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).
Closed-End Option:
- 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.
Open-End Option:
- 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.
Apply for a Savings Secured Loan today! Apply online or by phone.
Certain conditions and restrictions may apply. All applicants subject to credit and income verification.
