Savings Account/Share Loan
A Savings Account or Share Loan is a loan against a deposit account at the Bank. The savings instrument is used as security for the loan (IRA accounts are not eligible to use as collateral for a loan.) Savings Account Loans can be secured for amounts of at least $500.00.
The maximum loan amount is 100% of the balance in the collateralized account. Only one Savings Account Loan per deposit account is allowed.
Payments may be set up on a quarterly interest basis, or may be set up with monthly principal and interest payments. With the Savings Account Loan, there are no prepayment penalties.
Please contact an United Bank Office Manager for more information and start your application today!