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Somerset Federal Credit Union

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Passbook Loan

With a Passbook Loan, funds in your Passbook savings account are used to secure the loan. When the loan is paid, you still have your cash! This loan is great when you are in need of financial flexibility or looking to rebuild credit.

Features:

  • Get an answer in less than one hour (during normal business hours)
  • Use for any purpose
  • Helps you establish or re-establish credit history
  • Helps first time borrowers learn about financing options
  • Low rates
  • Credit Life and Disability insurance available

Must maintain a $5.00 minimum balance in the account in addition to any funds used as collateral for the loan.

Rates and terms are subject to change without notice.

Minimum loan amount is $250 and maximum amount is $30,000.