Need credit and have a savings, CD, or investment account? The Fifth Third Secured Loan could be the ideal solution for you.
What you need to know about this loan:
- Loans from $2,000 to $500,000, secured by funds held at the bank
- Annual Percentage Rates (APR) between 10.14% and 13.64%, depending on profile and amount
- Flexible terms from 12 to 60 months
- No origination fees or prepayment penalties
Pros
- High loan amounts: borrow up to $500,000 if you provide sufficient collateral
- Lower interest rates: pay less compared to unsecured options
- Flexible repayment: choose from 1 to 5 years to repay the loan
- Easier approval: less strict credit checks due to the secured nature
- Keep your savings growing: your assets continue to earn interest while you use the credit
Cons
- Collateral required: available only for those with funds invested at the bank
- Starting APR is higher than average: even the lowest rate (10.14%) may not be ideal for some
Why Choose Fifth Third Bank for your loan?
Chase Bank offers broad financial products, but doesn’t always provide high secured credit limits.
U.S. Bank has competitive rates, but approval is stricter for those with mid-level credit scores.
Bank of America’s approval process can be slower, potentially delaying your plans.
Capital One focuses more on consumer cards, with fewer secured loan options available.
Citi offers personal credit but may lack the same flexibility or fee-free structure.
Fifth Third Secured Loan: let’s get to know it a little better
How to apply for your Fifth Third Secured Loan
The process is simple and hassle-free – use your funds as collateral and unlock competitive rates. Click the button below to explore all the details!