Helping Borrowers Establish Positive Credit
Borrowers who have low or no credit face a catch-22: they are often turned down for loans, and when they are approved, they are charged higher interest rates. That in turn makes repayment more difficult.
What is Credit Builder?
- An advance on a $500-$1,500 loan.
- Loan proceeds are held in a secure Freedom First account while you repay it.
- The borrower receives the loan proceeds once it has been repaid.
- Eligible if you live, work, worship, or go to school in Botetourt, Craig, Franklin, Montgomery, or Roanoke Counties or the cities of Roanoke, Radford, or Salem.
Regular payments can potentially result in a significantly higher credit score.
In fact, new Freedom First Credit Builder members in 2013, who started with zero credit, had an average credit score of 630 after only 6 months.