Credit Builder Loan | Collins Community Credit Union.
Collins Community Credit Union

Credit Builder Loan

Whether it’s your first-time establishing credit or you need a fresh start, we’re here to help.

Your credit score and history have a strong impact on your financial future. A good credit score can open the doors to helping you reach your financial goals – whether it’s getting an auto loan for a new car, signing the lease on a new apartment, or perhaps securing a student loan to go to college.

Here’s how the Credit Builder Loan1  works:

  • You borrow $1,000, which is placed into a Savings Ltd account
  • You make on-time monthly payments, which we report to the credit bureaus
  • When the loan is paid off, the funds are released to you – plus dividends earned2!

Features:

  • Flexible payment terms from 12 to 37 months
  • Access to a wide range of financial wellness tools and resources, including our partners at GreenPath

Flexible payment terms from 12 to 37 months

Fixed loan rate of 8.50% APR3 regardless of your credit history

 

 

Access to a wide range of financial wellness tools and resources, including our partners at GreenPath

 

 

 


At Collins, we offer a variety of services to enhance your banking experience. Click here to view the full list of our services. 


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Important Legal Disclosures

Must meet membership eligibility requirements.  Credit Builder Loan funds are held in a Savings Ltd Account until paid in full. If no credit history is available, other loan criteria may be required such as proof of income and ability to make payments to help with loan decision. Improved credit score is not guaranteed. Your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report.

2APY= Annual Percentage Yield. Dividend rate and APY may change at any time. Dividends are compounded and credited to the account every quarter. See rate sheet for specific rate details.

3APR= Annual Percentage Rate. Certain restrictions apply. All loans subject to approval. Must be or become a Collins Community CU member to obtain a loan. Credit Builder Loan amount is $1000 and terms are up to 37 months. Regardless of loan term or credit history, a fixed rate of 8.50% APR will be applied. Rates, terms, and conditions subject to change at any time. Payment example: For a $1,000 loan for a term of 12 months with a 8.50% APR, the monthly payment will be $87.52. Federally Insured by NCUA.

Data and other wireless carrier charges may apply. 

 

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