Establish or rebuild a good credit score
At TCT, our purpose is to serve, guide and support our members on their financial journey. Our Credit Builder / Rebuilder Loans are designed to help assist members who may not qualify for another type of loan due to insufficient credit, or a low credit score.
Why get a TCT Credit Builder Loan?
A TCT Credit Builder Loan can be a great way to show lenders that you can pay down a small loan responsibly. The better credit score that results can open doors for larger opportunities.
How does a TCT Credit Builder Loan work?
Loan amounts of $500 — $1,000 will be deposited by TCT into a specially designated Savings Account and will be reserved in the member’s name as collateral. The loan is then repaid on a monthly, bi-weekly, or weekly basis over time, up to 24 months. The funds become available as the loan balance is reduced.
No money down is required from the member.
After about 6 months of timely payments, the member will get a FICO score if they did not have one previously. For best results, the member must make timely payments on any other outstanding debts that are reported to credit bureaus.