Savings Secured Loans are backed by collateral, typically funds secured in a Partner Colorado Savings, CD or Money Market (cannot secure against an IRA account). Members often use Savings Secured Loans as part of a strategy to build or re-build credit.
Savings Secured Loans offer a great deal of flexibility. Since the loan amount is determined by the securing amount there is no maximum loan limit. Terms up to 12 months for the closed-end option.
For CD-secured loans, the loan term can exceed maturity date if the CD is set to renew (maximum of 5 years for amortization).
- Variable rate, 3.00% higher than the current share yield.
- 12-month term only.
- Balloon option available for larger share secured loans.
- Must pay off or “refinance” at the end of 12-month term.
- Maximum of 5 years for amortization.
- Variable rate, 1.00% higher than Signature Line of Credit
- Revolving balance allows you to access available balance for unplanned expenses.
Check out our blog for tips on how to build good credit.
Certain conditions and restrictions may apply. All applicants subject to credit and income verification.