Looking for a great way to build credit? Then consider a Savings-Secured Loan. You’ll receive a lower rate since your savings are pledged as collateral for the loan. As you pay off your loan, the corresponding amount of savings is available to you. CDs, regular savings, etc., can all be used to secure the loan. You may have multiple Savings-Secured Loans with us and the only limit is the amount of savings you have available to pledge.
Collateral Secured Loans.
An item of value is pledged as collateral for the loan. As long as you pay your loan, the collateral remains in your possession. However, should you default on the loan, the Credit Union would have the right to sell the collateral to pay off the loan. This type of loan also offers a lower rate than unsecured loans, but you should be aware of the consequences should you not be able to afford the loan. The Credit Union accepts auto titles which are free and clear, and are for vehicles seven years old or newer, as collateral.
- You keep your savings intact
- Receive a lower rate than most other types of loans
- Collateral remains in your possession
- It’s a great way to build your credit
Apply for a Secured Loan
Open online, stop into any branch or call (215) 996-3700.