How does a L.E.O. Certificate
Secured
Loan Work? |
An amount of funds equal to the amount of the loan is kept on deposit in the form of a share certificate for the duration of the loan under the constraint of a term.
The money continues to collect interest while in the share certificate -- this somewhat offsets the amount of interest you are paying on the loan, making the actual amount of interest paid on the loan usually less than 4%. The certificate cannot be redeemed until the loan is paid off in full. |
| OBTAIN LOAN PACKET INFORMATION FROM WICKLIFFE OR PAINESVILLE OFFICE |
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Obtain loan packet information from your L.E.O. Office. This loan packet contains your actual loan application, and insurance options - some of these forms can be viewed/printed from this site. |
| DETERMINE AMOUNT YOU NEED TO BORROW: |
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Use our General Purpose Loan Calculator |
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Refer to our Current Certificate Secured Loan Rates |
| COMPLETE LOAN APPLICATION FORM |
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Refer to General Loan Application Instructions or View/Type in, and Print our Loan Application |
| RETURN YOUR COMPLETED LOAN PAPERWORK |
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Return your completed loan application, attaching any other necessary paperwork (pay stubs, etc.), per our loan application instructions and make sure all paperwork is signed properly.
Your loan packet information can be returned to the Wickliffe or Painesville L.E.O. office, either in person, by fax, or through inter-office mail |
| YOUR LOAN APPROVAL |
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You will be advised (usually with 24 hours) if your loan is approved or referred to the credit committee, which meets every Tuesday afternoon. |
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The credit committee, also appointed by the Board, is responsible for ensuring that loan requests and loan processing are effectively and fairly handled based upon policies and procedures established by the Board. |
