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What Is a Secured Savings Installment Loan?
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A secured savings installment loan is men a bank makes a loan that is secured with an investment or saving… More
An installment loan is a type of close-ended mortgage or loan that has been set on a specific term of repa… More
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Summary: A secured savings installment loan is men a bank makes a loan that is secured with an investment or savings account. Discover why a secured savings installment loan is a guaranteed loan for a bank with help from a financial specialist in this free video on personal loans and money management.
Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. He has worked in financial services and senior management positions in mortgage...read more
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"Hi, my name is Matt McKillen, and I'm with Innovative Financial Group. The question that's posed to me today is: What is a secured savings installment loan? Basically, that is a loan that you get from your bank where you have your savings account or your checking account or CD. And what they do is they make a loan to you and they collateralize or secure the loan with your investment account or your savings account. To give you an example, let's say you have 10,000 dollars in a savings account with your bank. They're really not at risk if they give you a loan for 5,000 dollars. And when it's done on an installment basis, it usually means that it's set to repay in anywhere from 12 to 24 to 36 months -- whatever it may be -- based on the size of the principle. So it's really a guaranteed loan to the bank, and they don't have to worry if, in fact, you don't make the payments because they're holding your savings account as a collateral or your CD. So that's basically how it works. So if you do have money tied up with an institutional bank and you do need a quick loan, that's always a viable option for you to pursue if, in fact, you just need a quick personal loan for your use. Again, my name is Matt McKillen. I'm with Innovative Financial Group."
eHow Article: What Is a Secured Savings Installment Loan?
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