Credit Starter Loans to Build Credit - Genisys® Credit Union

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Credit Starter Loan

Just starting out?  First job?  First apartment?  Before you know it you may need your first big loan.  Be prepared when that time comes, and have a good credit history established by building credit with a Genisys starter loan!

The Genisys Credit Starter Personal Loan will help build your credit. When it’s time for your first auto loan  or your first mortgage you will have proven that you are a responsible borrower by making the payments on your credit starter loan (also known as a beginner loan), on time and consistently. This will help ensure you receive the best rates available.

The Credit Starter Loan is offered to 18-21 year olds with no credit history.

  • Maximum loan amount: $1,000
  • Maximum term: 12 months
  • as low as 11.74% APR fixed*
  • No collateral required
  • Genisys Credit Union member for at least 3 months
  • Proof of Income is required showing at least 6 months at current job.

Apply online or at a nearby Genisys Credit Union Location and start building credit and your financial future.

*Annual Percentage Rates (APR) and terms may vary depending upon payment protection package, and Direct Deposit of payroll, social security or retirement with AutoPay set up from a Genisys checking or savings account.  Approximate monthly payment would be $88.71 per $1,000 borrowed at 11.74% for 12 months

Credit Starter Loan FAQs

What is a credit starter loan?

By now, we all know how important a good credit score is. While maintaining a good credit score is crucial for things like getting loans or applying for apartments, it can be harder to actually get started having credit. Credit starter loans are designed for younger people that haven’t had the chance to establish credit yet, in order to help set them up for an easier financial future!

How do credit starter loans work?

Credit starter loans are similar to many other types of personal loans, in that they’re given without being needed for a specific purpose (as opposed to things like mortgages and auto loans). The primary difference is that credit starter loans are only offered to younger members (18-21) that have no established credit history - the loans are issued in smaller amounts to make them easier to repay, and are intended to help establish a credit score for someone who has no credit history yet.

How do these loans help start credit?

As one of the largest factors in building credit is debt repayment, these loans allow you to create a debt and then manage your payments. By making these payments on time and consistently, you can display to lenders that you’re responsible with your payments, and this will create a strong credit score to start from.

So I can get a credit starter loan with no credit?

Absolutely! Credit starter loans are designed to help teens and young adults get off on the right foot, financially speaking, and can be applied for even with no prior credit history.

How do I get a credit starter loan?

If you meet the criteria for the loan (between the ages of 18-21 with no existing credit history), all you need to do is apply in-person at a nearby Genisys Credit Union location, or fill out our online loan application!

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