CreditBuilder works by depositing the proceeds of the loan into a secondary savings account, which earns the standard savings rate and is held as collateral. When the loan is paid off, the money is released to the member. By making regular timely payments, members with no credit have established good credit and members with poor credit have potentially improved their rating.
By improving your credit score, you are likely to get better rates on loans and save a lot of money in the process. This loan gives credit union members the opportunity to improve their credit rating because the Credit Union reports to all three major credit bureaus.
Borrow up to $2,000
Take up to 36 months to repay
13% APR (annual percentage rate)
Convenient and easy payments thru direct deposit
Payment protection (disability coverage) is available
It's easy to apply. Just complete an application and return it with copies of 3 recent pay stubs.
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