The best credit-builder loans in Idaho are from Idaho Central Credit Union because it offers low APRs, loan amounts from $500, and monthly credit-bureau reporting. Idaho Central Credit Union will also put the money into an interest-bearing account, which could make up for the cost of your APR slightly. If you make on-time payments with an Idaho Central Credit Union credit-builder loan, your credit score will increase.
Best Credit-Builder Loans in Idaho
Idaho Central Credit Union
Idaho Central Credit Union offers credit-builder loans with an APR of 3.90% and term lengths of 6 - 36 months. Idaho Central Credit Union does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Idaho Central Credit Union if you are at least 18 years old, have a savings account, have enough income to make monthly payments and are a member of Idaho Central Credit Union. To qualify for a membership, you must be employees, employers, students, and retirees of certain industries as defined in the North American Industry Classification System and outlined in Idaho Central Credit Union's laws.
Self offers credit-builder loans with an APR of about 16% and term lengths of 12 to 24 months. Self does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Self if you are at least 18 years old, have a bank account, and have enough income to make monthly payments.
Sunrise Banks offers credit-builder loans with an APR range of 15% to 21% and term lengths of 12 to 18 months. Sunrise Banks does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Sunrise Banks if you are at least 18 years old, have a bank account and have enough income to make monthly payments.
You aren't guaranteed to get all of your money back when your credit-builder loan term ends, due to interest payments and fees. But the improvement in your credit is worth it.
If you're having a hard time getting approved for a credit-builder loan in Idaho there are other options available to you. For example, you can check out WalletHub's editors' picks for the best credit cards for building credit, as well as the best personal loans for no credit or bad credit.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.