With a Secured Personal Loan, funds you have on hold in a Savings or Certificate account with DPS FCU are used as collateral for the loan. By securing the loan with your savings, you'll pay a very low rate on the borrowed funds.
A Secured Loan allows you to make a large purchase without tapping into your savings, so that you can continue to earn dividends on those funds. A Secured Loan is also a great way to build or repair credit. As you make timely payments, those payments will be reported to the credit bureau and can help improve your credit score.
With a Savings Secured Loan, you can borrow for up to 72 months. With a Certificate Secured Loan, you can borrow for up to the remaining term of the Certificate. As you pay back the loan, your savings will be released from hold.
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