Credit Builder Loan
TEFCU understands that during these economic times you may have faced some financial hardship. That is why we offer a "credit builder" loan. This loan is designed to pay-off your debt and ease your financial burden.
The Credit Builder loan allows you to borrow up to $5,000 at in interest rate of 18.00% APR* with up to a 36-month repayment!
► Member must be in good standing
► Direct Deposit or allotment for repayment is required
► Most recent paystub must show 40 hours of work per week OR 80 hours bi-weekly
► SO2 - A deposit account to rebuild your savings while rebuilding your credit
Our Loan Officers Can Council You On:
► Understanding your credit report
► What determines your credit score
► How to improve your credit score
► What you can do to remove incorrect information from your credit report
► How long certain information stays on your credit report
The Credit Builder loan was created for individuals whose credit score is 625 and below.**
* APR = Annual Percentage Rate
** All applications are reviewed by the Loan Review Board. Restrictions may apply.