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Jefferson Financial offers a low-cost option to personal loans by borrowing against your own funds. This is called a "secured" loan. Secured loans can be made against the funds in your shares or in a CD (certificate of deposit). Secured loans offer the following benefits:
- terms up to 180 months
- extended terms allow for lower payments than personal loans
- rate is always 2% above the current APY of the share or CD
Why would you want to borrow against your own money? Some members choose this method of borrowing money simply because you can get a much lower rate by borrowing against your own funds. Secured loans are also a great way of building credit. In addition, because you're borrowing against your own money, there's virtually no application processing. Contact us for more information!
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