Personal Secured Loan
Use a CD, a savings account, stocks or other collateral to secure a loan for something special or to consolidate debt.
Benefits
Skip Benefits bullets/links- Pay off your credit card debt or make small household purchases
- Use a secured loan instead of your savings to keep your cash on hand
- Deduct 0.25% from the listed interest rate when you create an automatic payment from an MB checking account
Loan Details
When you use a savings account:
Skip When you use a savings account bullets/links- 6 - 60 month terms available
- The minimum loan amount is $500
When you use a CD:
Skip When you use a CD bullets/links- The term matches the maturity date of the CD
- Amortization options available
- The minimum loan amount is $2,500
When you use marketable securities (stocks):
Skip When you use marketable securities bullets/links- 24, 36, and 48 month terms available
- The minimum loan amount is $10,000
A one-time $50 processing fee is charged at loan closing.
What's next?
Savings/Certificate of Deposit Secured Loan
The following rates are effective as of May 31, 2011. Rates are subject to change without notice and may vary depending on credit qualifications.
| Type | Tier or Term | Interest Rate | Current Annual Percentage Rate (APR) 1 footnote | Estimated payments |
|---|---|---|---|---|
| Savings Account | 6 - 60 months | 5.50% | 6.64% * | 36 months / $90.59 * |
| Certificate of Deposit | $2,500 - $10,000 | 2.75% over CD rate | 4.14% ** | 48 months / $168.67 ** |
| Certificate of Deposit | $10,001 and above | 2.25% over CD rate | 3.66% *** | 60 months / $364.29 *** |
* APR based on a $3,000 loan amount for a 36 month term, and reflects a financed $50 processing fee.
** APR and estimated payment based on a $7,500 loan amount for a 48 month term, and reflects
a financed $50 processing fee. Estimated payment based on a 3.80% interest rate (2.75% over 1.05% CD rate). CD rate is subject to change.
*** APR and estimated payment based on a $20,000 loan amount for a 60 month term, and reflects
a financed $50 processing fee. Estimated payment based on a 3.55% interest rate (2.25% over 1.30 CD%). CD rate is subject to change.
Deduct 0.25% from interest rate for above loans with automatic payment from an MB Financial Bank checking account.
Marketable Securities Loan
The following rates are effective as of May 31, 2011. Rates are subject to change without notice and may vary depending on credit qualifications.
| Term | Interest Rate | Current Annual Percentage Rate (APR) * | Estimated payments * |
|---|---|---|---|
| 24 months | 7.50% | 8.01% | $450.04 |
| 36 months | 8.00% | 8.35% | $313.39 |
| 48 months | 8.50% | 8.77% | $246.50 |
* Based on $10,000 loan amount for the given term and a $50.00 processing fee.
Deduct 0.25% from interest rate for above loans with automatic payment from an MB Financial Bank checking account.
What's next?
This product could be right for you if
Skip This product could be right for you if bullets/links- You’d like to pay off credit cards or make small home purchases and want to keep your savings intact
- You’re looking for flexible loan term lengths
Apply in person
Stop by one of our convenient banking centers located throughout Chicagoland and we’ll be happy to help you open your new MB account.
Search results
1 Annual Percentage Rates (APRs) may vary. Minimum savings account-secured loan is $500 and the minimum CD-secured loan is $2,500. Back to top
