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Credit Builder Loans

Good credit is essential. Your credit score affects your ability to get a loan and determines the interest rates you pay. Our Credit Builder Loan enables members with impaired credit histories to rebuild their standing. You don’t have to pay higher rates because of your credit score.  Your credit union can help.

Features:

Member requests a loan amount of $500-$1000
Once approved, the loan is placed in a Great Erie Federal Credit Union Certificate over a term of one year
Once the loan is repaid in full, funds can be withdrawn from the Great Erie Federal Credit Union Savings Account as desired
Another loan will not be granted until the Credit Builder Loan is repaid in full
All applicants must be in good standing with Great Erie Federal Credit Union
Applicants must have the capacity to repay the loan

Benefits:

Low monthly installment payment
Promotes improved savings habit
A report of your favorable payment history will be sent to the credit bureau


If you’d like to start rebuilding your credit score with a Credit Builder Loan, please call our Loan Office at 662-1311 option 2