Secured Loans

Lock in on your dream. Secure it with your savings.

The best person to borrow money from? Yourself.

You need a loan. You also need options. With a Secured Loan, you borrow money based on the amount you have in your American Eagle Financial Credit Union Savings Account or Certificate.

Ideal options for those struggling to rebuild credit

Lower fixed loan rates can lead to lower monthly payments

Build your credit score by making regular, on-time payments

Everyone starts somewhere, and bumps can happen along the way.

That's why we offer our Secured Loans – to help people get the financing they need at a good rate.

You can use the money you've been saving steadily

in your American Eagle accounts to provide collateral you need to qualify for this loan. 

As you're borrowing money and paying it back

your savings continue to grow in your accounts and your credit score can improve.

American Eagle's Credit-Builder Program

You know the feeling of being turned down for a loan because you have little or no credit history, or because you've been told your credit is "bad." At American Eagle, we're here to lift you up. 

With this loan, you invest money in a Certificate of Deposit (CD) and then make fixed, on-time payments for your loan, which builds up your credit. Once the CD's term ends, you receive the loan amount, plus interest. That means money is available to you at the end of the term, not up front like a traditional loan. 

How to qualify:

  • Lower than 640 credit score
  • Individual only – no joint borrowers
  • Subject to credit approval
  • While these loans don't require good credit for approval, you need enough income to make payments. 
  • This is a 0% APR1 loan and your CD earns interest. So, this loan actually pays you and still doesn't cost you a penny. Plus, we fund your CD immediately so you’re earning interest from the start.

You can call our Member Contact Center at 800.842.0145 or visit a branch to get started with an application. You will provide us with your name, address, phone number, email, income, employment status, and housing status. You’ll also need valid identification and verification of income and employment. Once your application is approved, we'll open these accounts in your name:

A Membership Savings Account

This account makes you a member/owner of American Eagle with a $5 deposit. 

A Certificate of Deposit Account (CD)

A CD pays a higher interest rate than a typical savings account. Access to the money is restricted for a certain amount of time, known as the “term.” In this case, your CD's term will be the same as the loan's term – 12, 24, or 36 months. 

A Credit-Builder Loan

You'll make fixed monthly payments depending on the size and term of your loan. You can borrow between $500 and $5,000 in this program. And don't worry, we can help you figure out what's right for you.

Loan TermLoan Amount
Monthly Payment at 0% APR
12 Months$500-$1,250.99
$41.67 to $104.25
24 Months
$1,251-$2,500.99
$52.13 to $104.21
36 Months
$2,501-$5,000
$69.47 to $138.89

You'll receive a monthly statement and bill, just like any American Eagle loan. When you make a payment, we report your payment status to the credit bureaus as on-time or late. On-time payments help you increase your credit score and late payments drag it down. Once all payments are made, you receive the money in the CD, plus the interest it earned.

A1 Credit Tool

Take a free course to get you on the road to good credit

Just starting your credit journey? Learn how credit, budgeting, and savings work together to build a stronger financial foundation.

Get smart about borrowing

At American Eagle Financial Credit Union, applying for a loan is easy for our valued members in Connecticut and Hampden County, Massachusetts. Contact us or visit a branch today.

Rely on yourself

I’ve been a proud member of American Eagle for many years, and my recent experience with your loan representative was truly exceptional. I applied for a personal loan to help with debt consolidation and home improvements, and the process couldn’t have been more seamless.
Mary J.
I’m incredibly grateful for how smooth the experience was and for the peace of mind this personal loan brings to me and my household. Thank you for making what I thought would be a complicated process so simple and reassuring!
Ally
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