Borrow & Save Loan
The Bay Area CU “Borrow & Save” Loan is a loan in which the principal amount of the loan is fully secured with a special “Borrow & Save” savings account. We take the proceeds of the loan and deposit it into the “Borrow & Save” savings account, where they are frozen until the loan is paid in full.
Okay, right now are you asking yourself “why?” would you ever obtain a “Borrow & Save” loan? Because it is an easy way to save and it’s a great means for big purchases. That’s right, after you pay off that low-rate loan (yes, we’re talking an incredibly low rate of 4% apr*) you’ll have the money you need for your big purchase. Also, the “Borrow & Save” loan is a great way to build credit, and a credit report isn’t required when applying.
So, if you’re interested in saving for that once-in-a lifetime trip you crave or need money for an essential purchase or perhaps, you’re ready for that down-payment on a new house, ask about our “Borrow & Save” loan.
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