Credit Builder Loan

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

Submit your Interest Form Today to Get Started!

Program Terms

Up to 36 Monthly Installments
From $500 up to $2,500
4.5% Fixed Interest Rate
Personalized 1-ON-1 Credit Counseling

Eligibility Requirements

Must be 18 years or older
Must be a DC, MD, or VA resident
Must be employed or able to demonstrate the ability to repay the loan (proof of income required)

Note: Applicants with recent missed payments or collections exceeding the loan amount will be required to meet with a financial coach before proceeding with the loan application.

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)
Submit Interest Form
If you’re eligible, our team will send you an email with a link to apply for the Credit Builder Loan.
Underwriting (1-7 days on average)
- Pay Credit Report Fee $32 nonrefundable (soft pull, no impact on score)
  We can not review your application until payment is received. Check your email/text for the Xpress Pay link
- Application Review An underwriter will review your file and may contact you for more info.
- Credit Counseling may be required to address items like collections, charge-offs, and spending habits.
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.

Must be interested in establishing or improving credit scores. (this is not a personal loan) Submit Interest Form

Ready to Apply? Let's Go!

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 demonstrate the ability to repay the loan.
If you have recently filed for bankruptcy, please allow a minimum of one year to pass before applying.

Start Your Application Today!