Credit Card Glossary: Terms and Definitions
Passbook savings loan
A passbook savings loan is a secured loan from a bank or credit union. In essence, you pay to borrow your own money from a bank. Sounds awful, but some people use the loans to rebuild their credit. Terms for passbook savings loans vary widely, and if you take one out to rebuild credit, make sure your financial institution reports your on-time payments to the credit bureaus.