Share Loan / Savings Secured
A Share Loan/Savings Secured Loan can be a great way to help build or establish credit.
A Share Loan/Savings Secured Loan allows you to borrow against the deposit balances you already carry, either secured by a First Federal savings account or fixed rate certificate of deposit (CD).
When new Share Loan proceeds are disbursed, a hold is placed on the savings account or CD in the amount of the loan. As payments are made to the loan, the hold amount is reduced. This is a great option for borrowers who are building credit and loan approval
is not credit score dependent. First Federal will report to the credit bureaus of payments being made to help borrowers establish credit.