*Faster access compared to standard payday electronic deposit and subject to your employer submitting payroll information prior to payday. Your employer may not submit payroll information early. Direct Deposit changes may take up to 1-2 pay periods to take effect.
The Credit Builder loan holds the amount borrowed in a share account that has a hold on the loan proceeds. Member makes regular monthly payments, and once the amount borrowed is paid back in full, the hold on the loan proceeds is released and the member has access to the funds. Loan Interest Rate: 1 year Treasury rate plus 3% margin. Savings interest rate on proceeds: Savings rate is the current standard share savings account rate. Loan amounts can be either $600 or $1200. Loan Term is 12 months. Your credit will be pulled. A FICO score is not required. There is no maximum bankruptcy score. No active bankruptcy or prior loss to FPCU must exist. Must be current on all active FPCU loans. Minimum $1,000 per month gross monthly income, with proof of income required. 50% maximum debt-to-income ratio. Derogatory credit other than loss to FPCU is not a factor in the loan decision. If a member goes 45 days past due, the funds in the share account are liquidated to pay the balance. The member’s credit report will show the 30 day past due record and the account will be reported as paid/closed. An FPCU Membership is required to qualify for this loan.
Savings Secured Mastercard subject to credit approval. Rates are variable and may change. Balance transfer fee of 3% or $10 (whichever is greater) applies. Balance transfers not available for current Financial Partners credit card or loan balances. Rates as of 3/19/2020 and are subject to change without notice. Conditions, restrictions, and terms may apply.