A Loan on Deposit is a cost-effective way to obtain the cash you need to meet your financial needs. You can borrow against your BankFinancial Certificate of Deposit for just about any purpose. And you can always count on competitive rates along with flexible repayment options designed to make your life easier.
- Borrow up to 95% of your money penalty-free.1
- Continue to earn interest on your CD throughout the term.
- Monthly payments may be automatically deducted from your BankFinancial checking account.2
- Minimum Loan Amount is $500.
- The interest rate is fixed for the term of the loan. The rate for a loan on deposit is indexed to the Certificate of Deposit rate that is being used as collateral. the rate for electronic payments is the CD rate plus 2%. Rates for payments billed by statement is the CD rate plus 2.25%.
- A late charge of 5% of the monthly payment is assessed on the 10th calendar day after the due date of the payment.
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