Credit Builder Loans

The amount is determined by the balance of your 1DCU Share Savings account. You may borrow as much as you like, up to that amount. Keep in mind that the funds in your Share Savings account will be temporarily put on hold during the term of your loan. However, you will have that same amount to spend from your Credit Builder Loan.

Let's look at an example. 

You are not required to borrow the total amount in your Share Savings account. We will work with you to find a monthly payment that is affordable for you.

Please note there is a $20 application fee which must be paid up front or from your 1DCU account. 

Credit qualification is easy, and this type of loan can be used to rebuild your credit history. Our Credit-Builder Loan is designed to help members who have little or no credit history build strong credit.

1DCU reports your payments to the credit bureaus. We report your payment status, whether on-time or late, to the credit bureaus each month. If you are responsible and pay on time, your score should increase. You should also try your best to avoid late payments. Having a payment reported as late to the credit bureaus will hurt your credit-building efforts.

You may pay off the loan early if you wish, but it will hinder your credit-building efforts. The whole point of a credit-builder loan is to have monthly payments reported to the credit bureaus. The more consecutive on-time payments we can report, the more positive your impact on your credit score will be.