Start building or repairing your credit today!
These days, your credit history is considered for more than just loans and credit cards. It can affect whether you qualify for employment, are approved to rent an apartment, eligible for a better rate on auto insurance, and more. If you have no credit history or need to improve or repair existing credit, we can help!
With an OFCU Credit Builder loan, you can borrow $1,000 for 12 months at an Annual Percentage Rate of 12.00%. We put $1000 in your Share (savings) account when the loan is opened and place a hold on it. When the loan is paid in full (at the end of 12 months), the funds become available.
If you make all of your payments on time and in full, when the loan is paid you’ll have started to establish a stable credit history and have $1,000 to use as a down payment on an auto loan or however you want!
If you make all of your payments on time and in full, when the loan is paid you’ll have started to establish a stable credit history and have $1,000 to use as a down payment on an auto loan or however you want!
Sure...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 in the future?
You can apply online, within digital banking or call us at 800.991.9219.