Your Savings Can Secure You a Loan
Unexpected expenses always pop-up. Do you want to be able to make a purchase without dipping into your savings? A secured loan may be a great option!
Pay for household goods, unexpected expenses or any personal need with a scheduled repayment term through a Secured CD. Secured CDs are a type of loan that involves using a certificate of deposit (CD) as collateral for the loan. With a Secured CD loan, you can make your CD work for you.
Through a Secured CD, you can use your Sauk Valley Bank CD as collateral for your loan, while paying interest at a slightly higher rate than your certificate earning rate. This type of loan also gives you a flexible repayment plan, usually matching the terms of your investment and saves you from a penalty payment for early withdrawal.
Because the CD serves as collateral, Secured CDs can be a good option for those who want to borrow money, but have little or no credit history. They’re also a great way to consolidate higher rate balances.
Could a Secured Loan be an Option For You?
With a Sauk Valley Bank Secured CD Loan, you could use your certificate of deposit (CD) as collateral for a loan. Instead of applying for a traditional loan or line of credit, you can borrow against your CD to pay for your unexpected expenses, debts or expenses.
How do Secured CDs Work?
When you take out a secured CD, you put money into a CD account and Sauk Valley Bank lends you money based on the value of that CD. The loan amount is typically a percentage of the CD’s value, with interest rates that are usually lower than those for unsecured loans.
The CD remains with the financial institution as collateral until the loan is repaid in full.
Benefits of a Secured CD Loan
- Quick money for a short-term emergency
- Builds credit history
- Continues to earn interest on the CD
- Get easy installment payments
- Good option for those with little or no credit history
Why Choose Sauk Valley Bank
At Sauk Valley Bank, we work hard to find the solutions that fit your unique banking needs. With a variety of banking and lending options, our team has the experience and flexibility to find the right solution to fit your business.
We are committed to serving our communities with the highest quality of service. We focus on you and your needs – and offer you flexible and convenient solutions. Our aim is to build lifelong relationships, one customer at a time.