Share Loans (aka Passbook Loans)

Share Loans

A loan may be taken against any savings, money market or certificate account, except IRA’s, at a rate of 2% above the deposit account.  There is no fixed term or repayment schedule and the only requirement is to pay the billed interest due each month.  The book or certificate is held at Midstate for collateral and the amount of the loan is deducted from the withdrawable balance of the deposit.