Secured Personal Loans
Lower the cost of borrowing the money you need to build a more secure future. Qualify for better rates and more flexible terms by guaranteeing your loan with your savings or other property.
Boost Your Borrowing Power with a Secured Personal Loan
Use Your Savings Without Spending Them with a Secured Personal Loan
Worried that unforeseen expenses or high-interest debt might force you to dip into your hard-earned savings? A Secured Personal Loan lets you borrow against your savings to help you qualify for lower rates and more flexible terms.
With a Secured Personal Loan from Telcoe Federal Credit Union, you can:
- Qualify for lower-cost financing
- Use your savings, or other assets such as your home equity, car, RV, or boat as collateral
- Borrow what you need and pay it off over up to 60 months
- Make regular, predictable payments so you can budget for other priorities
- Save money on borrowing costs with our low origination fees
At Telcoe, we’re focused on giving Arkansans access to affordable financing so they can get ahead in life. A Secured Personal Loan lowers the cost of borrowing the money you need to achieve your financial goals.
Click below to begin your loan application.
Telcoe Federal Credit Union Secured Personal Loan Rates
| TYPE | APR | AMOUNT | TURNAROUND TIME | TERMS |
|---|---|---|---|---|
| Share Savings Secured | As low as 3.00% | Determined by Collateral | up to 24 hours | up to 36 months |
All deposit rates are variable and subject to change at any time.
Plan Ahead With Our Personal Loan Calculator
Enter your desired loan amount and fixed interest rate into our Personal Loan Calculator and see how much you will need to pay back every month.
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– Rebecca M., Little Rock, Arkansas
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"Every interaction is easy going, and effortless. Customer service has always been top tier. Highly, highly recommend this institution. Love them!"
– Catherine G., Little Rock, Arkansas
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"Absolutely love Telcoe Federal Credit Union. They always offer great financial solutions and they treat all of their members like family."
– Petra L., Little Rock, Arkansas
Secured Personal Loan FAQs
What is a Secured Personal Loan?
A Secured Personal Loan lets you use your savings or property as a guarantee when you borrow money for almost any purpose. When you borrow against an asset such as savings or owned property, you agree that your lender can seize your asset to recover your outstanding debt should you be unable to pay off your loan. By offering your lender additional surety, you make it easier to qualify for a loan and secure a lower annual percentage rate and more flexible terms.
What assets can I borrow against?
At Telcoe, we allow members to borrow against their savings or home equity, or against property such as a car, truck, RV, boat, or motorcycle.
What is the maximum term for a Telcoe Secured Personal Loan?
We offer Secured Personal Loans with terms up to 60 months. The term you are offered depends on your credit score, credit history, debt-to-income ratio, and other factors, such as how long you have been employed at your current job.
How are funds paid out?
Once approved, funds are dispersed as a single lump sum directly into your Prime Savings Account.
How are Secured Personal Loans repaid?
Telcoe’s Secured Personal Loans are fixed-rate loans. That allows borrowers to make a single, fixed monthly payment for the duration of their loan term, making it easier to budget and plan for other priorities.
What happens to my savings while I am repaying my loan?
If you use your savings as collateral, then the funds you are borrowing against must remain in your savings account. While you cannot spend this money while you are repaying your loan, your savings continue to earn interest and are guaranteed up to $250,000 per account by the National Credit Union Administration.
How hard is it to get a secured personal loan?
Getting a secured personal loan is generally easier than getting an unsecured one. Because your savings serve as collateral, the lender takes on less risk if you’re unable to repay the loan.
That’s what makes secured loans a great option for people who are building or rebuilding their credit. You can show the lender you can use your loan responsibly while they have added protection.
Is a secured personal loan worth it?
Absolutely! A secured personal loan can be a smart way to fund a large purchase at a lower rate without dipping into your savings. While you’re repaying the loan, the savings you use as collateral are temporarily locked, but they remain untouched and continue earning interest.
Once the loan is paid off, your full savings, plus the interest they earned, are available for whatever you need next.
Do I need to be a Telcoe member to apply for a Secured Personal Loan?
Yes, you do need to be a Telcoe Federal Credit Union member to qualify for a Secured Person Loan. Telcoe proudly serves various large and small employer groups, organizations, charities, and counties throughout Arkansas. If you’re employed by one of our Select Employer Groups, you could be eligible to join Telcoe and enjoy our membership benefits.
Membership is also open if you live, work, attend school, or worship in the state of Arkansas. You must have an Arkansas driver’s license or state-issued ID.
Have questions? We’re here to help — just contact us!
Ready to Lock in a Lower Rate with a Secured Personal Loan from Telcoe?
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