Share Secured Loans
FINANCING THE CLEAN ENERGY MOVEMENT.
Clean Energy Credit Union's share secured loans are a great idea if you are looking to build credit, need some cash without dipping into your savings, or want to avoid early withdrawal penalties on your Clean Energy CD. Our share secured loans use funds in your Clean Energy savings account or CD account as collateral, thereby allowing you to get a low-rate loan while still earning interest on your deposits.
- No credit check required
- No fees
- Terms of up to 120 months
- Amounts of up to 100% of your deposit balance
- Collateral from your deposits allows for a lower rate than an unsecured loan
- Continue to earn interest on 100% of your deposit balance
Frequently Asked Questions (FAQs)
First, you need to ensure that you’re eligible to join Clean Energy Credit Union by being in its “field of membership,” which currently includes being one of the following:
- A member of one of the following eight organizations:
- African-American Credit Union Coalition
- American Solar Energy Society
- Association of Energy Service Professionals
- Colorado Renewable Energy Society
- Electric Auto Association
- Engineers for a Sustainable World
- Georgia Solar Energy Association
- Green America
- GreenHome Institute
- Midwest Renewable Energy Association
- Northeast Sustainable Energy Association
- RENEW Wisconsin
- Renewable Energy Owners Coalition of America
- Solar United Neighbors
- Texas Solar Energy Society
- An employee or volunteer of Clean Energy Credit Union
- A member of the immediate family or household of someone who is eligible via one of the above options or of someone who is already a member of Clean Energy Credit Union
If you’re not already eligible to join Clean Energy Credit Union, you can consider joining one of the above organizations. An individual membership in American Solar Energy Society, for example, currently costs as little as $10 (NOTE: you must enter the discount code and select a Digital-Only Basic membership). Click here to learn more about the field of membership partner organizations listed above.
After confirming your eligibility, you would then open a "share account" (i.e. savings account) with a $5 minimum deposit which would serve as your ownership share in Clean Energy Credit Union. Once someone becomes a member of the Credit Union, they are a member for life. Click here to join Clean Energy Credit Union.
In case it helps, here’s some background on what a credit union “field of membership” is: although credit unions provide similar services as banks, they are different from banks in many ways. For example, a credit union is a not-for-profit, financial services cooperative that exists solely to serve its members and to fulfill its mission, whereas a bank exists to maximize financial returns for its stockholders. Another difference is that a bank can serve the general public whereas a credit union can only serve its “field of membership,” which is defined by regulators as the people and entities that are legally eligible to join the credit union. Ultimately, a credit union’s field of membership is comprised of one or more groups of people and entities that all have something in common that binds them together in some way. Many credit unions have a field of membership that includes people who work for a certain employer, or who live in a certain geographic area, or who are members of the same professional association or religious organization.