How does a savings secured loan work?

It is a loan that uses the value of your existing certificate of deposit (CD) or savings account to secure your loan. It allows you to borrow money for use while leaving the funds in your CD or Savings account in place and earning interest. You also avoid any early CD withdrawal fees you might incur by accessing those funds before your CD maturity date.

How do I qualify for a savings secured loan?

You will need to have enough money in your CD or savings account to secure your loan, and demonstrate a positive credit history. When you apply, we will pull your credit file and let you know our decision. Depending on your needs, a personal loan might also be right for you. If you need to build your credit rating, you might try our Credit Builder Loan Program , or access resources to improve your financial wellness from our partner SpringFour .

Are there fees associated with the loan?

There is a loan processing fee. You may repay your loan early without any penalty.

What are the benefits of a savings secured loan?

These accounts offer the ability for you to leave the money in your CD or savings account undisturbed, so that they can continue to grow interest while you take advantage of the funds. In the case of CDs, you can get access to your money without incurring fees for withdrawing money from your CD before its maturity date.

How do I receive my funds and make payments?

Your approved funds will either be deposited into an account of your choice or you will receive a check. We make it easy for you to make payments by the method most convenient for you. You can set up Auto Pay to establish monthly automatic payments from any eligible BMO Checking account. When you do this during the application process, you will receive a 0.50% interest rate discount. You may also pay online , by mail, or when you visit a branch . You can send higher payments at any time without incurring fees. For all the details, visit Ways to Bank .

Savings Secured Loans: See our Competitive Rates

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