Build your credit with a Savings Secured loan
Features You'll Love
A savings secured loan lets you borrow against your own money to build credit while keeping your savings intact. With low rates and a clear payoff timeline, this enables you to create a stronger track record over time.
Low rates – 2% above your dividend rate
Up to 24-month terms
No credit check for members
Simple approval for new members
Build credit with every payment
Savings released as you repay
Check current interest rates and run the numbers to estimate your monthly loan payments before making a decision.
The right option depends on what you need whether it’s access to funds, a set payoff plan, or a lower deposit. Here’s how they compare.
Credit Builder Loan
Savings Secured Loan
Certificate Secured Loan
Credit Builder Loan
Secured Credit Card
Best If...
You want to build credit and access funds over time
You want to leverage a CD or plan ahead for a lump sum
You’re starting from scratch with little or no savings
You want flexible, card-based access to your funds
Interest Rate
2% + savings dividend rate
2% + CD dividend rate
2% + CD dividend rate
7.90% fixed rate
Terms
6, 12, or 24 months
6, 12, 24, 36, or 60 months
6, 12, or 24 months
Revolving
(no set term, closed upon member request)
Minimum Deposit
$500
$500
$0
$500
Fees
Interest only
Interest only
$25 + interest
Interest only
Payments
Fixed monthly payments
Fixed monthly payments
Fixed (~$85/month)
3% of balance (min. $20)
Access to Funds
Gradually released as you repay
Lump sum after term ends
Held until loan is paid off
Held until loan is paid off
You can apply online in minutes, or book an appointment—by phone or in person—and a SunWest lending expert will walk you through it.
How do I calculate my secured loan interest rate?
Your rate is calculated by adding 2% to the current dividend rate of the CD term you choose.
Example: If the dividend rate is 1.50%, your loan rate would be 3.50%.
What is the minimum loan amount for savings secured loans?
The minimum loan balance is $500 for a 6-month term.
SunWest funds this upfront, so you only need $25 to get started. Once the loan is paid off, the funds—minus any applicable interest—become available to you.
When is the hold removed on the money used to secure the loan?
Funds become available once the loan is fully paid off. They cannot be accessed before the loan is complete.
Can I pay my secured loan off early?
As the goal is to build credit, keeping the loan open longer can be more beneficial. Consistent, on-time payments help strengthen your credit history.
However, you can always pay your loan off early with no additional fees.
Can I have multiple secured loans at one time?
Yes! We offer 4 types of secured loans: savings secured loans, certificate secured loans, a secured Mastercard®, and a credit builder loan.
You can mix and match or have more than one of each with the exception for the secured Mastercard®, which is limited to one per account.
*APR = Annual Percentage Rate. On approved credit. Certain terms, restrictions and conditions apply. Refinanced loan interest rate cannot be lower than 4.99% APR when refinancing up to 2.00% APR below your existing rate. The first payment may be deferred for up to 90 days. Your loan will accrue interest during that time. Proof of current loan rate may be required prior to closing in order to receive the refinanced rate. Offer is for vehicle refinance applications processed before July 6, 2026. This offer does not apply to vehicles currently financed through SunWest Federal Credit Union. Rates are subject to change without notice. $50 donation per funded loan will be made to Valley of the Sun United Way. SunWest reserves the right to modify or discontinue a portion or all of this promotion at any time.
See a representative for complete details, qualifications, and disclosures.
