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PERSONAL LOANS
Credit Building Loan
Our credit builder loan helps you build or rebuild your credit while creating a savings fund for your future.
Credit building benefits for you
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Reach your goals: The GECU Credit Builder Loan1 can help build or rebuild your credit with timely monthly payments.
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Build your credit while growing your savings: Apply for a credit builder loan and we will place the funds from the loan in a 12-month credit builder certificate account.2
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Support your future: After paying off the credit builder loan, you gain access to the certificate account to continue to grow your savings.
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Credit union difference: We want to help you reach your financial goals with a competitive-rate credit builder loan.
We’re Here to Answer Your Credit Building Questions
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What is the GECU Credit Builder Loan?The credit builder loan helps build or rebuild your credit while developing a savings habit. This includes loans between $500 and $1,000 with a 12-month term3 that is placed in a 12-month certificate account to help build credit. Monthly payments that are made on-time may have a positive impact on your credit score. After the loan is paid off, you gain access to the certificate account to continue to grow your savings.
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How does a credit builder loan work?With a GECU Credit Builder Loan on approved credit, you can take between $500 and $1,000. When approved, the loan amount is invested in a certificate account with GECU. The money is held in the account while the loan is paid off. At the end of the term, the certificate is turned over to be cashed out or reinvested in a new certificate.
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How can I get a credit builder loan?Apply for a loan with our simple and easy-to-use online application. Do you have additional questions? Call us toll-free at 1.800.772.4328.
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Do credit builder loans work?A credit builder loan is great for those who want to establish or re-establish their credit. Our loans are specially designed to help build your credit with small loan amounts and a reasonable term. Make regular, on-time payments and watch how your credit score changes.
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What kind of loan is a credit builder loan?With GECU, a credit builder loan is a type of personal loan with a 12-month term period. The amount borrowed is small, making payments reasonable. Make monthly payments on time to see a potential increase in credit score.
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How can I build credit with a loan?Learn more about your credit score to understand what affects it and how loans and other types of credit make up a FICO score. You can build credit with a loan by making regular payments by the due date each month. A positive payment history is a significant factor that impacts your FICO score.
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How much can I expect my FICO score to increase?A change in your FICO score is dependent on many factors. Your score may increase by making timely payments on your personal loans and credit cards. Watch our free Credit Scores and Reports ImagineU video.
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What is FICO and how is it used?FICO is a three-digit number, more commonly known as your credit score, based on the information in your credit report. Lenders may use this to determine how likely you are to repay a loan.
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Where can I view my credit score?View your credit report from each of the three major credit bureaus once per year free of charge.
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What helps me build my credit?Making monthly payments on time, paying off debt, utilizing 30% or less of your credit and establishing long-term credit may affect your credit in a positive way. Watch our free Credit Scores and Reports ImagineU video.
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How long is the term of the loan?Our credit builder loan comes with a 12-month term.
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How do I know if the GECU Credit Builder Loan is good for me?The credit builder loan can assist those who want to build or rebuild their credit and it is available to any member as long as they meet the qualifications. Contact us today or call us toll-free at 1.800.772.4328.
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Do you offer other products that help improve my credit?Yes, we offer other products that may help improve your credit. We have financial counselors that can meet with you to discuss credit and budgeting. Schedule an appointment now to speak to a financial counselor.
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How does good credit help me?When someone has good credit, lenders tend to provide lower interest rates which impact the monthly payment and how much interest is paid at the end of the loan.
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