Personal Loans & Secured Loans Carolina Trust Personal & Secured Loans Carolina Trust understands sometimes you need money for unexpected expenses, medical bills, or a family vacation. Our personal and share secured loans can help. Fixed Rate Personal Loan A Personal Loan is just that – personal. You may use the money for anything you wish, such as car repairs, tuition expenses, medical costs not covered by your health insurance, or other “life” occurrences. No collateral is required to apply for this loan, and flexible repayment terms are available with no penalty for early payoff. Fixed Rate Personal Line of Credit A Personal Line of Credit is the ideal way to have funds available when unexpected needs arise. A Personal Line of Credit is often used as an overdraft protection resource to cover accidental checking overdrafts. You can use all or some of your approved line of credit when you need cash right away for repairs, travel, or other special purchases. Loan approval is not required each time you withdraw from your available line of credit. Energy Smart Loan Improve the energy efficiency in your home with an Energy Smart loan. This loan is designed to help members replace old HVAC units with newer more energy efficient systems. Credit Builder Loan Our Credit Builder Loan is designed to help members with no credit, little credit, or unfavorable credit. It is a combination loan and savings program that may help members establish a good payment history that will in turn build or rebuild the member’s credit score. Successful payment history will then be reported to the credit bureaus, which can positively impact your score. Share Secured Variable Rate Loan A Share Secured Loan is another loan option for members who have money earning dividends in their Primary Savings (share) or Money Market account. This loan is secured by a Savings or Money Market account balance. For example, if you have $10,000 in your savings account, then you may borrow up to $9,000 (90% LTV) at an Annual Percentage Rate (APR) that is 3.00% higher than the current Annual Percentage Yield (APY) earned on your savings balance. The savings balance continues to earn dividends, even on the amount pledged as collateral. The pledged portion of your Savings/Money Market account balance will become accessible as you pay down your Share Secured Loan. The rate on this loan is considered variable since Savings (share) and Money Market rates are subject to change on the first of each month. However, this loan rate will never be less than 4.00% APR, and the maximum term for Share Secured Loans is five (5) years. Share Certificate Secured Fixed Rate Loan Similarly, you may consider a Share Certificate Secured Loan. A certificate loan is secured by a “pledged” fixed rate certificate balance. Eligible certificates include any fixed rate certificate accounts at Carolina Trust Federal Credit Union with the exception of a 3 month term certificate and any IRA certificates. For example, if you have a $20,000 fixed rate savings certificate, then you may borrow up to $18,000 (90% LTV) at an Annual Percentage Rate (APR) that is 2.00% higher than the current Annual Percentage Yield (APY) earned on your fixed rate certificate balance. The certificate balance would continue to earn dividends but cannot be accessed during the life of the certificate loan. This loan rate will never be less than 4.00% APR, and the term of the certificate pledged determines the term of the Share Certificate Secured Loan. Authorize Automatic Payment Transfer to receive a 0.25% APR (Annual Percentage Rate) reduction on your approved personal loan or certificate secured rate! Your payment will be paid automatically from the account you designate at the same time each month, and you can clear your schedule for more important reminders. Plus, check your Member Reward points to see if you have enough points to request an additional 0.25% APR reduction on an approved personal loan or certificate secured rate and find out how you can earn additional Member Reward points by adding Credit Disability and Credit Life coverage to your loan account. A Carolina Trust loan officer will review your credit history and current financial status before explaining your loan options and recommending which loan may work best for your financial needs. For more information, please contact Carolina Trust’s Lending Department at 843.448.2133, ext. 2 or click below to apply online.