Cd Loan
Loan rates listed are the lowest and highest APRs available. Your actual rate is based on credit performance. Lowest rate shown is for well-qualified borrowers and includes automatic payment and electronic document discount. Standard account and credit qualifications apply. Loan subject to final credit approval. You can access needed cash while leveraging your Certificates of Deposit (CD) or stocks. Unlike a conventional loan, an OptionLine line of credit is not a lump sum with a fixed start and end date. Draw cash as you need it and pay interest only on the amount you use.
If you have a Howard Bank certificate of deposit (CD), we’ll give you a better rate on our personal loans. With our cash secured loans, you benefit by borrowing against your existing deposit account(s).
Using your deposit account to secure the loan gives you a quick, low-cost source of funds. You can borrow up to 95 percent of the balance in your CD account. You have until the end of the deposit account’s term (a maximum of 5 years) to pay back the loan.
Use your loan funds for anything you choose, like buying a car, paying tuition, or consolidating debt.
Benefits of a CD Secured Loan Include:
Cd Loan Payment Calculator
- Fast loan approval: Because you’re using the cash in your deposit account as collateral (an asset pledged as security for repayment), we can quickly approve your loan.
- Lower interest rates: We offer lower interest rates on secured personal loans than on unsecured loans.
- Deposit account interest:You continue to earn interest on the funds in your deposit account.
- Improved credit history:Cash secured personal loans can help you establish or rebuild your credit history as you pay back the loan with fixed monthly payments.
Ready to Apply?
Cd Loan Definition
You can apply for a cash-secured personal loan at a branch near you or over the phone. Don’t have a deposit account with us yet? Find out more about your savings options at Howard Bank.