TelComm Credit Union offers Secured Loans to help members in the Springfield, Missouri area borrow against their TelComm savings account at a lower rate than many conventional loans. At the same time, their savings continue earning dividends throughout the loan period. Since the loan is secured by funds already on deposit with TelComm, no proof of income is required and no credit report is pulled, making this an accessible option for members who want to build or re-establish their credit history. Secured loans are a smart way to get the funds you need, protect your financial future, and let your savings keep working for you at the same time.
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.
