Want to improve your credit score? Need to establish credit?
MembersAlliance offers a Secured Loan to help you do just that--introducing CreditBuild! We designed this consumer installment loan to assist credit union members in building credit.
Proceeds from your CreditBuild loan will be deposited into a Certificate of Deposit (CD)*; and a Hold will be placed on the CD funds as security (collateral).
CreditBuild features include:
- Fixed interest rate: 3.0% over the applicable CD rate
- Minimum loan amount = $1,000.00
- Loan Repayment terms: 6, 12, or 18 months
- No minimum credit score
- Maximum debt ratio = 50%*
- Debt Protection available
See a loan representative for details.
*Late payment fee: $20 accessed when a payment is 15 days past due. Because the purpose of this loan is to assist in building credit, if a payment becomes >30 days past due, the credit union will exercise the "right of set-off" and use the funds in the CD to pay off the loan. Term of the CD will be same as term of loan. A pledged share hold will be placed on the CD. When the loan is paid off in full, the pledged share hold will be removed. Proof of income is required. Debt Ratio is calculated based on the applicant's total monthly payment obligations divided by the applicant's monthly gross income.
Some restrictions may apply.