Savings Secured Loan
|MAXIMUM AMOUNT||MAXIMUM TERM||ANNUAL PERCENTAGE RATE|
LOAN PAYMENT EXAMPLE:
$17.97 per month per $1,000 borrowed at 3.00% APR for 60 months
*Information accurate as of January 5, 2021.
Estimating your loan payment before buying can boost your negotiating power and help you choose the best loan term and down payment for your budget. Estimating your loan payment before buying can boost your negotiating power and help you choose the best loan term and down payment for your budget.
Frequently Asked Questions
Why would I need a secured loan?
A loan is hard to get when you have little to no credit. A secured loan helps you slowly build your credit.
How does a Savings Secured Loan help my credit?
A Savings Secured Loan can help you create a positive credit history by making payments on time. If you’re just beginning to establish credit or are trying to rebuild your credit after past difficulties, opening this type loan can help you do that.
How much can I borrow?
With a secured loan, you use the money in your savings as collateral. This means your loan amount will be determined by the amount available in your savings. If you have $2000 in your savings, you can only borrow up to $2,000. The minimum for amount for a Savings Secured Loan must be at least $500 and the maximum amount can be up to $50,000.
What are the terms for a Savings Secured Loan?
The terms for a Savings Secured Loan are up to 60 months.
What can a Savings Secured Loan be used for?
A Savings Secured Loan can be used for just about anything you want from paying off debt, paying for school, auto repairs, and more.
Can I pay my loan off early?
Yes, you can pay your loan off at your own pace as long as you make at least your minimum payment each month.
Is there a fee for paying off my loan early?
No, there are no fees for early payoff.
How soon can I get my money?
In some cases, you can get access to your money in as little as 48 business hours. In some case if you have a checking and/or savings account you can obtain the funds the same day after signing.
What is collateral?
Collateral refers to an asset that a lender (OE Federal) accepts as security for a loan. This collateral acts as a form of protection for OE Federal.
Is collateral needed for a Savings Secured?
Yes, collateral is needed for all secured loans.