Secured Loans are beneficial in helping members build up their credit score when the loans are paid off in a timely manner.

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.

You can even to contain these funds in a PrimeWay savings share account or term share certificate, then borrow against the funds whenever needed.

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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