This is specifically designed for:
- Members with little to no credit history
- Members with low credit scores
RMLEFCU members are able to establish or re-establish their credit rating with the three major credit bureaus with RMLEFCU acting as a gatekeeper. It works like a layaway plan: instead of getting the money upfront, borrowers make payments on the loan over a period of time, perhaps a year, and RMLEFCU puts the money in an interest-bearing savings account. As loan payments are made, the borrower can begin to access the money, although we recommend waiting until the loan is paid in full.
This loan is available to all RMLEFCU members over the age of 18 if they have the means to repay. RMLEFCU will arrange for a low monthly amount and set up automatic repayment options.
No upfront payment is required. You can borrow any amount between $500-$5,000 and the rate is determined based on your FICO™ score, using our signature loan rate.
The amount borrowed is placed in RMLEFCU’s share account where it will earn interest at the current APY (Annual Percentage Yield) of our savings account. The loan proceeds are placed on a special hold and once you make the repayments, you can access the money.
RMLEFCU members will enjoy the following after successful repayment:
- An improved credit score
- Benefit of lower interest rates on future loans (mortgage, car, etc.)
Your financial mistakes or lack of credit history will be a distant memory as creditors will now embrace you with a firm handshake instead of a head shake. RMLEFCU is “credit unioning” on you. We offer our members ways to improve their credit, establish new credit and fix any credit mishaps they may have had in the past. That is the Privilege of Partnership!