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happy womoan with phone and credit card

Credit Builder Loans

A Credit Builder Loan is a way for you to borrow money using your own savings as the collateral. When you are in a hurry, or need funds but don’t want to tap into your savings, your accumulated savings at 1DCU serve as the security for your loan.

Credit Builder Loans can also help improve your credit score or build credit history. A good credit score makes it easier for you to secure financing for major purchases, such as a car or a house, or even a credit card, at better rates in the future.

Here's how it works: 

  1. You can borrow up to the amount in your 1DCU Share Savings account (minimum $500). The credit union puts those funds on hold and provides you with a loan in the same amount. You may spend it however you wish!
  2. 1DCU will give you the amount you requested in the form of a check or a deposit into your 1DCU checking account. You can make payments on the loan through a monthly automatic withdrawal from your checking account, via direct deposit, online payment portal or by sending in a check each month.
  3. Each month, you make an affordable payment on the loan balance. Your on-time payments are reported to credit agencies which helps improve your credit score. 
  4. When you've completed your payments, your savings are returned to your account. You keep your money while improving your credit score at the same time.

Loan Terms

  • 4.5% APR* regardless of credit score
  • $20 application fee
  • Up to 24 month term

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Credit Builder FAQs

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*Term of up to 24 months; Annual Percentage Rate (APR) as low as 4.50% APR. Payment Example:  24 monthly payments of $43.65 per $1,000 borrowed. The APR of 4.50% is the Credit Union’s standard rate. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. Credit and collateral qualifications apply. Membership required.

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