Credit Builder Loan
Our Credit Builder Loan was designed specifically for members looking to build, or re-establish, positive credit history.¬† This loan is ideal for those who have little to no credit history and are looking to build a positive credit score, as well as those who need help in improving their credit history and score.
Borrowed funds are secured as collateral in a FiCare share account.¬† As you pay off the loan, your monthly payments will be reported to all three credit bureaus.¬† Once the loan is paid off, the loan proceeds will be released from hold and available to you;¬†providing you with automatic savings.
How It Works:
- Apply online, over¬†the phone or in the branch. (When applying online, select "Secured Loan")
- Credit will be pulled and loan is subject to proof of income
- Complete the provided financial counseling to help improve negative trade lines
- Funds are deposited and held in a savings account until the loan is paid in full
- Make monthly payments on time¬†to build your credit history
- Once you have paid off the loan, the funds are yours to spend as needed (or continue to save!)
- Fixed rate of 13.00% APR*
- $500 loan with maximum 6-month term
- $1,000 loan with maximum 12-month term
- $2,000 loan with maximum 24-month term
*APR = Annual Percentage Rate.¬† Subject to loan approval. Repayment example: $500 loan¬†for six months at 13.00% APR will have monthly payments of $86.52.
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