Credit Builder Loan
Build Your Credit • Save Money • Earn Interest
Do you have less than perfect credit, little savings and find it difficult to get a loan? We understand that sometimes life happens and Genisys is here to help you with our Credit Builder Loan.
The Credit Builder Loan will help you save money and rebuild your credit score with a positive pay history. When you get a Credit Builder Loan, the proceeds from the loan will be deposited to your Genisys savings account, acting as collateral for the loan. Once you repay your loan, the funds in your savings account become available to you. It's a great way to start repairing your credit and building savings.
Credit Builder Loan details:
- Loan amounts: $1,000 to $5,000
- Loan term: 12 months per $1,000 borrowed
- Low fixed 5.99% APR*
- Proof of Income is required
- Loan Payments secured in a Genisys savings account
Apply today and start building your financial future.
- Apply online 24/7 Opens a New Window.
- Download an application
- Use the Genisys Branch locator and Apply in person
- Call a Financial Services Representative at 800-521-8440, ext. 5
Credit Builder Loan FAQs
What is a credit builder loan?
A credit builder loan is exactly that - a loan designed to help you establish or rebuild credit that may be a little less than perfect. By using this loan to help establish a positive pay history, you can start to repair your bruised credit and open up a new world of financial possibilities for yourself!
How can you build credit with a credit builder loan?
A big part of your credit score, and your overall financial health, is calculated by your repayment history. Credit companies will typically look at how often you’re able to make payments for loans or credit cards on time, and at at least the minimum amount, when determining your credit score.
Credit builder loans, as a result, primarily help build or rebuild your credit score by offering you a chance to establish a good payment history, among other things. Your loan is given a 12-month term with which to help establish a better payment history, and as you make payments over the term of your loan, you’ll be able to watch your credit score improve over time.
Can you get a credit building loan with bad credit?
Absolutely! A credit builder loan from Genisys is designed for anyone that has less-than-stellar credit as a means to help rebuild their financial standing. Even if you have imperfect credit, contact Genisys to see what we can offer!
How long should I keep a loan to build credit?
When trying to rebuild credit, a shorter loan term is typically best, as it provides you more opportunity to build your payment history. Genisys credit builder loans offer a term of 12 months with a fixed payment every month, allowing you to stick to a schedule and rebuild your credit faster than you could with a larger loan or a bigger term.
How do I get a credit builder loan?
Getting a credit builder loan with Genisys is easy! After you visit one of our locations or apply online, you’ll also need to provide a Proof of Income and open a Genisys savings account. From there, you can start making your payments, and once your loan payments are completed, you can access your money!
*Annual Percentage Yield designated as APR. Rates, terms and availability of product subject to change without notice.Go to main navigation