Secured loans are a smart way to borrow more money at a low interest rate, build credit, and keep your loan for a longer period of time. How? By letting your Savings Account work for you.
Establishing and maintaining a good credit history allows you to achieve many of your life’s goals. Purchasing a home, car or pursuing a college education requires you to establish a positive credit history, which can be built with secured loans.
Why choose a Secured Loan?
- Quick approval
- Lower rate than many other conventional loans
- Establish credit or re-establish credit; allowing future credit opportunities
- Your Savings continues to earn dividends during the loan period
- No proof of income required and we do not pull a credit report for this particular loan as it is secured by savings with TelComm CU.
- As your loan is repaid, your Savings Account funds in the equal amounts to your payments will become available to you once again.
You’ve worked hard and saved over the years. Your reward is lower loan rates when you take out a Share Secured loan. Continue to earn interest on your savings and still get the things you need at a premium loan rate. Rates are fixed for 36 months. If a longer term is needed, it will be re-written.
