accessible as you pay down your Share Secured Loan. The rate on this loan is considered variable since savings (share) and money market rates are subject to change on the first of each month. However, this loan rate will never be less than 4.00% APR, and the maximum term for Share Secured Loans is five years.
Similarly, you may consider a Share Certificate Secured Loan. A certificate loan is secured by a "pledged" fixed rate certificate balance. Eligible certificates include any fixed rate certificate accounts at Carolina Trust Federal Credit Union with the exception of a 3 month term certificate and any IRA certificates. For example, if you have a $20,000 fixed rate savings certificate, then you may borrow up to $18,000 (90% loan to value (LTV)) at an Annual Percentage Rate (APR) that is 2.00% higher than the current Annual Percentage Yield (APY) earned on your fixed rate certificate balance. The certificate balance would continue to earn dividends but cannot be accessed during the life of the certificate loan. This loan rate will never be less than 4.00% APR, and the term of the share certificate pledged determines the term of the share certificate secured loan.
Check Current Savings and Certificate Rates
Authorize Automatic Payment Transfer to receive a 0.25% APR (Annual Percentage Rate) reduction on your approved certificate secured loan rate! Your payment will be paid automatically from the account you designate at the same time each month, and you can clear your schedule for more important reminders.
Check your Member Reward points to see if you have enough points to request an additional 0.25% APR reduction on an approved certificate secured loan rate and find out how you can earn additional Member Reward Points by adding Credit Disability and Credit Life coverage to your loan account.
Credit Disability and Life Insurance available on these loans.
A Carolina Trust loan officer will review your credit history and current financial status before explaining your loan options and recommending which loan may work best for your financial needs.
For more information, please contact the Carolina Trust lending department at (843) 448-2133 or apply online.
 
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