Benefits of a Savings-Secured Loan

A savings-secured loan can have many benefits. A savings-secured loan is a loan that allows you borrower against your savings, while never withdrawing or using the money. The money is used as collateral and remains in your account earning interest. Here are a few more advantages:

  • Regular dividend earnings - Your savings account continues to earn interest and  your dividends are not affected.

  • Low interest rates - A savings secured loan can have as low as 2%.  Compared to other products, the rate is very low. 

  • Maximum funding - You can borrow funds up to 100% of the amount of balance available in your savings account.

  • Quick disbursement - The funds are made available to you quickly, most loans are funded in less than 24 hours.

  • Helps you establishes a good credit record - Using your savings account to secure the loan helps improve your credit history.

  • Longer term - Typically, the repayment term offered is up to 60 months.

  • Guaranteed approval, almost - Since bank funds are used as a guarantee, your chances of approval are almost guaranteed.

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