Credit Builder Loans
Our Credit Builder Loan enables members with damaged credit histories to rebuild their standing.
- Member requests a loan amount of $500-$1,000
- The approved loan amount is placed in an MITFCU Savings Account, where it will earn interest
- Loan balance plus 5.00% Annual Percentage Rate is repaid to MITFCU over a term of six months to one year*
- Once the loan is repaid in full, funds can be withdrawn from the MITFCU Savings Account as desired
- Another loan will not be granted until the Credit Builder Loan is repaid in full
- All applicants must be in good standing with MITFCU
- Applicants must have the capacity to repay the loan
*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.
- Low monthly installment payment
- Promotes improved savings habit
- A report of your favorable payment history will be sent to the credit bureau
If you'd like to open a Credit Builder Loan, please complete our easy online application. Documentation - Please send us a copy of a recent pay stub, W-2, or income tax return for income verification purposes.