Fixed interest rate loan secured by a First Federal savings account or a fixed rate certificate of deposit. When new Share Loan proceeds are disbursed, an administrative hold is placed on the amount of the loan on the savings account or CD. As payments are made to the loan, the administrative hold is reduced. This is a great option for those building credit, not credit score dependent. First Federal will report to the credit bureaus of payments being made helping borrowers to establish credit.
Contact us today for current rates and to learn more.