Attention Members: Our Office Hours have temporarily changed in response to COVID-19 concerns. Read more here.
Atención miembros: nuestras horas de oficina han cambiado temporalmente en respuesta a las preocupaciones de COVID-19. Lea más aquí.
Building good credit is very important. Your credit score affects your ability to get a loan, credit card or mortgage, and the interest rates you pay. It can even impact your ability to rent an apartment or get a job.
Tired of being held back because of your credit score? Cooperative Federal can help. We specialize in helping members to establish or re-establish good credit using debt consolidation, financial counseling, and a special tool called the Credit Builder Loan.
One of the tools that we use to quickly build credit is an inexpensive (fixed 3.95% APR*) Credit Builder installment loan. With a Credit Builder Loan, you may:
Plus, at the end of the loan, you can walk away with a stash of savings -- cash that you can keep for emergencies or use for a down payment on a big purchase.
It doesn't cost much to use a Credit Builder Loan. For example, borrowing $1,000 for a year costs you only $21.32 in total interest paid. We charge a small Loan Documentation fee of $12, which can be financed into the loan if desired. There are no prepayment penalties if you pay early, and no fee to apply for the loan.
A Credit Builder Loan may be just right for first-time borrowers, people who don't have a credit score, or individuals who have damaged credit. If you're getting ready to buy a home or seek a small business loan, a Credit Builder Loan can prepare you for success. Our credit specialists will look at your entire financial situation, discuss your goals, and help you evaluate whether a Credit Builder Loan would benefit you.
Get started with your loan application. If you're already a member, you can apply for a personal loan online through Web Teller! Otherwise, you can download an application (pdf). Fill out this form and send it back by email, fax (315-476-0567), mail or delivery to any Coop Fed office. Or, simply request a paper application next time you stop by. If you have any questions, call the Personal Loans Department.
*APR is Annual Percentage Rate. Subject to credit approval. Credit Builder Loans will only be made to members who have the income capacity to repay the loan.
All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. Contact us for current rates, terms and conditions.