Savings Secured Loans
Get the money you need while building up your credit rating.
Put your savings to work in a different way
Cash as collateral
Borrow as much as you have in your Partner Colorado Credit Union Savings, Money Market and CD accounts.
Money for living
Use funds to pay down debt, cover expenses, make purchases or do anything else that needs to be done.
Good options for those who have had some financial challenges or are just starting to build their credit history.
Choose a one-year loan or an open-ended loan that allows you to draw funds repeatedly over a longer period of time.
It's all part of the plan to get you on track
If you're just starting out or you're recovering from a financial setback, secured loans can be part of a multi-step strategy. First, build up some savings for future needs. Second, leave those funds alone so they can grow with the help of dividend earnings. Third, get a secured loan to cover some current expenses. On-time loan payments can boost your credit score, which can be a big deal moving forward.
- Variable rate, 3.00% higher than the current savings rate
- 12-month term
- Balloon option available for larger share secured loans
- Must pay off or “refinance” at the end of 12-month term
- Maximum of five years for amortization
- Variable rate, 1.00% higher than Signature Line of Credit
- Revolving balance allows you to access available balance for unplanned expenses.
For CD-secured loans, the loan term can exceed maturity date if the CD is set to renew (maximum of five years for amortization).*
View FICO Credit Score
Keep tabs on this important number from Fair Isaac Corporation (FICO®).
- Use Mobile Banking to monitor your FICO® Score.
- Partner Colorado Credit Union provides your score (updated quarterly) based on information from your Experian credit report.
Online Bill Pay
Managing and paying your bills is more efficient when you move the process online.
- Instant payments
- Set it up on your time
- Better organization
Resources to move you ahead.
Cannot secure against an IRA account. Certain conditions and restrictions may apply. All applicants subject to credit and income verification.