Cd Loan: How It Works

Spencer Tierney, NerdWallet.com
Thu, 10/08/2020 - 5:32am

Typically the only way to use money from a certificate of deposit at a bank or credit union before its term ends is to withdraw early and pay a penalty. But there’s an alternative: borrowing a lump sum from the bank holding your CD. You pay back that sum over time, with interest.

NEXT
Topics:  cd you   spencer tierney    spencernerd   loan   it works   cd   nerdwallet   bank   pay   sum   
BING NEWS:
  • Emergency Loan: Types, Eligibility, Pros and Cons
    Emergency loans are a type of personal loan that provides fast access to cash. Learn how emergency loans work and about their pros and cons.
    04/26/2024 - 7:52 am | View Link
  • How to Refinance a Personal Loan
    If refinancing a personal loan makes sense for you, here are the general steps you'll need to take: Check your credit. Lenders examine your credit closely when evaluating your application for a loan ...
    04/26/2024 - 4:46 am | View Link
  • Beware of scams promising to reduce student debt by enrolling in loan forgiveness programs
    The Better Business Bureau encourages graduates to carefully research trustworthy sources related to federal repayment plans for student loans.
    04/25/2024 - 11:05 pm | View Link
  • 5 pro tips on refinancing your car loan — and when not to do it
    There are good reasons to consider refinancing a car loan, including a lower payment or lower interest rate. But should you do it?
    04/25/2024 - 10:04 pm | View Link
  • What is a jumbo loan?
    Jumbo loans are home loans in amounts that exceed conforming loan limits. Find out what this means and the criteria you'll need to meet to qualify.
    04/25/2024 - 7:17 pm | View Link
  • More

 

NEXT