It's a personal loan for the purpose of establishing credit while saving funds for the purchase of a home or auto, education, or other individual goal. Loan proceeds are deposited into a Lake City Bank certificate of deposit, with a term equal to or exceeding the term of the loan. This certificate of deposit is then held as collateral for the loan itself.
Interest is earned on the certificate and compounded annually.
Emperica score must exceed 625. No open collection accounts, outstanding judgments, or open delinquent accounts. Must have job-time of at least 6 months. Subject to credit approval.