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Brooklyn Cooperative - Federal Credit Union
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Credit Builder Loans

Credit Builder Loans

Build or Repair Your Credit History.

Credit builder loans help you set up convenient monthly payments toward a set loan amount so that your can establish a new, on-time payment record on your credit history.

Take, for example, a credit builder loan for $500.  First the loan proceeds are frozen in your credit union account, where they earn interest.  If you set up $85 payments for a $500 over a period of six months, the credit union reports your on-time payments every month to all three credit bureaus.  Repayments of installment credits (i.e. loans) build your credit faster than on-time payments of credit cards of credit card bills. 

At the end of the six months, not only do you have a higher credit score, but you also have your $500 goal amount available in your account. The loan interest rate is 8% APR.

APPLY ONLINE NOW!

Download the application.

current loan rates

Loan size

Rate (Fixed)

Maximum Term

Fees (in addition to $20 application fee)*

Any amount

8%

12 years

None