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When you use a secured loan to borrow against your existing savings or certificate account, funds equaling the amount of the loan are frozen from use and released when your secured loan is paid back.

Share Secured Loan

A Share Secured Loan can be helpful if you have a large purchase coming up and don’t want to dip into your savings, or if you need to establish a credit history or improve your credit rating.

Key features:

  • Making monthly payments on time can help build your credit profile
  • Your savings will continue to earn dividends 
  • Terms up to 60 months depending on amount borrowed

Certificate Secured Loan

When you open a certificate, you agree to lock your funds in for a set amount of time and pay a penalty if you take it out early. But what can you do if something comes up and you need that cash now?

A Certificate Secured Loan allows you to access your money and avoid early closure fees, which can end up being 3-12 months’ worth of dividends depending on the terms of your certificate.

Key features:

  • Avoid costly early withdrawal fees
  • Your savings will continue to earn dividends 
  • Term of secured loan equals the remaining term of the original certificate

Payment example: For a loan amount of $4,000 borrowed at an APR (Annual Percentage Rate) as low as 2.30% for 48 months, your monthly payments would be $87.32.

Rates shown are "as low as." Rates are subject to change without notice. APR = Annual Percentage Rate; APR is calculated as follows: Share certificate rate + 2%.

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