Savings Secured Loans
A savings secured loan allows you to borrow against funds you already have on deposit. Instead of using your savings directly, those funds act as collateral for the loan.
This approach lets you access money when you need it while keeping your savings account in place.
How it Works
The loan amount is secured by a new share certificate that will match the term of the share secured loan. Because of that, these loans often come with lower rates and more flexible approval requirements.
You make fixed monthly payments over time, just like a traditional loan.
Savings secured loans are often used to build or strengthen credit. By making consistent payments, you create a positive payment history while still maintaining your savings.
They can also be useful for short-term borrowing when you want to avoid dipping into your account balance.
A Low-Risk Option
Because the loan is backed by your own funds, it offers a more controlled approach to borrowing.
At Harvest, we help you understand how this type of loan works and whether it fits your goals.
Talk with our team to learn more about savings secured loans.
Other Secured Loans
Borrowing Backed by What You Have
Secured loans use an asset as collateral, which can help reduce risk for both you and the lender.
This structure often allows for lower interest rates and more flexible approval compared to unsecured loans.
With a secured loan, the asset you provide as collateral supports the loan amount. Because the loan is backed by something of value, like a vehicle owned outright, it can offer more favorable terms.
When to Choose This Option
Secured loans are often considered when you want a lower rate, are building credit, or prefer a more structured borrowing option.
They can also be useful when you want to maintain access to your savings while still using it to support a loan.
Connect with our team to explore your options.