Deposit Secured Loan
Secured Loans in Philadelphia, PA
At Freedom Credit Union, we understand that our members need a quick and easy way to get funds for a large purchase, an unexpected expense, or something else. That’s why we offer Deposit Secured Loans, which use the funds in your checking or savings account as collateral. This simplifies the loan approval process and allows us to provide fast loan decisions. Apply today for a competitive APR and no fees!
Not a member? Join now and experience the Freedom CU difference!
Borrow Against Your Deposits to Get the Funds You Need
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Use Convenient Collateral
Use the balance in your savings or checking to back up your loan.
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Borrow up to $225,000
Flexible loan amounts allow you to get the funds you need.
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Competitive Rates
Save on the cost of borrowing with our great rates and no loan fees.
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Build Your Credit
On-time payments are reported to the credit bureaus, which helps your credit score.
Deposit Secured Loan
Save on the cost of borrowing! Use your checking or savings deposits as collateral and get a lower rate than an unsecured loan. Collateral also makes these loans easier to qualify for.
There are no prepayment penalties, and flexible terms of up to 72 months help you get monthly payments you can afford. Apply for a Deposit Secured Loan today for a fast, affordable, and easy way to borrow.
Additional Features of Freedom Credit Union Secured Personal Loans
Flexible Terms
Terms of up to 72 months are available to get payments that work for your budget.
Easy Application Process
Applying for a Deposit Secured Loan is quick and easy and can be done online or at an access center.
Quick Loan Decisions
We’ll give you a loan decision fast so you can get the funds you need.
No Prepayment Penalties
Make extra payments or pay off your loan early without a penalty.
Online & Mobile Banking
Conveniently check your loan balance or make a payment anywhere, anytime.
Personalized Service
We’re here to support you every step of the way throughout the loan process and beyond.
Apply for a Loan in 3 Easy Steps!
We’ll Contact You
We’ll review your application and reach out to you with a quick loan decision.
Get Your Funds
Review the terms and finalize the loan to get the funds you need.
Why Choose Freedom CU?
At Freedom Credit Union, your needs are our top priority. We’re a nonprofit organization, which means we don’t have to worry about earning a profit for investors. This allows us to offer lower fees and better rates than other financial institutions to all of our valued members.
Whether you need a loan, a checking or savings account, or something else, we offer a full range of products for all of your banking needs. Become a member today to experience better banking and personalized service that is dedicated to your success.
“The staff is always friendly, courteous and willing to go the extra mile to assist me. Long live the credit union, because they seem to still remember that the customer comes first.”
– Jason K.
Credit Union Secured Loan FAQs
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A secured loan is a type of loan that is backed with collateral, which acts as security for the lender and reduces their risk in case you default on the loan. Because there is less risk, lenders can offer lower interest rates and make faster loan decisions.
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The type of collateral used for the loan varies depending on the lender but may be a savings account or CD, a vehicle, your home, or something else of value. Our credit union loan is backed with either the funds in your checking or savings accounts.
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Because collateral is used, secured loans are easier to qualify for than unsecured loans. However, if you default on the loan, the collateral will be used to repay the lender. For example, let’s say you take out a secured loan that is backed by the funds in your savings account with a loan amount of $1,000. You later default on the loan after repaying $600 of the money you borrowed. The lender will obtain the remaining $400 with interest from your savings account to satisfy the debt.
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A secured loan can have either a positive or negative effect on your credit, depending on whether you make your payments on time. Because they can be obtained with lower credit scores, many people use secured loans for bad credit repair. The timely payments you make are reported to the credit bureaus, which helps to improve your score and credit history. However, if you can’t repay the loan or you make late payments, it will negatively impact your credit score.
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Yes, there are several different types of secured loans. Each serves a different purpose and uses different collateral. Depending on the loan amount and other factors, each will also have different interest rates, loan terms, and monthly payments.
Some common types of secured loans include:
- Home equity loan
- Auto loan
- Deposit secured loan
- Secured credit card
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There are no loan fees for our Deposit Secured Loan, which makes it an affordable way to borrow.
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Applying for a secured loan with Freedom Credit Union is quick and easy. You can conveniently apply online or drop by an access center. The application process is simple and just takes a few minutes to complete. We’ll give you a quick secured loan online decision so you can get the funds you need without the hassle.
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Yes, membership is required for our Deposit Secured Loan. Membership is open to anyone who lives, works, attends school, or volunteers in Bucks, Chester, Delaware, Montgomery, or Philadelphia County or you are related to an existing Freedom Credit Union member.
More Account Options
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Auto Loans
Get a great rate on a new or used auto loan, or refinance a loan from another lender. Finance up to 100% of the purchase price, and terms of up to 84 months are available to get payments that fit your budget.
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Credit Cards
Earn 1% cash back on any purchase with our Visa® Cash Back Card. There is no annual fee, and there are no fees for balance transfers, cash advances, or foreign transactions.
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Mortgage Loans
Get the keys to homeownership with our convenient home mortgage loans. Take advantage of quick loan approval, flexible payment plans, and fixed and adjustable rate options for customized financing.
