Certificate-Secured Loan Requirements

In order to get a secured loan, to use as a small personal loan, there are a few different requirements. First, you must belong to a banking facility that offers these kinds of loans--most often credit unions. You should have some sort of savings you can use as collateral for the loan. The savings will continue to earn interest throughout the duration of the loan, however, you will be unable to access the savings until the loan is paid in full. You must be at least 18 years of age. Credit score will not matter, as this is secured. You will be able to use this loan to build or rebuild a stable, good, credit history. Check with your local credit union to make sure there are no other requirements for that specific facility. The loan amounts and terms will vary from each facility.

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