Build Your Credit with a Secured Loan

Secured Loans are beneficial for building a credit track record and credit score. Using your savings account or Certificate of Deposit (CD) as collateral. The funds are frozen while you borrow against these accounts, but when you pay the loan back, the funds are available again. Your savings earn money even while you're paying back your loan.

What is a Secured Loan?

A secured loan is connected to a piece of collateral. Collateral can be something of value like a car or a home. If the repayment terms aren’t met on a secured loan, a lender has the option of taking possession of the collateral as repayment.

The most common types of secured loans are mortgages or car loans.

You might find a secured loan appealing as they often carry lower interest rates than an unsecured loan.

PrimeWay Secured Loans have these great features:

  • Flexible Terms with convenient payment plans
  • Arrange for payroll deduction to pay your loan automatically
  • You can also get a secured loan for an RV, Boat, or Motorcycle

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*All rates are listed as Annual Percentage Rate (APR). Certain credit criteria and restrictions apply. Rates are based on a combination of your earned credit score, the term you select, collateral, down payments, Loan to value position and other normal lending criteria.

These terms and conditions are subject to change at any time. For more information, please contact a PrimeWay loan officer at 713-799-6200.