You want to borrow money, but you’ve had trouble establishing credit in the past? Or, maybe you’re a first time borrower, and you don’t have any credit history.
With a savings-secured loan, you’ll receive a loan that is secured by savings you have at GenFed. When you make regular payments on your savings-secured loan, you’re re-establishing credit since GenFed reports your prompt payments to the credit bureau. The next time you apply for a loan, lenders will see your established payment schedule and new credit history.
Or, you have a high savings balance but don't want to diminish it? You can borrow from yourself! Pledge your savings for a loan and enjoy a much lower rate than we can offer on any other loan type.
You may also secure GenFed loans and MasterCards with your GenFed certificates. Ask us for details.
If you have submitted an application in the past 60 days, please contact your local branch directly. Multiple submissions can negatively affect your credit history.
