NACDC Financial Services resource
Could a Credit Builder Loan support your next step?
If you are carrying several credit-card balances or other debt, the goal is not to rush into another loan. Start by understanding the full cost, what the loan would pay, and whether the payment fits your budget.
Current program details
- Interest rate
- 8%
- Application fee
- $25
- Collateral
- Collateral is needed for half of the projected loan amount.
NACDC may consider nontraditional collateral, such as a television, computer, or similar property. NACDC determines whether proposed collateral is acceptable and what value it can support.
When it may be worth asking about
You want help reviewing whether one structured payment could support your credit and housing plan.
You want to understand which debts may need attention before applying for a mortgage.
You would like a counselor to review affordability, costs, and possible next steps with you.
Questions to ask before applying
- What debt or creditor would the loan pay?
- What would the monthly payment and total repayment be?
- What collateral would NACDC accept, and how would it be valued?
- Would the payment fit after housing, food, utilities, transportation, and other essentials?
- How would payments be reported to the credit bureaus?
Talk before you decide
Review the option with Shelby Hughes.
One-on-one counseling can help you compare the loan with your budget and homeownership goals. Applying does not guarantee approval, and program terms should be confirmed with NACDC before you apply.
Program information provided by NACDC Financial Services. Learn more on the NACDC Financial Services resources page.