Credit-Builder Loan

Building good credit can be difficult, especially with bad marks in your history. American United understands this, which is why we offer the credit-builder loan. Unlike other loans, where funds are disbursed up-front and repaid over time, the proceeds from a credit-builder loan are held by the credit union to secure the loan, until the loan has been paid in full. Since the loan is secured, almost all members are approved. You could say that a credit-builder loan is like a savings account that also builds your credit.

Minimum Requirements

  • Must meet credit union member eligibility requirements.
  • Eligible upon approved credit.
  • Loan term up to18 months.
  • Minimum loan amount – $300.
  • Maximum loan amount – $2,000.
  • Closed-end loan.

Product Fees

  • Account subject to all General Account Fees (Refer to Services Fee Guide).
  • Late Fee $20.00 with no grace period.

Product Features

  • Member receives proceeds of loan, after loan has been paid off.
  • Quick and easy approval.
  • No pre-payment penalty for paying the loan off early.
  • Loan payment protection options.
  • Monthly itemized statement.

Product Benefits

  • Almost guaranteed approval – even if the member does not qualify for a traditional loan.
  • Most members are approved in minutes.
  • Members who may not qualify for traditional loans can usually get a credit-builder loan.
  • The loan will report to the credit bureaus, which builds credit.
  • No collateral required.
  • Fixed rate and payments.
  • Competitive rates.
  • Free online access.

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