savings secured loan icon

savings secured loans

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.

features you can appreciate

easily build credit
low rates
variety of options
low monthly payments

secured loan features

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. Use your own savings account as collateral for a secured personal loan.

low interest rates

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.

stay on track

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.

skip the credit check

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.

get your money back

When you make a loan payment to your savings secured loan, it’ll be reflected in the available balance of your savings account.

make it make sense

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.

savings secured loan example:

You have $5,000 in your savings account 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.

now let’s talk certificate secured loans

A certificate secured loan is essentially the same as a savings secured loan with 2 main differences.

longer terms

Certificate secured loans can be financed as far out as the certificate maturity date.

Terms range from 6 - 60 months

funds availability

Because certificate (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.

don’t sweat it

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 loan options.

savings secured

certificate
secured

credit builder

secured card

interest rate
2% + current Savings dividend rate
2% + current CD term dividend rate
2% + current CD term dividend rate
7.90% fixed rate
available terms
6 months

12 months

24 months
6 months

12 months

24 months

36 months

60 months
6 months

12 months

24 months
Revolving line of credit with no maturity date. Closed anytime upon member request.
minimum deposit
$500
$500
$0 deposit required
$500
fees
interest
interest
$25 + interest
interest
payment
Fixed monthly amount
Fixed monthly payment
Fixed monthly amount of about $85
3% of your balance with a minimum dollar amount of $20
best if...
you want funds to become available each month.
you want a lump sum available once the term ends, want a longer term, or you want to use funds from an existing CD.
you don’t have a large cash deposit.
you want to be able to use up to your deposit amount whenever you need to with the convenient access of a card.

Savings Secured

interest rate
2% + current Savings dividend rate
available terms
6 months12 months24 months
minimum deposit
$500
fees
interest
payment
Fixed monthly amount
best if...
you want funds to become available each month.

Certificate Secured

interest rate
2% + current CD term dividend rate
available terms
6 months
12 months
24 months
36 months
60 months
minimum deposit
$500
fees
interest
payment
Fixed monthly payment
best if...
you want a lump sum available once the term ends, want a longer term, or you want to use funds from an existing CD.

Credit Builder

interest rate
2% + current CD term dividend rate
available terms
6 months
12 months
24 months
minimum deposit
$0 deposit required
fees
$25 + interest
payment
Fixed monthly amount of about $85
best if...
you don’t have a large cash deposit.

Secured Credit Card

interest rate
7.90% variable rate
available terms
Revolving line of credit with no maturity date. Closed anytime upon member request.
minimum deposit
$500
fees
interest
payment
3% of your balance with a minimum dollar amount of $20
best if...
you want to be able to use up to your deposit amount whenever you need to with the convenient access of a card.

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.

Savings Secured Loans FAQ

How do I calculate my secured loan interest rate?

What is the minimum loan amount for savings secured loans?

When is the hold removed on the money I used
to secure the loan?

Can I pay my secured loan off early?

Can I have multiple secured loans at one time?

APR = Annual Percentage Rate.
APY = Annual Percentage Yield.

Please keep in mind we always pull credit for any new member as part of our identity verification process.