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Credit companies will typically look at how often you’re able to make payments for loans or credit cards on time, and at at least the minimum amount, when determining your credit score.Ĭredit builder loans, as a result, primarily help build or rebuild your credit score by offering you a chance to establish a good payment history, among other things. By using this loan to help establish a positive pay history, you can start to repair your bruised credit and open up a new world of financial possibilities for yourself! How can you build credit with a credit builder loan?Ī big part of your credit score, and your overall financial health, is calculated by your repayment history.
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5Ĭredit Builder Loan FAQs What is a credit builder loan?Ī credit builder loan is exactly that - a loan designed to help you establish or rebuild credit that may be a little less than perfect. Call a Financial Services Representative at 80, ext.Use the Genisys Branch locator and Apply in person.Loan Payments secured in a Genisys savings accountĪpply today and start building your financial future.Loan term: 12 months per $1,000 borrowed.It's a great way to start repairing your credit and building savings. Once you repay your loan, the funds in your savings account become available to you. When you get a Credit Builder Loan, the proceeds from the loan will be deposited to your Genisys savings account, acting as collateral for the loan. The Credit Builder Loan will help you save money and rebuild your credit score with a positive pay history. Do you have less than perfect credit, little savings and find it difficult to get a loan? We understand that sometimes life happens and Genisys is here to help you with our Credit Builder Loan.
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