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Pearl Hawaii Credit Union
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Pearl Hawaii’s Secured Personal Loans

What is a Secured Personal Loan?  

Basically, Pearl Hawaii’s Secured Personal Loan uses an individual’s asset to guarantee the loan. In essence, your certificate, savings account, or car. These items are the collateral for the loan. Typically, a secured loan has a lower interest rate because of the asset offered. Secured personal loans offer several benefits. Mainly, they are easier to obtain due to the use of assets as collateral. For someone with poor or bad credit, obtaining a secured loan may be the better option when it comes to borrowing money.

Accordingly, a Savings and Certificate Secured Loan is secured by the amount you have available on deposit in a Certificate or in your Savings Account. The money collects interest while in the account, which will offset the interest charged on the loan. Simply, you build good credit while getting a low rate. Overall, it works much like a personal loan and is available to help people with a variety of expenses. You can utilize the funds in your account or the certificate can be redeemed when the loan is paid off.

Additionally, an Auto Secured Loan is a personal loan that uses your car for collateral to help you qualify for a loan. We’ll take the value of your car into account when evaluating your loan request.

 

How Does a Secured Loan Work?

A secured loan is a type of debt backed by collateral. There are also secured personal loans, which work like unsecured personal loans but require you to back the loan with collateral. These types of loans can offer lower rates and easier approval, especially for borrowers with low credit.

Benefits of a Pearl Hawaii Secured Personal Loan

SAVINGS SECURED

  • Borrow against your Pearl Hawaii savings account to receive a low-rate loan while still earning interest on your financial resources on deposit
  • A portion of funds is released with each payment made
  • No credit checks required
  • No verification of income required
  • Loans are secured by available funds in your savings account
  • A good alternative to paying higher-cost credit card debt
  • An easy application process with no credit review
  • Continue to accrue dividends during the loan period
  • Affordable credit life and disability insurance** available

CERTIFICATE SECURED

  • Borrow against your Pearl Hawaii certificate and receive a low-rate loan while still earning interest on your financial resources on deposit
  • Funds held as security may be used to pay off the remaining balance of the loan at the time of the certificate maturity unless the loan is refinanced or paid in full
  • No credit checks required
  • No verification of income required
  • Loans are secured by available funds in your certificate
  • A good alternative to paying higher-cost credit card debt
  • An easy application process with no credit review
  • Continue to accrue dividends during the loan period
  • Affordable credit life and disability insurance** available

AUTO SECURED

  • Borrow against your vehicle and receive a low-rate loan while still earning interest on your financial resources on deposit
  • The Certificate of Title will be released to the borrower when the loan is paid in full.
  • A good alternative to paying higher-cost credit card debt
  • An easy application process with no credit review
  • Affordable credit life and disability insurance** available

Pearl Hawaii’s Secured Personal Loans can help you build your credit history or repair bad credit faster. While this can be an advantage, you also need to carefully consider whether you can repay the loan and whether you can lose the asset you’re using as collateral. Undeniably, the end goal should be to rely as little as possible on debt.

 

Secured Loan Vs. Unsecured Loan

With a Secured Personal Loan, you will have to put up collateral to obtain the loan. Whereas, an unsecured loan is not backed by collateral. If you are late paying an unsecured loan or default on the loan, the lender has no right to any of your property or assets. For example, some forms of unsecured loans include credit cards, student loans, and personal loans.

Secured Personal Loan Advantages

Overall, there are many advantages to obtain a secured loan over another type of loan. Typically, a secured loan is easier to obtain than an unsecured loan. Additionally, individuals who have had some issues with credit may find it easier to obtain a secured loan. Secured loans tend to offer lower interest rates than unsecured loans, making secured loans a good choice for borrowers on a tight budget. Comparatively, secured loans typically allow borrowers to get a bigger loan amount than with an unsecured loan.

Secured Loans to Rebuild Your Credit

Having a low credit score or limited credit history can get in the way of your dreams, making it difficult to buy a car or a home. Fortunately, there’s a way you can change that.
With Pearl Hawaii’s Secured Loans,  build (or rebuild) your credit – so that there’s nothing standing in the way of your future dreams.

 

 

 

Secured Personal Loans

SAVINGS SECUREDCERTIFICATE SECUREDAUTO SECURED
RATE2.50% Above Dividend Rate2.00% Above Current APY* (i.e., Current market rate + 2.00% APY = your rate)rates
TERM1 to 5 year terms2 OPTIONS 1) Amortized up to 10 years with the loan due when the certificate matures 2) Choose to have 1 payment (maximum 1 year) due at certificate maturity. Loan can be renewed when certificate is renewed.up to 7 Years
MINIMUM LOAN AMOUNTnonenone$200
MAXIMUM LOAN AMOUNT$100,000no limit$30,000
Percentage that we match100%90%-
Apply ApplyApply

 

RATES | DETAILS

*APR = Annual Percentage Rate. APY = Annual Percentage Yield.

**The products are optional. Insurance products are not a deposit or obligation of or guaranteed by Pearl Hawaii FCU or its affiliates. Not insured or guaranteed by NCUA or any agency of the federal government.

 

 


Interested in Learning Your Options?

If you need to borrow money, we can help you. If you’re still not sure whether a loan is a right option for you, call us at 808.73.PHFCU (737.4328) or visit one of our locations on Oahu (Waipio, Waianae, Ewa Beach, Honolulu,  Airport,  and Pearl Harbor). Our team is ready to look at your financial situation and recommend the best option for you. You can also apply online to get started…

 


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UPGRADE YOU.

Building trust, nurturing dreams, inspiring hope. From home or car loans to Hawaii’s most innovative banking services, Pearl Hawaii is committed to you. Bank at any of our Oahu locations in Waipahu, Ewa Beach, Waianae, Honolulu, Pearl Harbor, or near the Airport. Additionally, you can bank using PHFCUOnline just like one of our branches. To contact us, call us at 808.737.4328, toll-free at 800.987.5583, or email us at MyFamily@phfcu.com.

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