Great question! The initial account you have with the credit union is known as a "Share" savings account. So… a share secured loan is a loan that is matched and guaranteed by funds on deposit in a share account.
For example, let's say you have $5,000 in your share savings account and you want to take out a loan against that amount. Your loan amount is $5,000 and your rate would be 2.50% added to whatever rate your share account is paying for dividends. These loans are a great way to build credit history.