Credit Rebuilder Loan Program

FMFCU is committed to helping our members build or reestablish credit after an adverse life event. Our Credit Rebuilder program allows a member to apply for a series of three small unsecured loans. For many members, this product has started the path to purchasing a vehicle or to home ownership. Members may also receive one-on-one counseling by a branch or eBranch representative.

Here’s how it works:

First step: 6-month $300 loan issued
Second step: 9-month $500 loan issued
Third step: 9-month $700 loan issued

Combined, these three loans are paid back over the term of 2 years, and if paid on time, establish positive trade lines with the three credit bureaus.

NOTE: Interest rates mirror FMFCU’s standard unsecured loan pricing and payment protection options are available. Borrowers should not be delinquent on current obligations at time of application.

Shared Secured Personal Loans

Another option to build or rebuild credit is a Share Secured Personal Loan. Just deposit a specified amount into an FMFCU account for safekeeping and, depending on the amount borrowed, the loan will be secured by the money in your account. You continue to earn dividends on your share account during the term of the loan.

Product details:

Terms: 1-60 months
Minimum: $500.00
Maximum: 100% of Secured Share Account
Collateral: primary share (savings) account or certificate. Collateral is held at 100% of loan balance. As you pay the loan back, funds will gradually become available on the collateral.
Interest rate: 2% over the savings or certificate APY (annual percentage yield) regardless of prime rate
Terms: 1-60 months

Loan payment performance will be reported to Credit Reporting Agencies and may assist in developing a positive credit profile.