Need to build or rebuild your credit? Need a new appliance or furniture? Money for legal expenses? BlueOx Credit Union has a variety of financing options for every purpose and situation.
When you need a little extra money, a signature loan from BlueOx CU may be just what you need. With terms up to 60 months or a revolving line of credit, great low rates, and automatic payments, a signature loan is a perfect choice.
Credit Builder Loan
Do you need to establish credit, or improve your existing credit? Consider an American Dream Loan. This loan is what is commonly referred to as a credit builder loan, and acts as a “starting block” or a restart for those who may have difficulty qualifying for loans given their current circumstances or past difficulties.
The loan employs a multi-step approach, and also includes financial counseling by our staff to help individuals be successful in establishing or re-establishing good credit. The first step involves a loan of $1,000 for a twelve-month term. Although borrowers may be tempted to pay it off early, we recommend continuing to make payments for 12 months to establish a good pattern of on-time, full payments. Then, once the first loan is repaid, the second step is a loan of up to $2,000, at a lower interest rate. This time, the term can be extended, up to 24 months. Again, it is recommended that borrowers maintain the loan for at least 12 months, to continue evidence of a positive pay pattern on the borrower’s credit report. Our staff will continue to be a resource to ensure positive progress!
Once these steps are completed successfully, borrowers will likely have the ability to obtain other types of loans at very competitive interest rates.
Share or Certificate Pledge Loan
Another option for building credit or simply securing a loan at a competitive interest rate is a share or certificate pledge loan. Members can “pledge” funds already on deposit in a share account or CD as “collateral” to secure their loan at an advantageous interest rate.Go to main navigation