To help members rebuild their credit, Family First FederalCredit Union has rolled out a new loan that will not deny anapplicant based on their credit score.
|The Credit Rebuilder loan amount is up to $1,000 at 18% interestup to 12 months. Once the loan is paid off, the member can qualifyfor an additional $500 totaling $1,500 on all new loan requests.Applicants must be a member of the $169 million Family First FCUfor at least three months, have direct deposit and be employed fora minimum of three months not including seasonal work.
|"We understand that many members have fallen on hard times dueto unforeseen circumstances," said Ben Wiseman, assistant vicepresident of consumer loans at the Orem, Utah-based CU. "In talkingto many of our members, we felt it was critical to offer a lessexpensive solution than payday loans, and in doing so, assist ourmembers in rebuilding their credit."
|Family First FCU said it will pull a credit report and coach themember on what makes up the score and how to improve it. As themember successfully pays back the loan, they can increase the loanamount and continue to work at building a good credit history.
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