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Don’t spend your hard-earned savings; instead, borrow against it.
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- SAVING SECURED LOANS
DID YOU KNOW? * MAKE NO PAYMENTS FOR 60 DAYS: To help our members, no payment is needed for 60 days when a personal loan is opened after 3/25/2020.
Saving money can take a long time to accumulate and even less time to spend. You can borrow money at reasonable rates, use your savings as collateral, and maintain your savings with savings-secured loans.
¹APR = Annual Percentage Rate. The prices listed are exclusive to this product and could change at any time.
*As part of the DCU Cares Program and in response to the COVID-19 outbreak, DCU is providing the opportunity to benefit from no payments for the first 60 days following the loan closing for loans opened after 3/25/2020, or until further notice. Interest will start to accumulate as soon as the loan is funded. Following the 60-day no payment period, the first payment will be applied to the principal owed after first being applied to the interest that has been accumulated from the date the loan is funded to the first payment date.
%C2%B9The certificate securing the loan will have an annual percentage rate (APR) equal to the dividend rate. As an illustration, consider a loan secured by a 60-month certificate bearing a zero dividend rate. 90% will have an APR of 3. 90%. The approximate monthly installment for a 48-month loan secured by a certificate, with an annual percentage rate of 3. 90% would be $22. 53 per $1,000 borrowed. Before the certificate maturity date, the entire loan must be repaid. The certificate rate in this example is just illustrative and could change at any time. See dcu. org for current certificate rates.
Plan for Your Savings-Secured Loan
Select one of our user-friendly calculators to assist you in managing your loan secured by savings.
- How much can I afford to borrow?
- How long will it take to pay off my loan?
- How much will my loan payments be?
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FAQ
How much can you borrow as savings secured loan?
Your current bank account balance serves as collateral for a savings secured loan, which allows you to borrow up to the amount in your savings over a maximum of 60 months.
Why would someone want a secured loan?
Secured loans are those that require collateral of some kind in order to be obtained, whether for personal or business purposes. When you apply for a large loan and use the money to buy a specific asset, or when your credit score isn’t high enough to qualify for an unsecured loan, a bank or lender may ask for collateral.
Do you get your money back on a secured loan?
You get your deposit back when you close the account. Secured loans are considered to be riskier than unsecured loans due to the possibility of asset seizure in the event of nonpayment. When you take out a secured loan, you’re still paying fees and interest on the loan based on your creditworthiness.
Can I borrow money against my savings account?
A passbook loan is essentially a loan that you take out against yourself. Your savings account balance serves as collateral for a loan that you are taking out from your bank or credit union. A passbook loan lowers the risk for a lender by using the balance of a savings account as collateral.
Read More :
https://www.dcu.org/borrow/personal-loans/savings-secured-loans.html
https://www.bankrate.com/loans/personal-loans/what-is-a-shared-secured-loan/