Savings-Secured Loans
Build Positive Credit History
If you have had past credit troubles or have yet to establish any credit, you may have a hard time getting a loan. Creating a positive credit history is important because your credit rating can impact your life in ways you may not realize, such as making it harder to rent an apartment or apply for a job. Fortunately, Seattle Credit Union has a great tool to help you build your credit history: the Savings-Secured Loan.
How It Works
A Seattle Credit Union Savings-Secured Loan uses funds deposited into a Savings account, Money Market, or Certificate account as collateral for a loan equal to the deposited amount. The deposited funds stay frozen until the loan is paid in full. Once the loan is open, you make payments to it, as you would any other loan.
Good Payment History Builds Credit
As you make on-time payments to your Savings-Secured Loan, you are building up a positive payment history with Seattle Credit Union. We report that history to each of the three major credit bureaus. The more on-time payments you make, the more it helps your credit score.
Apply Now. Get an Answer Fast.
Getting your loan at Seattle Credit Union could not be more simple. There are three easy ways to apply:
By Phone
Call our specially-trained loan experts, who are happy to answer any questions you might have. They can take your application and get you a decision while you wait, in most cases. Call 855-575-9352 to get started.
In Person
Stop by any of our convenient branches to talk with our helpful, friendly branch representatives. They can help you figure out which loan is right for you and get you a decision fast.
Rebuild Your Credit and Purchasing Power with a Seattle Credit Union Savings-Secured VISA®
Credit cards are a big part of our buying habits today. If you have poor credit or no credit, they can be hard to get. Even if you do qualify for a credit card, the rates and fees are likely to be extremely high.
A Seattle Credit Union Savings-Secured VISA can help you build or repair your credit and reclaim your purchasing power while enjoying low Seattle Credit Union rates and no annual fee. The credit limit on your card is equal to the amount you have on deposit to secure the card. For example, if you have $500 in the savings account securing the cards, your credit limit will be $500.
Once you’ve had time to establish a good payment history with your Savings-Secured VISA, you may qualify for a regular Seattle Credit Union VISA.