Secured Personal Loan

Savings-Secured Loans

Savings-secured loans can help you build your credit.

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Savings-Secured Loan Rates

APR Effective 2/1/2024*

3.50
%
APR

Savings-Secured

*See important information about rates, fees and other costs (PDF)

Savings-Secured Loans

If you're looking to build your credit, a savings-secured loan may be right for you.

A savings-secured loan allows you to borrow against your savings account to secure a loan. The loan amount is equal to the amount of the hold placed on funds in your savings account. As you make monthly payments, the amount on hold in your savings account is reduced and then made available to you as security on the loan. As you make payments, the payment amounts become funds you can spend. Since you're borrowing from your savings account, qualifying for a savings-secured loan is a simple process.

Features and Benefits

  • Loan amounts range from $250 to $10,000.
  • A low fixed rate. The rate is 3% higher than the current savings rate.
  • Your loan payment history will be reported to the major credit bureaus.
  • There's no credit check to qualify for the loan.
  • Your savings accounts will continue to earn interest.

Who's It For?

A savings-secured loan is ideal for building credit. A savings-secured loan can be a good option if you have no credit, limited credit, or have had credit problems in the past. It can be a great first step to take when you're trying to get a credit score that will help you get approved for more credit, like an auto loan, personal loan or home loan.

How to Apply

To apply for a savings-secured loan, you can call us directly at 844-232-8562 or make an appointment at a BECU location.

Frequently Asked Questions

A savings-secured loan is an installment loan (like a car loan or a personal loan) that is reported to credit bureaus. Making your loan payments on time is important and should help to build a positive credit history. By establishing good credit, you will have an easier time achieving your financial goals whether it's buying a car or purchasing a home.

As you make monthly payments, the amount on hold in your savings account is reduced and then made available to you as security on the loan. As you make payments, the payment amounts become funds you can spend.

A missed payment may result in a late charge assessed to your account and might be reported to the credit bureau.

Payments can be set up to automatically withdraw from your BECU account on the due date. You may also elect to manage your own monthly payments with a coupon book.

Approval subject to BECU membership, credit approval and other underwriting criteria; not every applicant will qualify. Contact BECU for the most current information.