Credit Builder Loan
Building Credit One Payment at a Time
Building a solid credit history takes patience and time. At Oxford FCU, we can help you start building a good credit score and begin saving for something you want - like a new car.
Here's how it 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, 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.
We have a better idea!
A Credit Builder Loan from Oxford FCU
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 a down payment of $1,000.00 to put down on a car.
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?
And don’t worry if you end up using the money for something else. Once you've repaid the loan in full, the money is yours to use however you want.
Start building your good credit history today with a Credit Builder Loan from Oxford FCU.
To learn more, call us at 800.991.9219.
Apply Online or from your mobile device with the Oxford FCU app, or call 800.991.9219.