FAQs
How Do I Qualify for a Savings Secured Loan at Nusenda Credit Union?
To qualify, you need an active Nusenda savings account with enough funds to serve as collateral. The loan amount is based on your account balance, and applying is quick and easy through our online system. We can help you learn more about how to get a secured loan and answer more questions about how a secured personal loan works when you're ready.
What Can I Use a Savings Secured Loan For?
You can use a secured loan for a variety of needs, such as home improvements, debt consolidation, or covering unexpected expenses. An example of a secured loan may be one used to fund significant home repairs or costs.
How is a Savings Secured Loan Different from a Traditional Personal Loan?
The main difference between unsecured and secured personal loans is collateral. A secured loan uses your savings as collateral, often resulting in lower interest rates, while traditional loans don’t require collateral but may have higher rates.
What are the Current Interest Rates for Savings Secured Loans at Nusenda?
Interest rates for Savings Secured Loans are competitive and lower than most unsecured loans. For current rates, please contact us directly.
Can I Pay Off My Savings Secured Loan Early?
Yes, you can pay off your secured loan early without any penalties. Paying early can help reduce the total interest you pay.
What Happens to My Savings While the Loan is Active?
While your loan is active, the amount used as collateral remains in your savings account, but it’s temporarily held by Nusenda. Once the loan is repaid, you can fully access your savings again.
Is There a Minimum or Maximum Loan Amount?
You can borrow up to the amount available in your savings account. This ensures you are using loans with collateral responsibly.
What is the Loan Term for a Savings Secured Loan?
Terms typically range from 12 to 60 months, depending on your needs and repayment plan.
Are There Any Fees Associated with a Savings Secured Loan?
Nusenda offers secured loan interest rates with minimal fees, such as late payment or returned payment fees. There are no application fees for Savings Secured Loans.