Share-Secured Loan FAQs
Q: How much can I borrow with a Share-Secured Loan?
A: You can borrow up to 100% of the available funds in the account you’re using as collateral.
Q: What is the interest rate for your Share-Secured Loans?
A: The interest rate depends on the term and whether or not you set up autopay.
If you set up autopay, the rate is 0.50% lower than the floor rate for the corresponding term. If you don’t set up autopay, the rate is 0.25% lower than the floor rate for the same term.
If it's a Certificate Account, the interest is 1.50% over that account’s interest rate, and the term for that Share-Secured Loan cannot exceed the Certificate’s term.
Q: How long can I borrow the money with a Share-Secured Loan?
A: You can borrow up to 60 months if the loan is below $15,000. You may be able to borrow for a longer term.
Q: How quickly will my credit improve with a Share-Secured Loan?
A: According to the credit reporting agency Experian, payments are usually reported once every 30 to 45 days. From there the three national credit reporting agencies (Experian, Equifax, and TransUnion) update credit scores.
If everything else on your credit is good, you should see an improvement in your score fairly quickly. But, if you still have overdue balances and are making late payments, then you’ll need to clean those things up before you’ll see an improvement in your score.