Grace Enfield, Content Writer
@grace_enfield
The best credit-builder loans in Texas are from Houston Highway Credit Union because it offers low APRs, loan amounts from $1,000 and monthly credit-bureau reporting. Houston Highway 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 Houston Highway Credit Union credit-builder loan, your credit score will increase.
Best Credit-Builder Loans in Texas
Houston Highway Credit Union
Houston Highway Credit Union offers credit-builder loans with an APR range of 4% - 6% and term lengths of 8 months. Houston Highway Credit Union does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Houston Highway Credit Union if you are at least 18 years old, have a bank account, have enough income to make monthly payments and are a member of Houston Highway Credit Union. To qualify for a membership, you must be an employee of any sponsors (employers, companies, or an association) that is a current SEG (Select Employee Group) with Houston Highway Credit Union, or any close relative of a member.
Associated Credit Union of Texas
Associated Credit Union of Texas offers credit-builder loans with an APR of 9.99% and term lengths of 6 months. Associated Credit Union of Texas does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Associated Credit Union of Texas if you are at least 18 years old, have a bank account, have enough income to make monthly payments and are a member of Associated Credit Union of Texas. To qualify for a membership, you must live, work, worship or attend school in Austin, Brazoria, Brazos, Burleson, Chambers, Fayette, Fort Bend, Galveston, Grimes, Harris, Lee, Liberty, Matagorda, Montgomery, Waller, Washington, or Wharton Counties or within a 10-mile radius of one of their branch locations.
RBFCU
RBFCU offers credit-builder loans with an APR range of 7.700% - 17.900% and term lengths of 6 - 36 months. RBFCU does put your money in an interest-bearing account.
You can apply for a credit-builder loan from RBFCU if you are at least 18 years old, have a bank account and have enough income to make monthly payments. a
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 Texas 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 Texas
Compare OffersPeople also ask
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... read full answer
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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... read full answer
show lessHow 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... read full answer
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