At Metro Community Development, we work directly with consumers to help with personal lending options, and help move forward opportunities. Our Credit Builder Loan is designed to help people who have poor credit or who have little or no credit history build credit. The Fresh Start Loan is geared toward improving your credit, purchase a vehicle used to get to and from your job or to consolidate credit card debt.
These loans do not require good credit for approval. They do require that the borrower have enough income to make payments. The borrowers on-time payments are reported to the three major credit bureaus, Equifax, Experian and TransUnion. Because credit scores are calculated from information found in borrower’s credit reports, those on-time payments can have a big impact. Learn more about these loans by clicking the buttons below!
The Metro Credit Builder loan is designed to help people who have poor credit, or no credit history, to build their credit. A good credit score makes the approval process easier for other loans, better interest rates and lower insurance rates. Credit builder loans do not require good credit! They require that the borrower have enough income to make the payments. Because credit scores are calculated from information found in a borrow's credit report, those on-time payments have a big impact.
How Does it Work?
1.) Apply for the Metro Credit Builder through Metro Community Development. No credit report is required for loan approval. Applicants must provide 2 consecutive months of pay stubs, social security statements, pension, etc. and ACH from your bank account, monthly direct deposit withdrawl from paycheck.
2.) Get approved for the loan in the amount of $500-$1,000. The loan term is 12 months. The amount borrowed is held in an escrow account while the borrower is making payments.
3.) Make on-time payments for 12 months. Payments are due on the first of every month. Past due fees result on the 16th of every month on overdue amount. Delinquent payments will be reported to the Credit Builder Alliance. When the loan is paid off, the outstanding escrow balance will be paid through a check to you. If you default on the loan payments and do not complete the program, any balance in the escrow account will be paid to you.
4.) Watch you credit score rise! Your on-time payments are reported to the three major credit bureaus; Equifax, Experian and Trans Union. Upon completion, the loan will be reported to the Credit Builders Alliance as paid in full.
If the borrower is enrolled in one of our money management counseling programs, and has successfully completed the following items at the loan payoff, the borrower will receive a rebate along with the escrow proceeds. *See Metro Community Development for details at the bottom of the page.
Met monthly with a Money Management Counselor verified by letter from counselor
Increased their credit score by 20 points - verified by letter from counselor
Has made all credit builder loan payments on time
Has an open bank account for a minimum of six months - verified by six months of bank statements
Building Credit is Easy!
For more information, or to apply for the Metro Loan Builder,
contact Matthew Ronan at (810) 767-4622 ext. 360, or MRonan@MetroFlint.org
Fresh Start Loan
Does your credit need a fresh start? This loan is geared
toward improving your credit, purchasing a vehicle used
to get to and from your job or to consolidate credit card debt.
Borrow between $2,000 and $5,000, credit score will not be used in determining loan approval. Borrowers may have no more than two outstanding loans at one time.
What It Takes:
1.) Apply for the Fresh Start Loan through Metro
2.) Show a capacity to repay the loan repay with stable and consistent income.
3.) Complete financial counseling with a plan of action, goals and a budget.
4.) Pay off the loan within three years.