Share Secured Loan
This is a loan for the savvy saver and borrower. It's the smart way to get a lower rate on your loan by tying it to your savings.
About the Share Secured Loan:
- Terms range from 24 - 48 months
- Your savings account is the collateral for this loan which means you must keep the money in there until the loan is paid off.
- This is loan helps to build your credit history.
- The rate is the current savings rate + 4%.
- All share secured loans are approved automatically.
If I pay down my loan from $1000 to $200, do I still need to keep $1000 in my savings?
No, with a $200 loan balance, you only have to keep $200 in your savings account.