Sep 10 2017

Credit Builder Loans #get #credit #report #for #free

#credit builder credit cards

Credit Builder Loan

A great way to build your credit history

    Features Details Reviews Apply

Credit Builder Loan

  • Build or rebuild your credit rating
  • Build savings while you borrow
  • Terms from 12 to 24 months
  • Low fixed rate

Credit Builder Loan Overview

The Credit Builder Loan is specifically designed to help you build or rebuild your credit history as you build up to $3,000 in savings plus dividends. Here’s how it works.

  • The amount you borrow is deposited into a DCU savings account that you cannot touch until the loan is repaid.
  • You make regular payments on the loan.
  • As you repay on time, you establish a positive payment history that we report to the credit bureaus.*
  • Based on those reports, your credit history and credit score improves over time.
  • A higher credit score translates into better rates on future loans. It can also have a positive impact obtaining insurance and certain jobs that consider credit history.
  • When you finish repaying the loan, you’ll have the full balance in the DCU Savings Account, including dividends, to use as you please for a down payment, education, home improvements, anything.

Credit Builder Features

  • Loan amounts from $500 to $3,000
  • Terms from 12 to 24 Months
  • Loan funds in the DCU Savings account earn dividends at the published dividend rate for this account
  • Loan interest rate is fixed at 5% Annual Percentage Rate (APR)
  • After a minimum of 12 months of satisfactory payments, you’ll receive a .50% discount off the interest rate on your next qualified consumer loan. **

Example loan payment schedule A $1,000 Credit Builder Loan with an APR of 5.00% for 18 months has an approximate monthly payment of $57.79.

* Satisfactory payments are those received by DCU on or before the due date for at least the scheduled payment amount.

** Real Estate and Credit Card loans do not qualify for the discount. The granting of a Credit Builder Loan does not guarantee future loans. All loans are subject to credit approval.

Credit Builder Loan Rates

Whether You’re Starting Out or Starting Over, a Credit Builder Loan is a Great Way to Build Your Credit History.

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *