How a Share Secured Loan Could Help You Bank Better
What Is A Share Secured Loan?
A share secured loan is essentially a way for you to borrow money against your own savings. Share secured loans are great option if you don't want to use your own savings, but you want to borrow against that money while the money remains in your account.
How Does It Work?
If you're wondering how a share secured loan works, you aren't alone! At first, share secured loans may seem a bit confusing, but, we are going to dive into exactly what they are and how they can help you.
Once you have decided that you want to pursue a share secured loan, your credit union will place a hold on the sum of money you want to borrow against. After you have been approved for the loan, you will recieve the amount of money in the form of a check or a direct deposit into your checking account. You can choose to make monthly payments on the loan via a monthly automatic withdrawal, direct deposit, or check.
Why Share Secured Loans Could Be The Best Fit For You
Here are just some of the reasons that using a share secured loan at Coastal could be the best option for you:
- Ideal option if you need to build or re-establish credit
- Your savings continue to earn dividends while you use your loan
- No income or employment verification required
- No secured loan application fees or closing costs
- When your loan is paid off, your savings become available to you again
- This loan is eligible for an annual Loyalty Bonus payout
- Consolidate all of your credit card balances into one payment
Personal Loans
Our Personal Loans are more than just financial products - they're stepping stones to your goals and safety nets for life's unexpected turns.
All loans are subject to approval. Interest accrues daily.