How Share-Secured Loans Work
With a Share-Secured Loan, you borrow against the money in your Share Savings or Share Certificate Account. By making regular and on-time monthly payments on the loan,these payments are reported to the credit bureaus which could, in turn, positively influence your credit score.
While you’re paying on your Share-Secured Loan, the collateral in your Share Savings or Share Certificate Account is in a hold status. Once you payoff the loan, your collateral funds are released for your use.
The interest on Share-Secured Loans is extremely low. Since your Share Savings or Certificate Account earns interest or dividends, the actual cost to borrow with a Share-Secured Loan is minimal.
Share-Secured Loans give you the power to restore your credit without stress or risk.