Here’s why you might want to secure a Savings Secured Loan:
- Asset assist. A Certificate of Deposit or Workers Share Account is used as collateral when you need a loan.
- Saving grace. Get a low loan rate while continuing to receive high yields on your deposits.
- Shifting rates. Interest costs on loans vary depending on the type of collateral used.
- Take five. Maximum loan repayment term is 60 months. That’s five years.
- Buy security. Life and disability insurance is available to protect borrowers.
A First-Rate Way to Keep Finances on Track
You’ve heard the expression “robbing Peter to pay Paul.” Basically, it means creating one problem by solving another. A financial example is when you raid a high-yield savings account or certificate of deposit to cover a temporary financial need. A better strategy might be to borrow a bit of money now and to leave your savings to grow. With a Secured Savings Loan, your other Workers accounts serve as collateral and you get a lower rate on your loan. If you ask us, that’s quite a steal.