Personal Secured Loan

Use a CD, a savings account, or other collateral to secure a loan for something special or to consolidate debt.

Ready to apply? Questions?

Visit a Branch

Call us at 1.888.i bank mb  (1.888.422.6562) or contact us.

Benefits

  • 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

Loan Details

When you use a savings account:

  • 6 - 60 month terms available
  • The minimum loan amount is $500

When you use a CD:

  • The term matches the maturity date of the CD
  • Amortization options available
  • The minimum loan amount is $2,500

A one-time $50 processing fee is charged at loan closing.

MB Secured MasterCard credit card. Learn more.

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Savings/Certificate of Deposit Secured Loan

The following rates are effective as of April 4, 2014. 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) 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.

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This product could be right for you if

  • 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. 

What's next?

Visit a BranchQuestions?

Call us at 1.888.i bank mb (1.888.422.6562) or contact us.

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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