Whittier, CA—Credit Union of Southern California (CU SoCal) is now offering the Credit Builder Loan—a loan solution to establish or improve credit history.
The Credit Builder Loan helps those who have less than optimal credit history or no credit history. This new loan was created to help improve or establish credit history.
Unlike a standard loan that one applies for and receives funds, the $1,000 Credit Builder Loan provides the funds when the member has successfully made all payments for 12 months. After that, the $1,000 is available for the member to spend or keep as a savings account.
As the person successfully makes payments, CU SoCal reports that payment history to the nation’s top credit bureaus, helping the member establish a credit history. For those with a low credit score, successfully paying off a Credit Builder Loan may help improve their credit score.
“CU SoCal is committed to building better lives for our Members and future Members by offering products and solutions that are tailored to help improve their financial health. The Credit Builder Loan is another opportunity for us to serve Members who have less than optimal credit history or no credit history. We believe in second chances and also believe Members’ credit journey has to start somewhere—the Credit Builder Loan is a great solution for both of these scenarios,” stated Cory McDaniel, CU SoCal Senior Vice President of Lending.
Founded in 1954 as Whittier Area Schools Federal Credit Union, CU SoCal has a five-star financial rating from BauerFinancial, a nationally recognized independent bank research firm, and in 2020 was placed in the top 2% of all U.S. credit unions by DepositAccounts.com. Today, CU SoCal has more than $2 billion in assets and is dedicated to “Build Better Lives Through Exceptional Member Experiences, Every Time,” for more than 122,000 Member-owners. Membership is open to those who live, work, worship, or attend school in Los Angeles, Orange, Riverside, or San Bernardino counties. For more information, visit CUSoCal.org.