Secured Loans

We accept several forms of collaterals for those loans that require security. Collateral accepted includes:

  • Shares held at IECCU
  • Co-makers
  • Life Insurance Policies - Cash Surrender Value
  • Stocks & Bonds
  • Real Estate
  • Third Party Guarantees
  • Motor Vehicles
  • Cash deposits held at this Credit Union or any other licensed financial institution

Member Benefits

  • Low Rates on Loans
  • Low-Fee ATM Access
  • Dividends are paid to Members
  • Insured Accounts
  • Better Rates on Savings

Loans Limits


In most instances, the maximum that you can borrow will depend on an assessment of your ability to repay the amount being requested, your credit history and where necessary, the type of security being offered. The more you repay and secure, the more you can borrow.


Loan Processing & Approval

Generally approval for loans within shares or loans within IECCU savings, is received on the spot. Most other loans (with the exception of those using real estate) are processed within 5 working days, once ALL THE NECESSARY DOCUMENTS HAVE BEEN SUBMITTED.

 

Waiting Period

All secured loans can be accessed immediately upon becoming a member.

*Conditions Apply