Need access to extra funds but don’t want to dip into your savings? A Savings or CD-Secured Loan from Sovereign Bank offers a smart, low-risk way to borrow using your own deposit as collateral. It’s a great option for those looking to build or repair credit, avoid high-interest alternatives, or keep growing their savings while still accessing cash.
With competitive rates, flexible terms, and a simple approval process, these secured loans are an ideal solution when you want to borrow responsibly without draining your hard-earned savings.
How Secured Loans Work:
A Savings or CD-Secured Loan uses the balance in your savings account or certificate of deposit (CD) as collateral. Your deposit continues to earn interest while your loan provides the funds you need with a lower interest rate than unsecured options.
You make scheduled payments, just like with any other loan. Once the loan is repaid, you regain full access to your savings or CD balance.
Why Choose a Secured Loan from Sovereign Bank?
- Low, Competitive Rates | Because your loan is secured by your own funds, you’ll receive a lower interest rate than typical personal loans or credit cards.
- Keep Earning While You Borrow | Your savings or CD continues to earn interest throughout the life of the loan.
- Build or Repair Credit | These loans are often used to establish credit or rebuild a strong credit history with on-time payments.
- Fast, Simple Process | No lengthy application or underwriting process. Get quick access to the funds you need, backed by your own savings.
- Flexible Terms | Choose repayment terms that suit your budget and goals.
A Smart Choice for:
- Individuals new to credit or rebuilding
- Anyone wanting to avoid dipping into savings
- Borrowers seeking a lower-rate option without a credit card
- CD holders who want to borrow without cashing out early
At Sovereign Bank, we help you make the most of what you’ve already saved. A Savings or CD-Secured Loan is just one more way we support your financial goals with smart, local lending solutions that put you first.
Borrow Smart. Stay Secure.
Contact Sovereign Bank today to learn how a secured loan can help you borrow responsibly without compromising your savings.
