Share Secured Loans
Good credit is required for almost any major financial step. Buying a car, taking out loans, and even renting an apartment can require you to have a decent credit score. We can help you build credit, and can even accomplish a share secured loan with little to no savings on your part if you are really strapped for cash.
A share secured loan involves your own money “securing” the loan in a Spirit of Alaska savings (also known as a share) account. We create a loan with fixed payments by lending you the same amount that we are holding in the account. This makes it easy for you to establish credit if you’re a teenager or a college age individual. In addition to being a credit builder, it is also great for credit repair.
Apply now from your computer, mobile phone, tablet, or in person with one of our friendly loan officers. More questions? Contact Consumer Loans at 907-459-5970.
Effectively build or repair your credit with a share secured loan.
- APR* rate of 3% above the dividend rate on the savings share.
- With every payment, the amount of the savings on hold is adjusted.
- Funds on hold in savings still earn interest.
- Establish credit for the first time.
- Build credit regardless of your score.
"Charles called to tell me how much he loved my service when doing his loan and how much he appreciated my time and dedication to making this work for him. He said I was extremely friendly and he's never had a better loan experience. Apparently, he plans on making me his permanent loan officer!"- Consumer Loans Officer
*Annual Percentage Rate is on approved credit. Loan fees and terms may vary, and will be disclosed at the time of the loan verbally and in the contract. See the Rates tab on this page for complete interest rate and fee details.
Type of Loan Term APR*
Share Secured Loan
Call 459-5970 for info on terms Variable interest rate is 3% over Share Dividend rate.
Refer to our Pricing Guide (PDF) for transaction and activity fees, as well as credit union membership fees. A loan processing fee of $35 will be charged per signer. Other loan fees and terms may vary, and will be disclosed at the time of the loan verbally and in the loan disclosures.
*APR = Annual Percentage Rate. Current as of 1 June 2023. Up to 100% financing available, some restrictions may apply. Interest Rates and terms dependent on credit qualifications. Share Dividend Interest Rates are variable and subject to change at any time. Optional Spirit of Alaska Protection available.
Contact the Loan Department at (907) 459-5970 for more detail.
Federal law requires us to verify all identities when opening new accounts. If you are applying with a joint applicant, their consent is implied when the application is submitted with the on-line loan application.
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Frequently Asked Questions
What is a share secured loan?
A share secured loan is a loan in which the loan amount is “secured” by funds from a savings account.
How can I establish credit (or repair credit) with a share secured loan?
By making on time payments on a share secured loan, your credit score starts to increase or “repair” itself as the loan continues to remain in good standing.
What is the rate on a share secured loan?
Please see the loan rate on the Rates tab. See below for an explanation of how the rate works on a Share Secured Loan.
The loan rate is always a set percentage above the interest rate of the savings account tied to the loan. The rate of the loan can change because savings account interest rates are subject to change; this is called a variable rate. For example, if the rate in the savings account goes down, the rate on the share secured loan goes down too, but always remains above the savings account rate.
Is Skip-a-Pay available on a Share Secured Loan?
Yes! If your credit is approved, you can get some financial breathing room when you need it with this special offer. Just let us know which loan payment you would like to skip. Your loan must be up to date. Normal interest charges will continue to accrue, and your skipped payment will be added to the end of your loan term.
How can I find out my loan balance?
You can find all your loan information by accessing e-Teller.
Can I change the loan payment date?
Yes. Come to one of our branches and our loan officers can help you with changing your payment date.
Can I get my loan payments deducted automatically from my checking or savings accounts each month?
Yes. Come to any of our branches or download and fill out an Automatic Payment Authorization form.
How can I get more loan payment coupons?
CU issued paper loan coupons are available for a small, $5 fee. Call 907-459-5970, come in and see us, or print a blank coupon online.
- What is a share secured loan?