Want to start building credit? Start with a share secured loan and use your savings’ balance as collateral. You can borrow up to 100% of your balance. Apply online to get started!
A secured loan relies on collateral, something you own, for security in exchange for borrowed money that you would repay over time.
Secured loans requires valuable collateral to obtain the loan while an unsecured loan is not backed by any collateral.
Annual Percentage Rate
APR (annual percentage rate) includes interest rates and any credit union fees. APR should always be advertised.
Fixed vs. Variable Rate
• Fixed rate is a consistent rate throughout the length of the loan.• Variable Rate is subject to change over the life of the loan.
Monthly Payments
APR, term length, and loan amount are calculated into your monthly payment. The monthly payment amount is what is considered when looking at a monthly budget.
Debt-to-Income Ratio
DTI (debt-to-income) measure income and debt – a low DTI is favorable and more likely to service a debt or loan.
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