Young adults can often have trouble building a credit score simply because they have no credit history. They try to apply for a loan and often get declined only because they haven’t built up enough history for the lender to evaluate. We offer Secured Loans and Secured Credit Cards that can help build a fresh credit history, and even help repair damaged credit scores.

How does a Secured Loan work?
With a Secured Loan, a deposit or CD is held to secure the loan. As you pay down the loan, the secured funds are released back to your account. As you begin to repay the loan on time, you begin building a credit history or repairing previously damaged history. After enough time passes without missing your payment deadlines, your credit score should begin to increase. Once your credit score is high enough you can apply for an unsecured loan or credit card. You can have a secured loan on any loan products excluding mortgages.

How Does a Secured Credit Card Work?
With a Secured Credit Card, your credit limit is set based on the deposit that is on hold with the credit union. You must make the minimum monthly payment, and over time you will establish a credit history. Once you have increased your credit score enough you can request an upgrade to an unsecured credit card. Once the credit card is unsecured all funds being held are released back to you. If you wanted to establish a new Secured Credit Card you could do so with as little as $100, and you would eventually get that back once you are approved for an unsecured credit card.

Once you build your credit score high enough you will have more freedom to choose the types of loans and interest rates you want in the future. If you already have a good credit score you could use this product to reduce the interest rate on the loan products.

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