Whether You’re Just Starting Out or Starting Over, a Credit Builder Loan is a Great Way to Build or Improve Your Credit Score.
The easiest way to Build or Rebuild your credit
With a Credit Builder Loan, the amount you borrow is deposited into your Worcester Credit Union Savings Account. You make regular payments on the loan, and establish a positive payment history that we report to the credit bureau. As a result, your credit score improves. A higher credit score translates into better rates on future loans, and can have a positive impact on the cost of other services including Life, Auto or Homeowners insurance.
Worcester Credit Union Credit Builder Loan Features
- Loan amounts of $500 – $2,000
- Terms of 12 to 24 Months
- Loan Funds are deposited into a Worcester Credit Union Savings Account as collateral for the term of the loan
- Loan Interest Rate Fixed – View CURRENT Loan RATES
- Once you have fully repaid the loan, you’ll have the entire balance in your Savings Account, including dividends, to use for any purpose
- Provides a source of credit at a low rate that may not be available elsewhere
- Your payments will be reported to the credit bureau monthly, which establishes a positive credit history of on-time payments*
- Provides a low monthly payment that you can afford
- Encourages regular savings
Example loan payment schedule: A $1,000 Credit Builder Loan with an APR of 5.00% for 12 months has an approximate monthly payment of $85.61.
*On-time payments are those received by Worcester Credit Union on or before the payment due date for the full scheduled payment amount.