Your credit. Your security.

Introduction

Secured loans can serve many purposes – maybe you want a lower interest rate, maybe you’re just starting to build your credit, or maybe you don’t want to risk having unsecured debt. That’s where secured loans come in.

Because they’re secured by your own funds, you’ll typically enjoy lower interest rates. In addition, having some collateral in the mix is great for first-time borrowers – potentially increasing your chances for approval.

No matter which way you cut it, a secured loan is a smart choice.

Types of Secured Loans

Share Secured Loans

This is about as simple as you can get. The money you deposit works as collateral for your loan, letting you enjoy lower interest rates and the peace of mind that your funds stay on deposit in case anything happens to your financial situation.

Secured Credit Cards

Looking to build your credit? It really doesn’t get much better than a secured credit card. Here’s how it works:

The money you deposit determines your credit amount. $500 on deposit = $500 credit card. You make purchases, pay your balance, and build your credit up bit by bit.

Don’t forget, too, that the money you have on deposit is still yours – you’re not losing anything. And, because it’s secured, you’ll enjoy advantaged rates, too. Talk about a win, right?

Secured credit cards are a great move for people just starting out, those looking to repair their credit, or for students and young people who want to get a head start on their financial futures. Plus, all of our credit cards come with great rewards, too.

Other Secured Loan Options

In addition, we also offer the following:

  • Share Certificate Secured Loans*
  • Money Market Secured Loans
  • Stock Secured Loans (only certain types of stocks)

*Some restrictions apply. Term length based on term of share certificate. Speak with a representative for details.

Credit/Security Agreement

Credit Builder

With a quick and easy approval process, a Credit Builder is a secured, closed-end loan that can boost credit for those who have a low- or no- credit rating. Unlike a secured credit card where you need to provide the money upfront, a Credit Builder puts your borrowed funds directly into your savings account. The catch, however, is that these funds are on hold until you make payments – ensuring your lender that they can recover the principal in case you default. 

As you make your monthly payments, the portion of your payment that applies to your principal – rather than interest – is released in the account, becoming available for you to use. For example, if your monthly payment is $50 and you owe $5 in interest, your payment will result in $45 being released into your savings.

If you're interested a Credit Builder, speak to a representative. It's an excellent option if you're struggling with debt or need a boost to your credit score.

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