St. Louis Community Credit Union

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Credit Builder Loan

Unfortunately, most of us don’t grow up learning a lot about credit – period. It’s not uncommon to learn too late the value of earning and keeping a good credit score.

In conjunction with our Credit Check-Up service, St. Louis Community also offers just the right loan to help establish good credit or rebuild poor credit. Our Credit Matters loan is a savings-secured loan, and every member qualifies. Here’s how it works:

At the start, the proceeds of the loan ($600) are placed into a restricted savings account. Then over a period of 12 months, as you successfully make your monthly payments (about $50), the same amount becomes available in your savings account. Ideally, you will keep the entire funds on deposit and build a great savings plan at the same time!

Your successful payment history will then be reported to the credit bureaus, which can positively impact your credit score.