Personal Loan Secured by Savings Disclosures
All loans subject to credit approval
APR
APR is the Annual Percentage Rate. The Rate is fixed based upon the collateralized savings account rate + 3%. Payments are interest-only payable quarterly (January 1st, April 1st, July 1st, and October 1st) with the full balance due at maturity. A typical example of the payment terms for a $1,000.00 loan balance at 11% would be $27.50 per quarter, with a balloon of $1027.50 at maturity.
A Consumer Loan Specialist will review and provide you with the terms, conditions, disclosures, and additional details that applies to your specific situation.
LOAN AMOUNT:
Minimum Loan Amount: $1,000
Maximum Loan Amount: Up to 97% of the account balance
For example, a $1,000 loan balance requires there to be a balance of $1,030.93 in a Walden Savings Bank savings account, for which a hold will be placed. If the principal balance of the loan is paid down, the savings account will be released, never to go below 103% of the principal balance of the loan.
TERMS AVAILABLE:
Up to 60 months
GEOGRAPHY:
Personal Loan applications may be taken for borrowers residing within the New York State counties of Orange, Ulster, Sullivan and Dutchess.
ELIGIBLE BORROWERS:
Walden Savings Bank will provide financing to natural persons with the legal capacity to enter into a binding contract, but in all instances, each individual signing the note must be fully underwritten and be 18 years of age or older.
Rates shown subject to change without notice.
