Brooklyn Cooperative Federal Credit Union
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Brooklyn Cooperative - Federal Credit Union
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Secured Loans

Secured Loans

Use your own funds to start a credit history and earn a cheaper rate. With any amount in your savings account, you can set up a loan that is backed 100% by your savings. After you receive your loan and as you make your monthly payments, we report to the credit bureaus.

You will see a higher score, typically after six months. The interest rate is 5% APR.

Download the application.

 

current loan rates

Loan size

Rate (Fixed)

Maximum Term

Fees (in addition to $20 application fee)*

Any amount

5%

12 years

None