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What is a Credit Builder Loan: The Credit Builder Loan is a share secured loan which is designed to help members build or repair credit history, regardless of whether they have funds available to pledge as collateral.
How does it work? In a Credit Builder Loan, the loan proceeds are immediately deposited in a Primary or Secondary Share Account and placed on hold for the entire duration of the loan. Gradual de-pledging of the collateral is permitted. As the member pays down the loan, the paid down principal becomes available in the share. Once the loan has been repaid in full, the hold is removed, and the original loan proceeds are made available to the member.
In essence, the member has “earned” their loan proceeds through completing the loan repayment, while also building credit history.
The Annual Percentage Rate will be fixed at the time of loan closing.
Credit Builder Loans are eligible to be covered by Credit Life and/or Credit Disability Insurance.
Minimum Loan Amount: $500.00
Minimum Monthly Payment: $25.00
Maximum Amount: $2,000.00
Maximum Repayment: 24 months
*A fixed Credit Builder Loan payment based on $1,000 at 6.95% APR for 24-months is $22.36.
www.pvcu.org/Loans/Personal-Loans/Credit-Builder
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*APR = Annual Percentage Rate; APY = Annual Percentage Yield; Terms and conditions apply. Click here for Loan Rates & Disclosure. Click here for Home Loan Rates & Disclosure. Click here for Savings Rates & Disclosure.
Calculator is for informational use only. Your actual loan terms will vary based on a number of factors.
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Calculator is for informational use only. Your actual savings will vary based on a number of factors.