Start building today!

Here’s how a Credit Builder loan works...
Let’s say you can afford a monthly car payment, but you don’t have any credit and you don’t have a cosigner. You may be tempted to take out one of those ‘special credit’ loans for borrowers with no credit/bad credit, but this can be very costly. Not only could you end up paying significantly more for the car - possibly more than it’s even worth - but the interest rate could put your monthly payments way out of reach for you. And a lot of the time, these lenders and dealers don’t report to the credit bureaus. So, you could make every payment in full and on time, and still have no credit or unchanged credit when your loan is paid off.

We have a better idea!
With an Oxford FCU Credit Builder loan you could borrow $1,000 for 12 months at an Annual Percentage Rate of 12.00%. A payment of $89 a month.
The proceeds from the loan would be deposited into your share account and the funds held on deposit until the loan is paid in full. Once the loan is paid off, you’ll not only have established a stable credit history, but you’ll also have $1,000.00 to use as a down payment on a car if that’s what you choose to do. Once you’ve repaid the loan in full, the money is yours to use however you want.

Yes...a year can seem like a long time to wait. But wouldn’t it feel great to know that while the months are passing by, you’re building a credit history that will help you years into the future?

You can apply online, with the Oxford FCU mobile app, or call us at 800.991.9219.