Secured Credit Builder Loan
For all those who need to build (or rebuild) their credit, but who don’t necessarily need funds in the immediate future, consider our Secured Credit Builder Loan!
This unique loan allows our members to borrow from $1,000 to $3,000. All loan proceeds will be placed in a special savings account as collateral for the loan. As the loan is paid down, the funds in the special savings account become available, giving members access to a nice nest egg they have saved! In short, when a person makes timely payments, they build their credit.
To apply for a Secure Credit Builder Loan, simply give us a call using 814.456.6231. Or, stop by any of our local branch locations!
Requirements and Guidelines:
Must be a member in good standing and at least 18 years of age
Must have the ability to repay the debt
Proof of income required
Loan Amount $1000 to $3000. Proceeds deposited to special savings and pledged as collateral for the loan.
Term 12 months to 36 months depending on loan amount (one year per thousand)
Interest rate = 3.5% + Special Savings dividend rate