Secured installment product

[Swatch]

What are some good ones which are based upon personal income/credit? I don't have Paydex yet but I wanted to start a secured loan or similar.

[Swatch]

I need a place which is not going to be a hassle on documentation but will not change the due date when I pay ahead.

So many don't seem to offer a business product, just consumer.

[TheGameofCredit_]

I personally used Navy Federal, it was a quick and painless process.

[Red1Blue]

Why not get a Wells Fargo Secured Credit Card. That is a business credit card and it is secured. They might also have secured installment products. I would give WF a call.

[Horseshoez]

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@Red1Blue wrote:

Why not get a Wells Fargo Secured Credit Card. That is a business credit card and it is secured. They might also have secured installment products. I would give WF a call.

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Two comments:

1. The OP is asking abount an SSL (both Navy Federal and PenFed, among others, offer this type of loan), not a credit card
2. As far as I know, Wells Fargo discontinued their Secured Credit Card offerings sometime last year.  Are you saying they still offer them?

[Swatch]

Yeah, I want an installment product that will last for 3-5 years instead of revolving. The main problem is finding one where due date doesn't shift as I pay.

[Swatch]

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@TheGameofCredit_ wrote:

I personally used Navy Federal, it was a quick and painless process.

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For personal or business? I read a bunch of posts that they are strict with business products. I know they're great for personal. 

[Horseshoez]

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@Swatch wrote:

Yeah, I want an installment product that will last for 3-5 years instead of revolving. The main problem is finding one where due date doesn't shift as I pay.

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I'm not sure what you mean by this.  For NFCU and PenFed SSLs, if you make the scheduled payment, your "Next due date" moves to the next month, however, if you overpay, then the "Next due date" moves a corresponding number of months into the future, but the term of the loan (i.e. 3 or 5 years) remains the same.  As an example, I opened up a PenFed SSL for $3,000 in April; I have since made three $500 payments (plus a couple dollars extra to cover the accrued interest) and my current next due date is sitting at 03-Nov-2022.

[Swatch]

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@Horseshoez wrote:

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I'm not sure what you mean by this.  For NFCU and PenFed SSLs, if you make the scheduled payment, your "Next due date" moves to the next month, however, if you overpay, then the "Next due date" moves a corresponding number of months into the future, but the term of the loan (i.e. 3 or 5 years) remains the same.  As an example, I opened up a PenFed SSL for $3,000 in April; I have since made three $500 payments (plus a couple dollars extra to cover the accrued interest) and my current next due date is sitting at 03-Nov-2022.

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Sure, I understand they are great for personal SSLs. I didn't find any that offered a business SSL so far and sounded reasonable about business documentation. They have to exist in some form.