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Share and Certificate Loans at First Kingsport Credit Union
The credit union will hold as collateral shares or share certificates of deposit at the credit union for 2% above the interest rate that the credit union is paying the member on their deposit. An IRA is not eligible and thus cannot be considered for this type loan.
Members must keep on deposit the amount of the loan at all times; and should the certificate reprice, the loan will reprice to always match 2% above the rate the credit union is paying the member. The terms of share or CD secured loans are to be no longer than 120 months.
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