OTIS Federal Credit Union › Loans & Credit › Personal Loans › Share Secured Loans

Share Secured Loans

Whether you’re looking to build credit, re-establish your credit, or avoid dipping into your savings to make a major purchase, consider an OTIS Share Secured Loan.

The Credit Union will extend credit secured by your OTIS Savings, Share Certificates, and/or Money Management Accounts – no credit check required. Get access to the money you need today at a low rate while your deposits at OTIS continue to earn interest!

Give us a call at 207-897-0900 to apply today!

How Does a Share Secured Loan Work?

  • Your Share funds function as collateral for a Share Secured Loan.
  • The Credit Union places a hold on the amount you want to borrow against.
  • You may withdraw funds from pledged (collateralized) accounts up to the balance of the loan.
  • Loans 100% secured with a member’s shares have NO maximum loan limit.
  • Payments must be large enough to cover principal and interest to avoid negative amortization.

Join Us & Experience the OTIS Advantage

If you live, work, worship, or attend school in Androscoggin, Cumberland, Franklin, Kennebec, Lincoln, Oxford, Sagadahoc, Somerset, or York County, you are eligible to become a member of OTIS FCU. Immediate family members, regardless of geographic location, are also eligible. We look forward to meeting you!

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