The Features of Encompass Credit Union's Secured Personal Loan
Secured personal loans are the types of loans in which a collateral in the form of a property or a car is offered by the borrower in exchange for a loan with a lower interest rate. In these types of loans, the lender takes some security interest from the collateral and he has the right to seize it if the borrower fails to pay the loan back.
Encompass Credit Union offers the Secured Loan by Term Investment, a secured personal loan that gives you exactly what you need at the lowest rates possible. The secured personal loan includes the Variable and Lump Sum Payments and the Early Payment without Penalty features wherein you are given the option to save more money by paying off your loan a bit earlier than expected thus avoiding the interest costs.
Encompass Credit Union also helps you save some money by making the account keeping and monthly loan service on the personal loan free of charge. The financial institution also allows automatic repayments wherein you are given the power to pay off your loan automatically by payroll deduction or by direct debit.
The Secured Loan by Term Investment also comes with a Loan Repayment Insurance that ensures the safety of your properties and guarantees the security of your loan repayments if ever you encounter an accident, experience a trauma, or catch a disease. To make sure that you'll get the insurance type that suits you best, Encompass Credit Union allows you to choose among its three policy covers: the CashAssist Trauma, the Disablement and Hospitalisation Cover, and the Life Cover.
Because applying for a secured personal loan can be a tedious task and you have very little time of their hands, Encompass Credit Union come up with the solution of allowing online applications. Now you can fill-up that secured personal loan application form while working in the office or while staying in the comforts of your home. The online application is available 24/7 and you expect your loan to be approved within 24 to 48 hours!