There are two ways that you can get quick cash from your Certificate of Deposit.
Most people are aware that they can cash in their CD early if they need access to immediate funds. Of course, the problem with doing that is that you will pay a hefty penalty for doing so. The penalty for early withdrawal differs but usually it is between three to six months' interest. But cashing in your CD isn't the only alternative that you have to get cash from your CD.
Another option is to borrow against your Certificate of Deposit. You can generally borrow up to 95 percent of the value of the CD Before you decide to do this you should be relatively sure that you will be able to repay the loan. Otherwise, you may lose part or all of your investment. That being said, this is a quick, flexible, and low cost way to get some fast money.
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The good thing about using this method is that the CD will still earn interest for you during the life of the loan. The interest you pay on the loan will be 2-3 percent above what you are earning on the CD. However, note that you will also have to pay a loan origination fee.
You should also be aware that most banks will only lend you money against CD's that you have in that particular bank. These days you'll have a difficult time going to Bank 1 and asking them to loan you money on a CD that you have in Bank 2.
Naturally, each bank differs as to repayment terms. However, your repayment choices will likely be varied and flexible. You will probably be able to pay principal and interest, or principal only, or interest only.
Before deciding whether or not to borrow against you CD, you should compare the cost of the loan against the cost of the penalties associated with a cash out of the CD.
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