The Lakota Federal Credit Union offers secured and unsecured loans to our members.
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A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally lent to the borrower.
Our Secured Loans offer qualified members up to $100,000 for the purchase of a vehicle, RV, ATV, or trailer. Rates vary and are based upon the applicant’s credit score and term. Repayment terms range from 12 to 84 months.
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The amount of Share Secured Loans are secured by the balance of a member’s Share Account, up to $250,000. This type of loan benefits our members when rates on savings accounts are high.
An unsecured loan means the lender relies on the borrower’s promise to pay it back. Due to the increased risk involved, interest rates for unsecured loans tend to be higher.
The Unsecured Signature Loan provides up to $8,000 to our members with repayment terms of 12 to 36 months. Loan amounts and terms are based on the applicant’s credit score and discretionary income.
The Unsecured Signature Loan provides up to $8,000 to our members with repayment terms of up to 12 months. Loan amounts and terms are based on the applicant’s credit score and discretionary income.
The Unsecured Signature Loan provides up to $8,000 to our members with repayment terms of up to 60 days. Loan amounts and terms are based on the applicant’s credit score and discretionary income.