Savings Secured Loan
Establishing good credit is often an important step toward achieving your financial goals. With a Savings Secured Loan, you can begin to build good credit by using funds in your savings account as collateral for a loan.
How it Works
When you apply for a savings secured loan, you agree to “freeze” the dollar amount of the loan in your savings account. The funds are used as collateral until you repay your loan. However, you continue to earn dividends on your funds. As you repay your loan, you regain access to the pledged funds.
What can you expect from a Savings Secured Loan?
- Flexible loan amounts. Qualified members may borrow up to 150% of their available savings account balance.
- Convenient repayment options. You can choose to make automated loan. payments from other accounts. In addition, you may pay off your loan balance at any time, with no pre-payment penalties.
- Peace of mind. Enjoy FREE Credit Life Protection up to 55,000 USD per member.
- Borrowing security. Low cost Credit Disability Debt Protection available to help pay your loan in the event you become disabled.
This product is optional - Whether or not you purchase Credit Disability Debt Protection will not affect your application for credit or the terms of existing credit agreements you may have with UNFCU. Certain exclusions, benefit maximums, retirement eligibility and limitations do apply. Please review all of this information carefully within the Credit Disability Debt Protection Disclosures and Agreements before applying.