Credit building loans are designed for those who have a lower score or no credit history. The main goal of a credit building loan is to improve their credit within a minimum amount of time since loans for borrowers with low scores pay an estimate of $300 more compared to those with better credit history.
How it works:
- Get a Certificate of Deposit (CD) with us.
- Make regular monthly payments.
- Get your money when the loan term is up.
Your credit score improves on account of the payment history, which we report to credit bureaus.
Advantages:
- Build or rebuild credit
- Improved scores
- Flexible terms
- Convenient rates
- Saved money
- Earned dividends
- Accounts insured by the *FDIC
Warning: early withdrawal may result in penalties.
Terms: from 91 days to 5 years
Deposits: from $1,000 to $2,500 , depending on the term
Annual percentage yield: from 0.75% to 1.51%, depending on terms and deposit
*FDIC – Federal Deposit Insurance Corporation
**The terms and details are subject to change. Contact us directly to specify and confirm the details.