Credit Builder Loan
Having bad credit, a thin credit file and no credit history can severely impact your ability to secure the financing you need to buy a car, purchase a home and make other big financial decisions. Fortunately, Community West Credit Union makes it easy to apply for a Credit Builder Loan to help establish or rebuild your credit. Contact us today to learn how.
What Is a Credit Builder Loan?
Credit builder loans are small loans designed to help credit union members establish or improve their credit profile. These short-term loans can boost credit significantly, which helps members who are preparing for a financial milestone, like getting approved for a credit card or purchasing a home. Because late payments can radically worsen your credit, credit builder loans are generally recommended for members who have a good financial standing and can commit to timely repayment.
Credit Builder Loans from CWCU
At CWCU, we can grant you a $500 Credit Builder Loan, which is deposited into a CD (certificate of deposit) for one year. This type of savings account offers fixed interest rates, letting interest accrue over the course of 12 months. After one year of steady payments, you’ll be entitled to the $500, as well as any interest earned by the maturity date. In the end, the CWCU Credit Builder Loan helps prove to lenders that you’re careful with your credit, helping you establish or rebuild your credit profile.
Your Credit Builder Loan Credit Union
Building your credit from scratch or rebuilding good credit after bankruptcy can be hard to accomplish on your own. But with a loan from your local credit builder loan credit union, you can start improving your credit score through steady monthly payments. Check out the current interest rates below, and see what your monthly payments will be using the simple loan calculator. For more information about the CWCU Credit Builder Loan, call us today at 844-348-8960 or pay a visit to your local branch in Comstock Park, Grandville, Hudsonville, Kentwood, Middleville or Rockford.