LEDC’s Credit Builder Loan ranges between $500-$2,500 and is a tool designed to help you build or repair your credit score.
Please note that this program is intended solely for credit building. For small business loans, please visit ledcmetro.org/lending
- If your credit is invisible (no credit)- you are eligible for a credit builder loan of $500-$1000
- If you are seeking to repair or improve your credit- you are eligible for up to $2500
- Up to 36 Monthly Installments
- From $500 up to $2,500
- 4.5% Fixed Interest Rate
- Personalized 1-ON-1 Credit Counseling
Monthly payments (Average estimate)
| $500 | $1,000 | $1,500 | $2,000 | $2,500 | |
| 12 months | $42.69 | $85.38 | $128.07 | $170.76 | X |
| 24 months | $21.82 | $43.65 | $65.47 | $87.30 | $109.12 |
| 36 months | X | $29.75 | $44.62 | $59.49 | $74.37 |
How it Works:
- Must be interested in establishing or improving credit scores. (this is not a personal loan)
- Apply for a loan
- Underwriting (1-7 days on average)
- Loan decision via email
- Note: If approved, the loan will be used to pay off debt to help improve your credit score. Remaining funds, if any, will be deposited into your account.
You will need:
☐ A completed Credit Builder Loan application
☐ Last 3 months of bank statements
☐ Last month of pay stubs (if self-employed, only bank statements)
☐ Government-issued photo identification (driver’s license, passport, etc.)
Benefits to You (the borrower)
☑️ Get reported to all three bureaus
☑️ All 3 credit bureaus will receive your positive payment history
☑️ Borrowers can take advantage of FREE financial coaching to learn about budgeting, debt management, and credit-building
☑️ Borrowers who reduce credit card debt and fix past due accounts and collections may observe an improvement of their credit score between 20 to 100 points.
☑️ Pay off collections of up to $2,000 OR Pay off high-interest debt and cover cost
Other Considerations
- No minimum credit score is required.
- Clients are not eligible for this program if they have past-due accounts of over $2,500, tax liens, court judgments, or child support.
- Clients must be current in all credit report accounts (excluding medical payments and traffic tickets).
- If you have recently filed for bankruptcy, please allow a minimum of one year to pass before applying.
