What is a share secured loan?
A share secured loan is a personal loan that uses the money in your savings account as collateral to secure your loan. This type of loan can help you build credit by repaying the loan amount and allows the funds in your savings account to continue earning interest. The funds in your savings account are used as collateral for the loan are not available for withdrawal until the loan is paid in full. Loan options and rates vary with a share secured loan. At the end of the day, you walk away with an improved credit score and the funds in your account!
- No application fee
- Low fixed interest rate
- Improved credit score
- Access to the funds in your account at repayment