Personal Loans in District of Columbia

The best credit-builder loans in District of Columbia are from CommonWealth One Federal Credit Union because it offers low APRs, loan amounts from $500, and monthly credit-bureau reporting. CommonWealth One 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 CommonWealth One Federal Credit Union credit-builder loan, your credit score will increase.

Best Credit-Builder Loans in District of Columbia

CommonWealth One Federal Credit Union

CommonWealth One Federal Credit Union offers credit-builder loans with an APR range of 9.99% fixed rate and term lengths of 12 months. CommonWealth One Federal Credit Union does put your money in an interest-bearing account.

You can apply for a credit-builder loan from CommonWealth One Federal Credit Union if you are at least 18 years old, have a bank account and have enough income to make monthly payments and are a member of CommonWealth One Federal Credit Union. To qualify for a membership, you must live, work, worship, go to school, or volunteers in the following areas: City of Alexandria, VA (specific areas), Washington, D.C.,City of Harrisonburg, VA, Warren County, VA, Clarke County, VA.

Sunrise Banks

Sunrise Banks offers credit-builder loans with an APR range value between 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 and are a member of Sunrise Banks.

Self

Self offers credit-builder loans with an APR range of 16% fixed rate 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 and are a member of Self.

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 District of Columbia, 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.

To get a personal loan from a credit union in District of Columbia, first search for local credit unions that offer personal loans, then compare their terms and get pre-qualified if possible. Next, become a member of the credit union, submit an application for a personal loan, and wait for approval and funding. Aside from the membership step, the process of getting a loan from a credit union in District of Columbia is actually pretty similar to getting a personal loan from any other type of lender.

How to Get a Personal Loan From a Credit Union in District of Columbia

1. Find credit unions. Search for credit unions in your state.
2. Compare personal loans. Narrow down your choices based on APR ranges, fees, loan sizes, payoff periods and more.
3. Get pre-qualified. Some credit unions may allow you to pre-qualify for a loan, which will show you your approval odds and the rates you might get if approved.
4. Pick a loan. After comparing offers and checking for pre-qualification, pick the loan that works best for your needs.
5. Become a member. Most credit unions will require you to become a member before applying for any financial products. You should be eligible to join most credit unions in the area where you live, work or go to school. Membership usually involves opening an account with a very small deposit.
6. Apply for a loan. Credit unions may offer applications online or over the phone, but one advantage is that you can also typically apply in person with a loan specialist.
7. Wait for a decision. You will typically find out if you are approved or denied within a few business days.
8. Receive your funds. Assuming you are approved, you should usually receive your money in your bank account within 7 business days of applying (or a bit longer if you choose to get it by check).

Finally, it's important to note that if you get a personal loan from a federal credit union in District of Columbia, it will have an APR cap of 18%. If you get a personal loan from a state-chartered credit union, the maximum is 24%.