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Credit Builder Loan

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Today's economy runs on credit. 

If you want to get a loan to buy a car, house or even to get a student loan to pay for college, you must have good credit. Your credit information can be a factor in whether or not you can rent a nice apartment, how much you pay for insurance or whether or not you can get a job. Bad credit indicates you're a risky bet – and will result in either a denial or higher interest rate when borrow for any purpose.

Today's economy runs on credit. If you want to get a loan to buy a car, house or even to get a student loan to pay for college, you must have good credit.

Your credit information can be a factor in whether or not you can rent a nice apartment, how much you pay for insurance or whether or not you can get a job.  

Bad credit can suggest you're a risky bet, and will make it difficult for you to get a credit card with a low interest rate and costs you more to borrow money for any purpose.  

- See more at: https://www.mvcu.com/credit-counseling#sthash.IT9tBrbm.dpuf

If you have no credit or bad credit, our Credit Builder Loan can help you establish or rebuild your credit.  How' s how it works. 

-> Select a loan amount from $500 up to $3,000

-> Repay the loan over 12 months or 24 months

-> Pay a low fixed rate of 3.99% APR*

-> The loan amount will be deposited into a share certificate with the same term that earns interest

-> Your payment history will be reported to the credit bureau to help build your credit

-> Apply for the Credit Builder Loan online or at any MVCU branch location

*3.99% APR (Annual Percentage Rate) is fixed for the term of the loan. Monthly payment per $1,000 borrowed up to 24 months is $43.42.  Rates and terms subject to change. Automatic funds transfer from an MVCU account is required. All loan approvals are subject to underwriting qualifications. The share certificate is used as a collateral to help build your credit.  The APY (Annual Percentage Yield) of the share certificate is determined at the time the Credit Builder Loan is opened. After successful repayment of the loan, the balance in the share certificate (which includes the interest earned) will be disbursed to the borrower.

 

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