You can calculate your interest rate by adding 2% to the current dividend rate of the account you’re using to secure the loan.
For example: (2% + .05% = 2.05%) 2.05% is your interest rate.
share secured loans
Credit starts here! With a Savings or CD Secured Loan at SunWest, we make it easy to build your credit while saving for your future. We know building credit can feel tricky, but we’re here to advocate for your continued financial progress.
features you can appreciate
DIRECT DEPOSIT
overdraft protection
mobile banking
zelle + mobile wallet
we see you
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.
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 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.
Let's break it down with an example:
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.)
Be your own lender.
now let’s talk cd secured loans
A Certificate (CD) Secured Loan is essentially the same as a Savings Secured Loan with 2 main differences.
longer terms
CD Secured Loans can be financed as far out as the Certificate maturity date.
Terms range from 6 - 60 months
funds availability
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.
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 options.
Savings Secured
CD
Secured
Credit Builder
Secured Credit Card
interest rate
2% + current Savings dividend rate
2% + current CD term dividend rate
2% + current CD term dividend rate
7.90% variable rate
available terms
6 months
12 months
24 months
12 months
24 months
6 months
12 months
24 months
36 months
60 months
12 months
24 months
36 months
60 months
6 months
12 months
24 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.
*APR = Annual Percentage Rate. See a representative for details.
**Please keep in mind we always pull credit for any new member as part of our identity verification process.
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.
CD Secured
interest rate
2% + current CD term dividend rate
available terms
6 months
12 months
24 months
36 months
60 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
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.
how do i calculate my interest rate?
what is the minimum amount for a secured loan?
$500. There is no maximum, however, the monthly payment must fit within your budget.
when is the hold removed on the money i used
to secure the loan?
to secure the loan?
For Savings Secured Loans, your money is made partially available with each payment. For CD Secured Loans, the funds will be made available at the time of CD maturity.
can i pay my secured loan off early?
Yes, you can always pay off your secured loan early with no additional fees. However, keep in mind that if your goal is to build credit, paying off your secured loan early is most likely not the best course of action. Secured loans increase your credit score by reporting positive payment history to the credit bureaus, and more payment history is always better.
can i have multiple secured loans at one time?
Yep! We offer 4 types of secured loans: Savings Secured, CD Secured, Secured MasterCard® Credit Card and a Credit Builder. You could have 1 of each, mix and match, or have multiple of each, with the exception of our Secured MasterCard® which is restricted to one per account.