When you secure a loan with your savings account or a certificate, it almost always means you’ll pay a lower rate than with an unsecured loan. So, if you need a quick and less expensive loan, a MemberSource secured loan may be the way to go.
What you use the money for is up to you. Your maximum borrowing limit is based on the amount you have in your share account and the rate is based on your desired term and the rate you’re earning on your share account.
Term Share Certificate-Secured—CD Secured
This secured loan features a $1,000 minimum with terms based on your current share earnings and more. While the term cannot exceed the maturity of the term share certificate, it is a great way to borrow money while you earn interest on your collateral.
If you have no credit, little credit, or want to improve your credit, a Credit Builder loan is a great option. Unlike other secured loans, you don’t have to have the money to deposit upfront. Borrow between $1000 and $2500 and choose a max repayment term up to 24 months. The proceeds from the loan will be deposited into a savings account and held as collateral. Funds will be released as each payment is made. Apply today and start improving your credit!