Loans secured by collateral offer great additional options for those seeking to borrow or build credit.
SAVINGS SECURED LOAN
Borrow with the backing of your savings account and get an extra-low interest rate.
This loan offers a lower rate than unsecured options, saving you money over the course of the term. Share savings is pledged as collateral for the loan amount. Features of the Savings Secured Loan include:
- Available for amounts up to 100% of share savings account value
- Interest rate is 2% above the rate earned with a minimum of 4%
- Pledged amount decreases as payments are made
- Flexible repayment plan options
- Continue to earn dividends on shares or share certificates
- No credit approval required