Secured Loans

Borrow against your savings balance

Borrow against your savings balance with a Savings Secured or Certificate Secured Loan. With no credit check required, you'll get fast access to the money you need. Payments for Saving Secured and Certificate Secured Loans are reported to major credit bureaus, so your timely payments may help increase you credit score.

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Rates

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Savings secured loan

As low as APR

Certificate secured loan

As low as APR

Savings Secured Loan Payment Calculator

Monthly Payment

Use the calculator to determine your monthly auto loan payment.

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The payment amount displayed by this calculator is an estimate only and not an actual loan payment.

Key advantages

Extended term with Savings Secured

Borrow up to 95% of your balance for up to 120 months with a Savings Secured Loan. Take advantage of a longer loan term to fit payments to your budget.

Share Certificate Secured Loan

The terms of your Share Certificate Secured Loan is up to the maturity date of your Share Certificate that secures the loan.

Low rates make your loan more affordable

We understand how high interest rates can make loans unaffordable. With a Savings Secured or Certificate Secured Loan from CU SoCal, you'll pay a low interest rate and can easily monitor your balance and make payments with Digital Banking.

Get up to 95% of your savings balance

You can get a loan worth up to 95% of your savings account balance, which is more than what some other credit unions or banks offer. A higher loan amount allows you to get more spending power.

"Love the service and the loans are easy to manage."

Rose Whittier

Frequently asked questions

Technically, you can, but a personal loan isn’t a great option for purchasing a home or making a down payment in most cases. Instead, you’ll generally be much better off with a traditional mortgage.
Yes, it is possible to buy a car with a personal loan. However, because personal loan interest rates tend to be higher than auto loan rates, buying a car with a personal loan is not always an ideal solution. More often than not, a traditional auto loan will be the far better option.
From building credit to consolidating debt, personal loans can be financially advantageous. However, they can also lead to more debt and can negatively affect your credit score if you aren’t careful.
Although it’s possible to get a personal loan with bad credit, people with bad credit should expect to pay a higher interest rate and fees to get the loan. Credit unions have more flexible lending requirements than banks, making it easier to get approved for a personal loan even with bad credit.
Of all the factors determining your ability to borrow, credit score is one of the most important. While there’s no specific minimum credit score needed for a personal loan, you will get a better interest rate with a higher score.
Personal loans come in a wide range of amounts, from $1,000 up to $100,00. However, those are extremes. Most lenders offer personal loans somewhere in the middle. The dollar amount of your personal loan will depend on several factors including your income and credit score.
Yes, you can. Whether you’re looking to lower your monthly payment, get a lower interest rate, or reduce your loan term, refinancing your personal loan could be a good option. However, you’ll likely pay some fees, which may include a prepayment fee on your original loan. Note that CU SoCal does not charge prepayment fees on any loans.
Getting approved for a personal loan depends on several factors, such as the lender’s requirements, your credit score, and the application process. In some cases, you might be approved for your personal loan the same day you apply; in others, it could take as long as a week.
There are two types of personal loans, unsecured and secured. An unsecured loan doesn’t require the borrower to pledge any collateral to secure the loan. A secured personal loan requires an item of value (such as a car or house) or a savings account be pledged as collateral to “secure” the account.
Money borrowed through a loan is not income, and therefore not taxable or tax deductible. So, for the most part, the interest paid on personal loans is not tax deductible. However, there are certain scenarios that allow for personal loan interest to be deducted on your taxes (e.g., business expenses, taxable investments, etc.).
A personal loan will indeed affect your credit, but whether a personal loan will improve your credit score or not depends on your ability to meet your monthly payments and eventually pay off the debt in full. As long as you make your monthly payments on time, and in full, that personal loan will help build your credit score. However, making late payments or stopping payments altogether will harm your credit score, whether for your personal loan or on other debt that you have.

Apply today and get one step closer to your financial goals

When you need quick funds and your credit score is low, our Savings Secured or Certificate Secured Loan could be the perfect solution. The collateral from your savings account will allow us to lend up 95% of its value for a term up to 120 months (or to certificate maturity for a Share Secured Loan) with fixed payments at a low rate.

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1. APR=Annual Percentage Rate.

2. Estimated payment per $100 for a 120 month term is $1.01.

3. Estimated payment per $100 for a 60 month term is $2.16.

4. Estimated payment per $100 varies based on certificate maturity and rate.

5. Estimated payment per $100 is 3% of balance.

6. Rate includes a 0.25% reduction for payroll direct deposit of $750 into a CU SoCal Checking Account and a 0.25% reductions for having an Automatic Loan Payment set up from a CU SoCal share account. Members may combine both discounts for a total maximum discount of 0.50%. Rate may adjust if you discontinue direct deposit/payroll or payment transfer. The above discounts are one time, and only apply at time of origination.

7. $10 annual fee if line is not used within 12 month period.

8. The rates and terms above are effective as of 7/11/2024 and are subject to change without notice.

Personal loan rates

Program	Term	Min APR	Max APR	Maximum loan amount	Estimated Payment Per $100
Program: Share secured^3,4	Term: Up to 120 months	Min APR: 3.95%	Max APR:	Maximum loan amount: 95% of balance	Estimated Payment Per $100: $1.01
Program: Signature loan ^3,4	Term: 60 Months	Min APR: 11.49%	Max APR: 19.49%	Maximum loan amount: $30,000	Estimated Payment Per $100: $2.20 – $2.62
Program: Certificate secured ^3,4	Term: Maturity	Min APR: 2.50% plus Certificate rate	Max APR:	Maximum loan amount: Loan amounts up to 95% of the available certificate balance	Estimated Payment Per $100: Varies
Program: Line of credit ^3,4Overdraft Protection	Term: Line of Credit	Min APR: 11.49%	Max APR: 19.49%	Maximum loan amount: $30,000	Estimated Payment Per $100: 3% of balance

1. APR is Annual Percentage Rate 2. Payment factor based on maximum term. 3. Aggregate maximum unsecured loan limits (credit card and personal loans, not to exceed $50,000.) 4. Rate includes a 0.25% reduction for payroll direct deposit of $750 into a CU SoCal Checking Account and a 0.25% reductions for having an automatic payment to your loan. Member’s may combine both discounts for a total maximum discount of 0.50%. Rate may adjust if you discontinue direct deposit/payroll or payment transfer. The above discounts are one time, and only apply at time of origination. 5. The rates and terms above are effective as of 7/11/2024 and are subject to change without notice.