* Satisfactory payments are those received by NECU on or before the due date for at least the scheduled payment amount.
The granting of a Credit Builder Loan does not guarantee future loans. All loans are subject to credit approval.
Credit Builder Loans
Whether starting out or starting over, these loans are a great way to build your credit history.
How It Works:
The Credit Builder Loan is specifically designed to help you build or rebuild your credit history as you build up to $2,000 in savings plus dividends. Here's how it works...
- The amount you borrow is deposited into a NECU savings account that you cannot touch until the loan is repaid.
- You make regular payments on the loan.
- As you repay on time, you establish a positive payment history that we report to the credit bureaus.*
- Positive reports can help improve your credit history and credit score over time.
- A higher credit score translates into better rates on future loans. It can also have a positive impact obtaining insurance and certain jobs that consider credit history.
When you finish repaying the loan, you'll have the full balance in a NECU Savings Account, including dividends, to use as you please – for a down payment, education, home improvements, anything.
Credit Builder Features
- Loan amounts from $500 to $2,000
- Terms from 12 to 24 Months
- Loan funds in the NECU Savings account earn dividends at the published dividend rate for this account
- Loan interest rate is fixed at 6.99% Annual Percentage Rate (APR)
Contact Us for more information
Stop by your local branch, or call a Member Services Representative toll free at 888-436-1847.
Important Information