Secured Line of Credit

grillandwinemaster · ‎12-28-2011

I am looking for a bank or credit union that offers a secured line of credit or personal loan backed up by savings or shares held as collateral. Does anyone have any sources? Not looking for a secured credit card, but a secured line of credit or secured personal loan. Thanks for any help!

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llecs · ‎12-28-2011

Be sure to be specific with the lender. A LOC, depending on the limit, is scored like a CC and is considered revolving credit. A secured loan would be like any other installment. Per bank, it's a matter of asking around. Many will do it (savings) and some will ask for that savings to be converted into a CD. My bank (M&T) offers secured LOCs and have one myself at $25k for biz. But I've had several offers locally for secured products. Many will do it. However, shares would be dicey because they can gain or lose value.

Anonymous · ‎12-28-2011

I know of the following: Service Credit Union, Triangle Federal Credit Union and I think TD Bank might as well. Good luck.

Trigga · ‎12-28-2011

Does Capital One offer this also , if anyone knows ?

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sdoonan · ‎12-28-2011

@Trigga wrote:
Does Capital One offer this also , if anyone knows ?

Yes, they offer both secured (via CD and savings) and unsecured LOC's.

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Trigga · ‎12-29-2011

@sdoonan wrote:

Yes, they offer both secured (via CD and savings) and unsecured LOC's.

Thx for the reply , if i take out a loan for lets say 1k will they report the loan and payments to the CBs ? Im looking for a easy loan to get that will report to the CBs to help out my credit a bit .

WalMart 5k , Amazon 3.5k,Chase Freedom 1.5k , Citi TY 2k, Discover IT1.1k, HomeDepot 2.8k , Chase Slate1.5k , BofA cash rewards 1.5k, Lowes 12k , Kay Jewelers 3k , Gardening until 2015!