The NW Plus CU Credit Builder Loan is a simple way to begin building or rebuilding credit history*
There’s no minimum credit score, and no money required up front. Since rates are fixed, your monthly payment won’t change during the life of your loan. You even earn dividends as you pay off the loan. Both current NW Plus CU members and non-members are welcome to apply.
Plus, you have access to Credit Sense, our free credit score monitoring service, and all the other great NW Plus CU member perks like free online and mobile banking, Early Pay with direct deposit, shared branching, surcharge-free ATMs, and more.
How It Works:
Speak with one of our lending professionals to make sure the loan is right for you. Answer a few questions and determine how much you want to borrow.*
After your loan is approved we will deposit the funds to a NW Plus CU savings account for you and we will place a hold on the money until the loan is successfully paid off. The funds will earn dividends while you repay the loan.
We will report your loan and loan activity to the credit bureaus. Making regular, on-time payments can positively affect your credit score.**
Once you have paid off the loan the hold will be removed and the amount borrowed, plus any dividends earned are yours to use as you wish.
Call or stop by one of our branches to speak with one of our loan professionals to start building your credit today!
*Subject to approval. Borrowers must be at least 18 years old and live, work or worship in Washington. Maximum loan amount $25,000. The NW Plus CU Credit Builder Loan does not guarantee credit score improvement. Not eligible for Skip-A-Pay payment deferrals.
**Many factors affect your credit score. Improving your credit score depends on your specific situation and financial behavior. Failure to make monthly minimum payments on this and other loans by the payment due date each month may result in delinquent payment reporting to credit bureaus, which may negatively impact your credit score. This product will not remove negative credit history from your credit report.