Copy of certificate of participation must be placed in member’s file.įor additional Credit Builder Loan Advances, once the initial or subsequent Credit Builder loan payment terms have been successfully completed, if member’s credit has improved since last advance, then the loan will be granted automatically. If member pays off current credit builder loan satisfactorily within the specified terms, then borrower may be eligible for a new Credit Builder Loan.įor initial loan request, if overall credit is less than satisfactory (Grade E), or no score then member will be referred to BFCU’s counseling services and must obtain a certificate of counseling participation before initial loan advance. Member can only have one loan of this type with Border Federal Credit Union. Loan terms can be extended up to a two (2) year term to allow for a lower payment amount. 15% APR* Credit Builder Loan ParametersĪpplicant must be a member or become a member of Border Federal Credit Union.Īpplicant must be employed with the same Organization/Company and/or in the same line of work no less than three (3) consecutive years under a full-time employment status to qualify for this loan.
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