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 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 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.
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.
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