Credit starts here! With a CD or savings secured loan at SunWest, we make it easy to build your credit while saving for your future.
Your credit score is just one piece of the human puzzle that is you. From credit cards to mortgages - even jobs - credit plays a significant part in your life. It can either save you money or cost you money, so it’s important to treat it wisely.
A savings secured loan is one of the best places to start whether you’re rebuilding credit from a financial stumble or just getting started on your credit journey.
At 2% + the current share dividend rate, your savings secured loan rate is designed to help you build credit, not swallow you up in interest.
With a max term of 24 months, your savings secured loan is short-term to keep you on track to pay it off and build credit quickly.
For longer terms consider a CD secured loan.
If you already have an account with SunWest, you’re automatically approved for any of our secured loan options - no credit check needed.
Not a member yet? Open a SunWest membership, and we’ll only pull your credit during the account opening process. We’ll review your report with you + process your secured loan on the same day, start to finish.
When you make a payment to your savings secured loan, it’ll be reflected in the available balance of your savings account.
Securing a loan with your own funds sounds complicated, but it’s actually an easy way to build credit, and it can also come in handy at other times too. Like when you’re saving with a specific goal in mind, but life happens, and you need to use those savings funds.
You have $5,000 in your Savings that you plan to use in a year or two toward a down payment on a home, but the air conditioning in your car goes out in the middle of July.
You’ve got a few options:
Get heatstroke every time you’re making a quick trip down the road for a carton of milk. (not recommended – super dangerous)
Withdraw that chunk of cash from your down payment fund. (setting your home-buying dream back a little longer)
SunWest will place a hold in your savings account on the amount you need for that A/C and give you the money for the repair in cash or a check.
A Certificate (CD) secured loan is essentially the same as a savings secured loan with 2 main differences.
CD secured loans can be financed as far out as the certificate maturity date.
Terms range from 6 - 60 months
Because CD funds are locked in for your chosen term, the funds are made available at the CD maturity date vs. each time you make a payment.
Building credit can seem overwhelming, but you have to start somewhere, and you’ve got options at SunWest Credit Union. Take a look at the chart below to compare secured options.
Reach out to our lending department via phone or apply online for any of our 4 secured options: savings secured loan, certificate secured loan, credit builder loan, secured MasterCard® credit card.