Secured Loans

Empower's Secured Loans are cost-effective options that allow you to borrow against your collateral instead of withdrawing funds from your savings and investment accounts, and without the need for a co-signer. Secured Loans also are ideal solutions if you need to establish your credit before applying for a traditional loan. We offer two types of Secured Loans.

Share-Secured Loans

Secured by your Membership Share Savings Account
Borrow up to 100% of your savings and paid dividends
Your account continues to earn dividends
Interest on loan is only 3% greater than the dividend rate you earn on the account
For the duration of the loan, your account balance must equal at least the outstanding loan balance and cannot be withdrawn

Certificate-Secured Loans

Secured by your Share Savings Certificate
Earns dividends while securing the loan
Borrow up to 100% of the certificate's principal and paid dividends
Interest on loan is only 3% above the certificate's rate
For the duration of the loan, your balance must equal at least the outstanding loan balance and cannot be withdrawn

All loans subject to approval. Rates, terms, and conditions subject to change.