ALEC allows you to borrow against the value of your savings or certificate account to obtain the loan funds you desire.**
This secured loan can be used for any purpose. It’s also a way for people with a limited history to build their credit.
Features of our Savings Secured and Certificate Secured Loans:
- Competitive, fixed rates
- Flexible terms
- No application fee
- No prepayment penalty
- 24/7 online account access
When you’re ready, so are we.
|Account Type||Loan Term||APR* as low as|
|Certificate Secured Loan||Up to 60 months||Certificate + 3.25%|
|Savings Secured Loan||Up to 60 months||3.25%|
*APR Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term, and other factors. Rates can change daily. Rate displayed includes a 0.50% APR rate discount. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.50% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.50% APR discount. The maximum term on a Single Pay Stock loan is 15 months. All other loans have terms up to 60 months.
** All loans subject to approval.