Student Credit Builder Loan

Student Credit Builder Loan

Helping students establish credit at an early age

Ideal Student Credit Union offers a special loan for those looking to establish credit and build a solid financial foundation. A sound credit record can help in applying for jobs, house or apartment rentals, credit cards, auto and other loans, and much more later in life.

How the Credit Builder Loan works:

  • Loan is granted up to $2,500 for up to 18 months. No credit check required.
  • Funds from loan are then placed on a hold in your savings account.
  • Monthly payments are made to loan to help build credit
  • Once loan is paid in full, the funds on hold in your account are released and now are yours to use!

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Loan funds are held in the share savings account until the loan is paid in full. Payment example: on a loan with 3.05% Annual Percentage Rate (APR) over an 18 month term, monthly payments would be $56.91 per $1,000 borrowed. Loan rate varies as share rate changes. Monthly or biweekly payment options available. If delin­quency exceeds 61 days, share account will be cashed out and the loan repaid in full. Autopay may be required. Terms and conditions of the Credit Builder Loan are subject to change. Co-signer required on loans for individuals under the age of 18. Not all members will qualify. Depending on members’ specific circumstances, it is possible that not all members will have a stronger credit record at the end of the term.