Some of the reasons why a secured loan might be right for you are:
- Immediate funding, often by the next business day.
- Preserve savings. You can continue earning interest on your savings and avoid early withdrawal penalties on your Share Certificate.
- Builds credit. If you have bad credit or no credit at all, these loans can help you build credit.
- Lower interest rate. You will get a lower annual percentage rate than a regular non-secured personal loan.