APR=Annual Percentage Rate. Loan approval and APR based on creditworthiness, payment method, and ability to repay. Rates, terms, and conditions are subject to change. See credit union for more information.
 APR=Annual Percentage Rate. Loan approval and APR based on creditworthiness, payment method, and ability to repay. Rates, terms, and conditions are subject to change. See credit union for more information.
Good credit is an important component of financial health and leads to better interest rates on future loans and greater potential savings. But in order to qualify for a credit card or loan, you need to have already established good credit.
So how do you build credit if you can’t yet qualify for a loan? A CCCU Share Secured Loan can help.
With a CCCU Share Secured Loan (also referred to as Credit Builder Loan), you’ll pay less interest than you would on other types of loans aimed at people who don’t have much of a credit record—all while you’re building up your credit.
Here's how it works:
Paying in cash doesn’t build credit. But with a loan, when you make a monthly payment, it is reported to the credit bureaus. Paying on time and in full every month helps to build good credit. Of course, there are other factors that go into building credit, but on-time payments is an essential element.
Share Secured Loan options are often overlooked, but can be a valuable way to access cash, pay down higher-rate debt, and build credit. When you’re ready, apply online. If you have questions about Share Secured Loans or building credit, contact us. We’re here to help.
Enjoy browsing our collection of recent articles relating to building credit, personal finance, and more.
A savings secured loan uses the value of your existing savings account to back your loan. It allows you to borrow money for most purposes while leaving the funds in your savings account in place, so it can earn dividends. Savings secured loans are also a great way to build credit.
Yes, we require a credit report check for a savings secured loan.
Your savings account displays 2 balances: your current balance (how much is in your savings as of the previous day's close of business) and your available balance (how much is available for you to use at that time).
After being approved for a share secured loan, we’ll ask you to sign some documents and then place a hold on the available balance in your savings account in the amount you’re applying for.
As you make payments, your available balance will increase by your payment amount minus this payment’s interest due. Funds are released 24 to 48 hours after a payment is made.
Yes, you’ll continue to earn dividends on the full current balance in your savings account.