Savings Secured Loans

Savings Secured Loans are the perfect loan option to increase your credit no matter where you're starting from.

For a quick, low-rate loan, use your savings as collateral! With a Savings Secured Loan, the money you already have on deposit is used as collateral, and you can borrow up to the amount you have in your savings with terms up to 60 months.

All secured loans require collateral. For example, when you take out an auto loan, the car is used to secure the loan. The car is the collateral. Similarly, your home is considered the collateral when you get a mortgage or home equity loan.

Certificate Secured Loans

With a Certificate Secured Loan, your Certificate of Deposit acts as collateral. Certificate Secured Loans allow you to retain your investment while getting additional cash you may need. And since Certificate Secured Loans are personal loans, you can use the money for almost any expense.

With a Certificate Secured Loan, you can borrow up to the amount of your share certificate, with the full amount due at the same time your certificate matures.

Apply Now

Product Benefits

A coin being deposited into a piggybank.

No fees and low rate

No fee to open or set up the loan and a fixed low rate at 2.50% APR.1

Borrowing based on your savings

You can borrow up to 100% of the money you have in your Patelco savings account or Certificate. Minimum opening balance is $300.

A hand collecting money.

Get the right loan amount on your terms

For a Savings Secured Loan, choose a payment term that works for you to pay off the loan – from 6 to 60 months.

Help grow your savings

Continue to earn interest on your Savings or Certificate while you pay back the loan.

Establish or rebuild your credit

In addition to making your payments on time, a Secured Loan itself can help raise your credit score.

Secured Loans

Rates Effective 12/1/2018
Type Term Amount APR1
Savings-Secured Up to 60 months Equal to savings 2.50%
Certificate-Secured Due upon maturity Equal to certificate CD rate + 2.25%

Loan Payments Calculator

How much can I afford?

Frequently Asked Questions

Let’s have a conversation

At Patelco, we put your financial wellbeing first and provide free financial coaching with a Patelco Certified Financial Specialist.2 Your financial specialist can help you create a personalized strategy so you can feel in control of your money and track your progress.

A Patelco Certified Financial Specialist provides counseling to a customer.

Continued Reading

October 26, 2021

Confused about your credit? Get the facts on what it is, what lenders consider a good credit score, how to check your score, and how to maintain a good credit history.

October 31, 2019

Find out how to manage your money better and improve your financial well-being. Get 10 money management tips from Patelco and begin mastering your money now!

October 27, 2021

It’s important to monitor your credit. Find out how to check your credit score, get a free report and what to look for on your credit report from the reporting agencies.

Your savings = greater opportunities
Build or rebuild your credit with money from your savings account as collateral. 

1 APR (Annual Percentage Rate). All loans are subject to credit approval, restrictions apply, rates are subject to change. Loan rates effective as of 10/28/2022. Equal to the rate you are receiving on the certificate pledged as security at the time the loan is obtained, plus 2.25%. Example, if you receive a loan of $10,000 with an interest rate % with no origination fee and make 36 monthly payments of $300.33, your finance charges will be $811.62 which would make your total repayment amount $10,811.62.

2 Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Patelco Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.