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Certificate Loans

howardt55
howardt55   |     |   5 posts since 2015

Has anyone had experience using their CDs as security for a loan?   What rates did the bank charge you?  Was it easy?  How much of the CD face value were you able to borrow?  Does anyone know which banks and/or credit unions permit borrowing using their CDs as security?



Answers
Shorebreak
Shorebreak   |     |   4,118 posts since 2010
Here is an example at Randolph-Brooks Federal Credit Union:
Certificate Secured Loan Rate - 2% APR over your certificate rate. Repayment up to certificate's remaining term.
https://www.rbfcu.org/NB/html/Loans/ShareSecured.htm
Ally6770
Ally6770   |     |   2,599 posts since 2010
Just call the banks and credit unions and ask if they have secured loans. I think most do. Just don't 
know if it is a good idea to pay interest on a loan that most likely may not be tax deductible when you pay income tax on the interest from your CD. Have you compared the numbers? 


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