How do I open a Secured Loan?
The member must deposit money into their savings account to be held as collateral for the loan. The money will be frozen so the member does not have access to the funds. Once the money has been frozen and loan paperwork signed, we are able to issue the loan for the amount of the secured deposit.
The member must make payments on the loan as if there is no collateral. The loan will report to all 3 credit bureaus helping to establish a positive payment history and help you build a strong credit score.
Secured Loan interest rate = 4.00% + current dividend rate, for any term, up to 36 months