And Savings-Secured Loans

Home , Certificate of deposit, Savings account, Secured loan

Personal Banking Services Consumer & Personal Loans CD- and Savings-Secured Loan

CD- and Savings-Secured Loans

A CD-secured or Savings-secured loan from Bank of Utah is a personal loan which requires a borrower to include a [Savings Account](/personal/checking-savings/savings/) or [Certificate of Deposit (CD)] (/personal/checking-savings/cd-and-ira) as collateral for the loan.

Secured loans are a great way to build or rebuild credit by providing monthly repayment opportunities with fewer qualification requirements and without pulling credit.

CD-secured or Savings-secured loans also allow quick access to cash, borrowing from what already is in the account. The funds from a secured loan allow you to cover a variety of expenses like home improvements, college tuition or consolidating debt with higher rate balances.

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Benefits of a Secured Loan from Bank of Utah Fast approval - typically less than one business day Continue to earn interest in the CD or Savings account Typically has lower rates than credit cards No prior credit needed Larger loan amounts and fewer requirements for qualification than other types of loans Up to 100% of the CD or Savings account can be borrowed against A great way to establish or re-establish a good credit history

Fixed interest rates are based on the term of the loan. The maximum term for a Savings-secured loan is 36 months; the maximum term for a CD-secured loan is the term of the associated CD.

How Can a Secured Loan Help Me Build or Rebuild My Credit? Simply put, your credit score is a product of past payment histories. A secured loan requires making monthly payments on time, which will count towards rebuilding your credit! Additionally, qualifying for a CD- or Savings-secured loan is easier than other loans, making it a great option for those looking to build or improve their credit score. A common way to build credit is through the use of credit cards, but that may not always be possible. Unfortunately, these other credit building options require a deposit or the creation of a new loan. With a Bank of Utah secured loan, an additional deposit is not required - the money you have in the CD or Savings account is used as collateral.

Remember: if you miss payments, it could hurt your credit.

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