Share Secured Loans

Set it aside for tomorrow, but take advantage of it today.

Let’s say you need a loan. You’ve got money in your Mills42 savings account but you don’t want to deplete it or miss out on earning interest on that money. No problem. You can use the money in your account as collateral for a Share Secured Loan.

Here’s how it works: When you apply for a Share Secured Loan, an equal amount of money from your designated Mills42 savings account will be put “on hold” so you cannot withdraw it. However, you’ll still continue to earn the same interest on that money. And, as you pay back the loan and reduce your balance, your savings account funds are released so you can use them as needed. It’s a win-win, don’t you think?

Plus, the interest rate on a Share Secured Loan is lower than it would be on an unsecured loan, such as our Signature Loan option. That makes it a win-win-win.

Interested in protecting your interest, but need a loan? Apply online now. You can also give us a call or stop by the branch and let us help you apply.

Not a member yet? We’ll take care of that for you as you’re opening your account or taking out a loan. If you want to get a jump-start, enroll online or just give us a call at 978.328.5100. We’ll be happy to help you build from here.