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Secured loans are ‘secured’ by collateral such as a vehicle, stock, or even the balance in your Amplify Savings or Certificate, whereas unsecured loans are not secured by any collateral at all. Secured loans typically offer lower interest rates because they are considered to be less risky than unsecured loans.
It truly depends on your immediate needs and your future plans for the loan. If you simply want to finance a one-time purchase or consolidate debt, an installment loan will allow you to make consistent monthly payments until the loan is paid off.
A line of credit is similar to a credit card in that you can borrow from it again and again (up to your limit) as you pay down or pay off the balance. You have the flexibility to borrow only what you need when you need it, and you only pay interest on what you borrow. Lines of credit are also great for overdraft protection – just be sure to pay off the balance as soon as you can so you don’t waste money in interest!
Personal loan funds can be used for anything from new appliances, electronics, and furniture to debt consolidation, educational supplies, or unexpected repairs to your car or home.
Savings and Certificate secured loans are a great way to give your credit a boost, whether you’re establishing credit for the first time, helping your credit score following financial hardship, or recovering from a bankruptcy.
Savings secured loans are secured by the balance in your Amplify Savings Account for the term that you choose. Amplify will then freeze the specified funds in the account, create a loan for the same amount, then ‘fund’ the new loan. You will then begin making payments back toward the loan. When you pay off the loan, the funds in your savings will be un-frozen and released back to you.
Certificate secured loans are secured by the balance in your Amplify Certificate for the same term as your certificate. Amplify will freeze the funds and create a loan for the same amount. Once the loan is funded, you will begin making payments back toward the loan. Only the amount equal to the loan principal balance is frozen in the savings; as you make payments toward the loan, the matching funds in your savings will be un-frozen and released back to you.
Want more details? Contact an Account Management Professional at 512-836-5901 or toll-free at 800-237-5087 to see if a Savings or Certificate Secured Loan is right for you.
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1. APR is Annual Percentage Rate. All loan rates based on creditworthiness and may vary. Check with an Amplify Account Management Professional (AMP) to determine the rate for which you qualify.