Grace Enfield, Content Writer
@grace_enfield
The best credit-builder loans in Louisiana are from Digital Federal Credit Union because it offers low APRs, loan amounts from $500, and monthly credit-bureau reporting. Digital Federal 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 a Digital Federal Credit Union credit-builder loan, your credit score will increase.
Best Credit-Builder Loans in Louisiana
Digital Federal Credit Union
Digital Federal Credit Union offers credit-builder loans with an APR of 5.00% and term lengths of up to 24 months. Digital Federal Credit Union does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Digital Federal 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 Digital Federal Credit Union. To qualify for a membership, you must live, work, worship or attend school in one of the communities listed by the credit union or be a relative of a DCU member.
Sunrise Banks
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.
Self
Self offers credit-builder loans with an APR range 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.
Final Thoughts
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 Louisiana 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.
2023 Best Personal Loans in Louisiana
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How do I get a credit-builder loan?
To get a credit-builder loan, first compare offers from the few companies that have credit-builder loans, then apply for the best one online. Once you're approved, you'll need to make monthly payments to the lender until the end of the loan term. Credit-builder loans don't require a certain credit score for approval, but you will need enough income to make monthly payments.
How Can You Get a Credit-Builder Loan
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What are the best credit unions for credit-builder loans?
The best credit unions for credit-builder loans are Alltru Credit Union and Digital Federal Credit Union because of their low APRs and affordable monthly payments. Alltru offers 50% of all the interest paid on the loan back, while an account through Digital Federal earns dividends. You must be a member to get a credit-builder loan from either of these credit unions, though.
Best Credit Unions for Credit-Builder Loans
Alltru offers 12-month credit-builder loans of $300 to $1,000...
read full answerHow do I get a personal loan with bad credit?
You can apply for a personal loan with bad credit, but most major lenders will not consider a credit score under 600. That's because typically, people with bad credit have a history of not paying their bills on time, or not paying them at all.
There's still hope though, as credit unions may consider applicants with poor credit. Other than those, there are the payday loans, but those come with increadibly high APRs and sometimes...
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