Cash is tight – and cash flow is even tighter – even with your federal stimulus payment. We understand. If you need more help than your stimulus payment provided, you’re not alone - we’re here for you. As part of our continued efforts to help, we’re offering extra loan assistance to Members with our new Partial Share Secured Loan.
Because the Partial Share Secured Loan is partly secured by your stimulus funds, it’s an exceptionally low-cost way to get even more of the cash you need right now – and save your federal stimulus funds for later. So, apply now for your Partial Share Secured Loan for the cash you need and enjoy 60 days with no payments!
Here’s an example of how a Partial Share Secured Loan works:
- Stimulus payment amount received = $2,400
- Loan amount (must equal 2x your stimulus payment amount) = $4,800
- 50% of loan amount is required as collateral in your TDECU savings account = $2,400
Partial Share Secured Loan
- Provides 2x your stimulus payment amount
- Borrow from $1,000 to $8,000
- 50% share secured – to qualify for loan, the entire amount of your stimulus payment is required as collateral
- No payments for 60 days1
- Variable 3.99 APR2
- Terms up to 24 months
Credit approval required. Terms and conditions apply; contact TDECU for complete details. 1 Interest will be charged to your account from the original loan date on the unpaid balance during the 60-day payment deferral period. 2 APR = Annual Percentage Rate. Interest rate is determined by TDECU's current savings account rate +3.89%. If TDECU's savings rate adjusts, the interest rate on your loan will also adjust.
Terms of repayment: A $2,400 loan with a 24-month term at 3.99% APR equals a $104.21 monthly payment.