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Not everyone has a perfect credit history – or maybe you have little or no credit history at all. At TruChoice, we have a couple of options that allow you to safely build or rebuild your credit.

Savings Loan

A Savings Loan is a loan that uses funds in a savings account as collateral. For example, a member with access to cash, but bad credit could take out a loan for $500 if he or she was willing to leave another $500 untouched in a savings account. Each time a payment is made, the principal of that payment is freed up in the savings account. 

Certificate Loan

A Certificate Loan is similar to a Savings Loan except the frozen funds are in a Share Certificate.

Credit Enhancement Loan

For members looking to build a credit history with no access to cash, the credit enhancement loan is a great option. For example, we might loan a member $500 to be kept frozen in a savings account. These funds would stay frozen in that savings account until the member pays off the loan.

Apply online today or learn more about Credit Building Loans: