Advantages of CD Term Loans
Low, fixed interest rates
- Unlike credit cards, which often have varying interest rates, CD Term Loans offer fixed interest rates. The payments stay the same each month instead of fluctuating with the market.
Fast, easy approval
- CD Term Loans have fewer qualification requirements, meaning it is easier to get approval and receive funds instantly!
Builds (or rebuilds) credit
- If you have little to no credit history, a low credit score, or do not have access to a credit card, paying off CD Term Loans is an effective way to boost your credit score over time.
Your CD continues to earn interest
- While you are repaying your loan, the money in your CD account will continue to accrue interest throughout the term. Therefore, the money you have invested in your CD continues to grow!
How to Receive a CD Term Loan:
- Apply for your loan: Get started here!
- Select the terms of your loan: Choose a time frame that is equal to or less than the CD maturity date and select the desired amount you would like to borrow (you cannot borrow more than the amount of the CD).
- Wait for approval: Receiving approval is fast and easy (typically between 24-48 hours).
- Receive the loan: You can use the loan to pay for emergency expenses, large purchases, consolidate debt, or take care of other needs.
- Pay off your loan: Repay your loan in fixed monthly installments based on your chosen timeframe and CD maturity date. Good payment history can also help your credit score.