Work it out

Go on, get some fresh air, clear your head and take a deep breath. Use one of our Secured Loans to keep going, no matter what life throws at you.

Features you can appreciate

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We see you

As a credit union with over 84 years of experience helping real people right here in Arizona, we don’t need a survey to tell us what we’ve always known. We understand that people are complex beings who want to be seen as individuals–not numbers on a spreadsheet. However, the banking world will translate moments along our journeys into a credit score. It’s important to realize that this is not some all-encompassing number that sums you up, but it does play a significant part in your life.

Your credit can either save you money or cost you money, so it’s something to always remain cognizant of, but it doesn’t have to define you.That’s why it’s important to bank with financial institutions you trust. SunWest sees you for what you are–a human being with real-life experience. We look at you as an individual any time you apply for a membership or a loan. We then take the opportunity to review your credit with you and advocate for your continued financial progress or help shock it back to life.

What's a secured loan + how can it help me?

A Secured Loan is one of the best places to start whether you’re rebuilding credit from a financial stumble or just dipping your toe in the water. This is any type of loan where you give the lender collateral and they pony up the dough. Auto and home loans are the most well-known types of Secured Loans, but you can also use funds from your Savings.

SunWest offers four different secured options to give you the convenience of choice without the risk:

Savings secured loan

Securing a loan with your own funds is more often used to build credit, but it can also come in handy at other times too. Like when you’re saving with a specific goal in mind, but life gets involved, making things more complicated for you.

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.
Your best option is : Be your own lender
SunWest will put the amount you need for that AC on hold in your Savings, and give you the money for the repair in cash or a check. You’ll continue to earn dividends on the money that’s on hold to secure your loan, and your interest rate could be as low as 2.05%.

Savings secured loan features:

Low interest rates

Low interest rate starting at 2% + current share dividend rate. To calculate your Savings Secured Loan’s interest rate just add 2% to the current dividend rate of the account you’re using to secure the loan. (Ex. 2% + .05% = 2.05% is your interest rate)

Stay on track

Max loan term of 24 months. Your Savings Secured Loan is designed to be short-term which will keep you on track to pay it off quickly.

Keep on earning

Continue to earn dividends on the full Savings balance. Even though the funds are on hold to secure your Savings Secured Loan, these are still your funds, and you’ll still earn dividends on them.

Pre-pay any day

No pre-payment penalty. While you’re only obligated to pay the minimum monthly payment, you can pay this loan off early with no additional fees.

Your money stays yours

Funds become available with each payment made. When you make a payment to your Savings Secured Loan, it’ll be reflected in the available balance of your Savings.

Judgement-free zone

No credit check for current members. If you already have an account with SunWest, we will not pull credit to qualify you. Not a member yet? Open a SunWest membership, and we’ll only pull your credit during the account opening process. We can review your report with you and process your Secured Loan on the same day without another credit pull.

Certificate secured loan features:

The process for a CD (Certificate of Deposit) Secured Loan is very similar to a Savings Secured Loan, with the exception of longer term options:

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Longer terms

Certificate Secured Loans give you the flexibility of a longer loan term than a Savings Secured Loan. Certificate Secured Loans can be financed as far out as the Certificate maturity date.

No credit check for current members

There's still no credit check for members.

Wow, that was quick

You're still instantly approved.

How do I apply for a secured loan?

Call our Loan-by-Phone Department or come see us at any of our 8 branches to apply for a Savings Secured Loan, a Certificate Secured Loan, or a Credit Builder Loan.

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Another way to build credit that has grown in popularity over the years is a Secured MasterCard® Credit Card. Like our Savings Secured Loans, a SunWest Secured MasterCard® Credit Card is secured by funds on hold in your Savings. Unlike a Savings Secured, this option gives you more flexibility to access the funds when you want with the buying power of a credit card.

Give yourself a little credit

Loans have a minimum deposit requirement of $500, but $500 is still a chunk of change that not everyone has lying around. That doesn’t mean we can’t help you crack the code to credit. Open door number 4 to reveal the SunWest solution:

Here's how it works

pay $25

Pay a one-time setup fee of $25.

choose your term

We’ll add a Certificate of Deposit (commonly referred to as a "CD") to your account for your choice of $500 for a 6-month term, $1000 for a 1-year term, or $2000 for a 2-year term.

we place a hold

The funds go on hold for the term of the CD at a loan interest rate of 2% over the current CD dividend rate.

make those payments

You make monthly payments that get reported to your credit.

your money stays your money

Once the loan is paid off, the hold vanishes and the money is yours.

Make a loan payment

Transfer money between accounts

withdraw cash

Check balances and recent account history

Make Deposits

Don't sweat it

Building credit doesn’t have to be like building a house from scratch. All of our employees know you have to start somewhere, and these 4 options give you a successful framework for a credit profile that’ll hold for years to come. If you’re not sure which of our options is best for you, schedule an appointment to speak with one of our Branch Representatives. They can chat with you about your specific situation and help get you on the right path.

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