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Secure Way to Borrow Money
- The Passbook loan is a very secure way to borrow money at a very low interest rate against your own funds that you have on deposit with our financial institution.
- Individuals can borrow up to 90% of their available account balance against a related account for a period not exceeding 3 years.
- Individuals can establish or re-establish their credit, because all payment history is reported to a national credit bureau.
- The application for a Passbook loan does not involve a credit verification. The related account will involve a ChexSystems verification.
- Your collateral account stays at the bank, safe and secure, earning interest for you.
- You can choose to have your monthly payments automatically withdrawn from another account at Community Savings Bank, eliminating the hassle to make monthly payments in person in a timely method.
- During the life of the loan, customers have the opportunity to reduce the collateral requirement by requesting an adjustment, up to 90% of the current loan balance. This will allow a customer to utilize funds in the account that were previously unavailable.