Need to make a purchase but don't want to wipe out your savings? Or perhaps you're looking to build or repair your credit? A Collateral Loan from BankFive could be the answer! Sometimes referred to as a Secured Personal Loan, or a Passbook Loan, this type of loan allows you to borrow money using the funds in your deposit account as collateral. You get the money you need, without having to drain your savings or face early-withdrawal penalties by cashing in a CD before it matures. And, by making your payments on time, you'll establish credit history and creditworthiness, all while paying a lower interest rate than you typically would with a credit card or an unsecured personal loan.
*During the term of the loan, you may not make withdrawals from the savings or CD account that is being used to secure the loan. **The loan term for CD secured loans is based on the remaining term or maturing date of the CD account.