Getting a collateral loan with Torrington Savings Bank can provide you with financial flexibility without having to be hit with withdrawal penalties on a CD or exceeding transaction limits on other savings vehicle.
A collateral loan typically offers a much lower interest rate than many other borrowing options. Funds can be used to make a major purchase, consolidate debt, or maybe just to increase the amount of cash you have on hand.
Simply secure your loan against a TSB Hometown Savings account or CD, and you can borrow up to 90% of the account balance, at a rate of just 3% above the rate it’s earning. So you get the cash when you need it – without the penalties – and at a great rate.
Features of a collateral loan
- Secured by a Hometown Savings account or Certificate of Deposit
- Borrow up to 90% of account balance
- Interest-only payments are due quarterly
- Principle can be repaid at anytime with no pre-payment penalty
- Minimum loan amount $1,000
- One loan per account
Collateral Secured Loans Details:
Interest rate is 3% above the rate being earned. Cannot take a collateral loan against a Money Market Account.