Secured Loans

HVFCU lets you borrow up to 100% of the value of your savings account at a competitive rate, that is your current savings account’s dividend rate plus just 3%. Flexible options allow you to take the money as a lump sum and use it as a line of credit.

  • Loans and credit lines available from $500 up to 100% of the value of your savings account.
  • Your money keeps working because you keep earning dividends on the secured amount.
  • Your effective net interest rate is only 3%.
  • Good for establishing credit.

Two Attractive Options

When you secure a loan with your HVFCU savings account as collateral, you can choose among these options:

  • Principal and Interest: This option provides you with a lump sum, which you pay back in monthly principal and interest payments for up to 96 months. Fixed rate programs are available.
  • Line of Credit: You can obtain sums in $500 increments up to the value of your savings account, and then make monthly payments of 2% of the outstanding balance. Principal and interest payments are required each month. With this option, the interest rate varies with the last savings dividend rate declared in the previous quarter.

For both options, the savings account funds securing the loan or line of credit are frozen while the obligation is outstanding. You may have only one of the two savings secured loans at a given time. Please note that holiday club accounts can’t be used as collateral for these loans.

Account Minimum / Maximum Financing Fixed APR Variable APR
Rates are accurate as of 8/25/16 and are subject to change without notice. APR = Annual Percentage Rate.
Savings Secured Line of Credit Increments of $500 up to 100% of savings balance na ADR + 3% 123
Pledge of Savings 100% of savings balance ADR + 3% 23 na

1 The Annual Percentage Rate (APR) is subject to increase. The maximum rate is 18%.

2 The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate. For higher education loans, the minimum annual percentage rate is 5.00%.

3 ADR = Annual Dividend Rate

Apply for a Savings Secured Loan or Line of Credit

You can apply online for either a savings secured loan or savings secured line of credit. You can also stop into any of our branches or call us at 845.463.3011, Monday – Friday 8 am – 7 pm ET or Saturday 9 am – 5 pm ET to apply.

Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act (SCRA) gives relief to individuals who are called to active duty in any branch of the military, including reservists or members of the National Guard. Servicemembers are provided interest rate relief on consumer and mortgage loans, relief regarding leases and protections regarding repossession, foreclosure, default judgments and eviction.

If you are a Servicemember and have questions about how SCRA affects your HVFCU loans, please call 845.463.3011 Monday through Friday, 8 am to 7pm ET and Saturday, 9 am to 5 pm ET. We will be happy to discuss any protections and programs that are afforded to you as a Servicemember.


© 2016 Hudson Valley Federal Credit Union

PO Box 1071, Poughkeepsie, NY 12602-1071
ph: 845.463.3011 / 800.468.3011

Routing Number : 221979363
HVFCU Prepaid Visa Routing Number: click here


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