Credit Builder Loans in OKC

When you’re building credit from scratch or rebuilding your credit, a credit-builder loan allows you to show you can handle making consistent, on-time payments.

A credit builder loan helps:

Build Credit. Monthly payments are reported to credit bureaus. On-time payments will improve your credit score.
Loan Acceptance. Instead of deciding whether to offer a loan based on credit history, Focus Federal Credit Union considers other factors, including income, employment history, savings, and checking account balances.
Build Savings. You can effectively build extra savings with restricted access until it is paid in full.

Credit builder loans can feel counterintuitive, as you don’t gain access to the borrowed money until after you’ve paid it off. But it will allow you to establish a history of timely payments, increasing your credit score over time.

To qualify, you must have:

No established credit history
No derogatory payments
No subsequent loans

Getting a credit builder loan is easy. Your account could be set up the same day you apply. To be approved, you must provide information about yourself and your finances.

You’ll need to provide:

A form of identification (driver’s license, passport, etc.)
Social Security Number
Date of birth
Contact information
Six months of verifiable income
Two emergency contacts

If you don’t have a credit score, a credit builder loan at Focus Federal Credit Union can help you establish other good money behaviors, such as saving for a goal. A credit builder loan can prepare you for other financial products, such as personal loans or credit cards.

As an FFCU member, you can take advantage of:

Face-to-face loan closing
Credit counseling
Credit builder toolkit
0.50% discount with auto payment
Access to lower interest rates on future loans

Is a credit builder loan a good idea?

Deciding whether a credit builder loan is a good idea depends on your financial situation. It can be a good option if you have no credit score or existing debt and can make regular, on-time monthly payments, improving your credit score.

How much money can you get with a credit builder loan?

You can get a credit-builder loan from Focus Federal Credit Union for $250-$1,000.

Can you be denied a credit builder loan?

It’s possible to be denied any loan, including a credit builder loan. While your poor credit score or nonexistent credit history might not be grounds for denial in this case, you might be denied if you can’t prove sufficient income for the loan.

How long is a credit builder loan for?

Repayment terms for a credit-builder loan at Focus Federal Credit Union generally span six to 12 months.

Are there any negatives to consider with a credit builder loan?

A credit builder loan carries many financial upsides, but before you apply, you’ll want to determine if it is the right option for you. As with any loan, it can lower your credit score if you miss payments, which will potentially put you in a more challenging financial spot.

Why get a credit builder loan at Focus Federal Credit Union?

Credit builder loans allow you to demonstrate your reliability. Making on-time payments toward your loan will help you establish a positive credit history. A credit-builder loan at FFCU can get you on track to establishing your credit score.

Build your credit with Focus FCU

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Rebuilding credit is challenging. We can help.