Share Secured Loan & Credit Card
Building your credit is important. Good credit may provide access to lower loan rate and higher credit limits. If you have extra cash or savings on your hands, a Coast360 Share Secured Loan or Credit Card can be a great way to keep your money while building your credit worthiness.
Features & Benefits
- A loan or credit card secured with your own money
- Continue to earn dividends on your secured funds
- Competitive rates
- 12.00% APR 1(Share Secured Credit Card)
- Share dividend rate + 2.00%2(Share Secured Loan)
- No credit check or proof of income2
What is a share-secured loan and credit card?
A share-secured loan and credit card are loans back by your own share deposit. Once a share secured loan is paid in full or when you apply and qualify for an unsecured credit card to replace your secured credit card, your share deposit becomes available to you again. These loan types are great for members who have extra cash on their hands and want to establish or rebuild credit.
- A share-secured loan, also known as a cash secured loan, allows you to borrow against the funds available in your Share Savings or Term Share account. A pledge hold amount of at least 105% of the secured loan amount will play. For example, you take out a $1,000 share secured loan; $1,050 total will be held against your deposit account. Once you have paid off your secured loan, the funds held will be available to you.
- A share-secured credit card allows you to use the funds in your Share Savings account. A pledge hold of at least 110% of the secured credit card limit will apply. For example, you request for a $1,000 share-secured credit card limit; we will hold a $1,100 total against your savings account. You will receive the same rate and benefits of our Visa® Classic Cash Rewards credit card. Unlike a share-secured loan, your funds will be held for as long as the secured credit card has a balance and remains open.
Interested in a shared-secured loan or credit card?
Apply online for a share secured loan or download and print our credit card application if you're interested in a secured credit card. Contact us at 477-8736 to schedule an appointment for your Share Secured Credit Card application. Applicant must be at least 18 years or older2.
Share Secured Credit Card
1APR is Annual Percentage Rate and is effective June 1, 2016. Must be 18 or older to apply. For applicants under 21, you must provide proof of individual income or a qualified co-borrower or co-applicant who is at least 21 years old with proof of individual income. Minimum credit limit is $500; maximum is $50,000 per borrower. A collateral pledge amount of 110% of the requested credit card limit applies. A fee of 3% of the amount of each transaction (min. $5.00) will apply for balance transfers and $10 or 4% of the amount of each cash advance, whichever is greater. See Cash Rewards Visa® Credit Card Disclosure and Credit Card Agreement for more details. Coast360 membership is required.
Share Secured Loan
2Annual Percentage Rate is fixed and is based upon the share dividend rate plus a 2.00% margin at the time of loan origination. This APR is fixed for the duration of the loan. For example, a term share rate of 0.60% plus a margin of 2.00% will equal a rate of 2.60%. For a $1,000 loan with a 12-month term, the minimum payment would be $84.52 per month. Minimum loan amount is $500. A collateral pledge amount of 105% of the requested loan amount applies. Secured loans held against your Share Savings account cannot exceed a 1 year term; secured loans held against your Term Share account cannot exceed its maturity term. Coast360 membership is required.
All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.