Share Secured Loans
If you need cash but don’t want to use your savings, Telco offers a Share Secured Loan that allows you to use the funds in your account as collateral for the loan. Your funds will release as the loan balance gets paid down so that you are only pledging, dollar for dollar, the balance that is owed. Loan amounts and terms are very flexible with an APR of 4% above the dividend rate.
Credit Builder Loan
Need to rebuild your credit? The credit builder is a loan designed to establish and improve a member’s credit. When you apply for the credit builder loan, and upon approval, the funds will be deposited into your Telco savings account with a 100% hold on the funds. Once the loan has been paid in full, you have the option to place the funds on hold for a Secured Credit Card. You may also withdraw the funds as they become available.*
*Certain restrictions apply.