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Personal and Business Banking

Savings-Secured Personal Loans

Borrow against your savings instead of spending it

  • Benefits
  • Details
  • Rates
  • Reviews
  • Apply Now
  • Resources


Savings-Secured Loan Benefits

  • Preserve your hard-earned savings
  • Borrow against your DCU Savings Account balance
  • Borrow against your DCU Certificate Accounts
  • Low interest rates
  • Affordable way to build or rebuild credit

Please refer to Details and Rates tabs for additional information and important disclosures.

"Easy To Set Up
And Maintain "

Open quote This loan was the best and most cost effective option for me. The automatic payment option is a no-brainer. No stress. Thank you DCU! Close quote

— CS, Shrewsbury, MA

Savings-Secured Loan Details

  • Preserve your hard-earned savings – It can take a long time to build up your savings and a short time to spend it. With Savings-Secured Loans, you can use your savings as collateral, borrow at economical rates, and keep your savings intact. While pledged as collateral, your savings continues to earn competitive dividends.
  • Borrow against your DCU Savings Account balance – Rates on loans secured by a DCU Savings Account are a flat rate. Borrow as little as $200 and borrow for as long as 10 years.
  • Borrow against your DCU Certificate Account balance – Rates on loans secured by a DCU Certificate Account are based on a margin above the dividend rate you are earning on the account you are using as collateral. The minimum loan amount is $200 and the loan term must end before the maturity date of the certificate.
  • Affordable way to build or rebuild credit – If you have had credit problems in the past, but have savings on hand, repaying a Savings-Secured Loan in a timely fashion can help you rebuild your credit rating at very affordable interest rates.

Savings Secured Loan Rates

Our Best Rate*
Terms / Features Annual Percentage Rate Estimated Monthly Payment
per $1,000
Up to 120 months 3.50% $9.89

Rates are effective .

Certificate Secured Loan Rates

Our Best Rate*
Terms / Features Annual Percentage Rate Estimated Monthly Payment
per $1,000
Borrow up to the
term of the Certificate
(Maximum 60 months)
Certificate Rate + 3.00%  

Rates are effective .

Savings-Secured Loans is rated 4.3 out of 5 by 12.
Rated 5 out of 5 by from Helped preserve my savings I used one of these loans 10 years ago to add a screened lanai on our new home. I didn't want to use my savings to pay for this and home equity loan was not an option. Savings was replenished after every payment.
Date published: 2016-11-07
Rated 5 out of 5 by from Simply great produt for rebuilding credit This is an excellent option for rebuilding credit if you have enough savings at hand. Other financial institutions cannot and don't even come close with similar products. The person who took my application was very knowledgeable, professional but friendly enough to make me very comfortable. Love DCU...wish I had known these guys right around or after I had to file for bankruptcy! Keep up the great work. Thanks!
Date published: 2015-03-08
Rated 5 out of 5 by from This is a wonderful product Wow. DCU, you are amazing. I am a recent immigrant with great finances, but no one will give me credit. This gives me the opportunity to build my credit in a relatively risk-free way. Awesome! And that interest rate? Small price to pay for what you're getting. I just wish you guys would stop with the hard pulls. Why cant you be like Amex and do regular soft pulls.
Date published: 2014-12-30
Rated 5 out of 5 by from Great Product and Customer service DCU has been just awesome in the short time that I've been a member.I've been very impressed with the customer service,and the excellent opportunities offered to the members.In my case,the opportunity to rebuild my credit with the Savings-Secured Loan was a great start for me.My bank doesn't offer such tools and I'm now looking to make a complete switch to DCU.My Savings-Secured Loan was completed and account credited within 15 min.I'm looking forward to working with DCU in the future with other opportunities.
Date published: 2014-06-07
Rated 5 out of 5 by from Took me about 20 minutes to get approved This is a great way to start building credit, Customer service helped me through each step and the whole process took about 20 minutes, we where done with the call I logged in to the website and the money was already there. I Love DCU!
Date published: 2014-03-29
Rated 5 out of 5 by from This product helps with wealth presevation acquiring wealth is a difficult thing, and paying yourself back for what you have spent is equally difficult so I find that there is discipline in using my savings as collateral and paying back the bank for the loan in return. It gives me the flexibility to afford any project i embark on and the peace of mind knowing my money is secured.
Date published: 2011-10-18
Rated 5 out of 5 by from Easy to do when needed This product worked for multiple reasons for me, it was very easy to process.
Date published: 2011-10-18
Rated 5 out of 5 by from I have always found secured loans useful in helping me save money. It is always pleasant and easy to set up loans and do any business transactions with this credit union.
Date published: 2011-10-17
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Hard Pull or Soft Pull Credit report for Saving Secured Laon

Hard Pull or Soft Pull Credit report for Saving Secured Loan?
Asked by: Alumattur
I just called them looking to get this to build my credit and they changed their policy so as of now they do a hard pull for this and the credit building loan! (Important for those of us who are trying not to have a hard pull as our credit is already not where we want it to be)
Answered by: Nat
Date published: 2018-09-15

Saving secured loan

I am not sure how this loan works. If i have 2000 in savings, then i get approved for a 2000 loan. Please explain how this helps my credit?
Asked by: AD
You're basically lending money to yourself, but by having DCU in the middle reporting your monthly payment history to the 3 credit bureaus as an installment loan, other lenders are able to see whether you've responsibly paid an installment loan for X months or years. Secured loans are easier to get approved for and have lower interest rates than regular unsecured loans, so less cost to you.
Answered by: BadBadMan
Date published: 2019-03-13

Can you apply with an ITIN?

I am a Canadian in the US. I currently do not have a SSN (not eliigble), but have an ITIN and a US credit history (4 unsecured US credit cards). I am looking to add an installment loan to bolster my new/thin (12 month old) credit profile. Do you accept applications for the Savings-Secured Loans with ITIN?
Asked by: CanadianNewCredit
You are eligible to apply for a Savings-Secured Loan with an ITIN.
Answered by: DCU Staff
Date published: 2018-07-14

Poor credit

My credit is poor, do I have a chance of getting a personal loan?
Asked by: Cbranda
You would need to apply to determine your eligiblity for the loan desired.
Answered by: DCU Staff
Date published: 2018-10-14

what type of credit score or credit in general is needed for the secured savings loan?

this loan is to help rebuild credit while srillll maintaing savings later on. So have bad credit, is it still possible for this secured loan?
Asked by: mm6
Applications are reviewed individually. In order to determine your eligibility for the desired loan, you will need to apply.
Answered by: DCU Staff
Date published: 2014-09-27
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"Establishing Credit"

Open quote The entire process was easy. This product is a great tool to help build or establish credit. Close quote

— GregoryK, Chicago, IL

How To Apply For a Savings Secured Loan

  1. Apply Online – 24 hours a day, 7 days a week.
  2. Apply by phone – 24 hours a day, 7 days a week call 800.328.8797 or 508.263.6700 and press 3.
  3. Any DCU Branch – Visit your local branch.

"Easy Process"

Open quote This product worked for multiple reasons for me, it was very easy to process.Close quote

— Jamie, Gardner, MA

Savings-Secured Loan Resources

  • Are You Already Approved? – Login to Online Banking and check your Account Manager inbox for a message. If you are, you can accept your approved loan online.
  • Loan Payment Method Authorization (.pdf format) – Use to have DCU set up electronic loan payments by transfer from your DCU savings or checking account. Note: you can set this up on your own with Internet Online Banking Automatic Transfers.
  • Payment Protection – Helps relieve the pressure of your loan payments during certain unexpected events.

Savings-Secured Loan Related Links

  • Loan Calculator – Use these calculators to determine an approximate loan payment based on the loan amount (loan cash), term, and credit history standing. This helps you see if a loan will fit within your budget.
  • StreetWise Guide to CreditStreetWise guide helps you understand how credit works, how to use it responsibly, how to know if you are having difficulty with it, and what to do if you are.
  • Calculate Finance Charges – Sometime members have questions about how Finance Charges or Interest on their DCU loan accounts are calculated. This information is designed to make the information in your loan disclosures a little easier to understand.
  • Schedule of Fees and Service Charges – Details regarding member benefits that may help you avoid fees.
  • Financial Wellness and Recovery – Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help.
  • How to Make Your Loan Payment – We make it easy to make your loan payment. Find out more about our convenient payment options.