Credit Builder Loan FAQ's
1. Is the Credit Builder Loan a Secured loan?
Yes. Collateral funds do not have to be provided up front however, the loan proceeds are used to secure the loan.
2. How much do I need to have on hold?
100% of the original loan amount will remain on hold for the life of the loan. Loan proceeds on hold will be made available to the member upon payoff completion.
3. Will I be given funds?
Funds will remain on hold until the loan is paid in full. Once the loan is paid off you will receive funds.
4. What is the rate?
The loan rate is 6.99% fixed.
5. Can I take advantage of loan discounts?
Yes. Relationship discounts are available for the Credit Builder loan.
6. Can I add Debt Protection coverage to the Credit Builder loan.
Yes. Debt Protection coverage is available.
7. What amounts can I get?
The Credit Builder loan is available in amounts from $500-$2,000
8. What term is available?
The Credit Builder loan is available in terms from 12-24 months.
9. I have had credit issues in the past. Will I get approved?
The Credit Builder loan is designed to assist members who have no credit or have had past credit issues. Past credit issues should not prevent members from applying for the Credit Builder loan.
10. When will I receive my loan proceeds?
Loan proceeds will be transferred to member’s general share within 14 days of loan payoff.
11. I have multiple memberships. Can I have loan proceeds placed on hold under a different membership?
No. Funds must be held in the same membership as the loan.
12. Can I close my loan via DocuSign?
Yes. Your loan documents can be sent to you electronically via DocuSign if you choose.