Credit Advantage Loans
At United Bank, we care about our customers’ financial well-being and want to help them gain control of their money. One way we do this is with our Credit Advantage Loans. These personal loans offer competitive low rates, minimal credit requirements and affordable monthly payments.
But there’s more: our Credit Advantage Loans include a savings component that encourages borrowers to start saving, improve their finances and, ultimately, raise their credit score. Borrowers are also provided valuable financial education to help them better understand money management and make smart decisions going forward.
Credit Advantage Loans are available for two distinct purposes:
Credit Building
Making on-time monthly loan payments and building savings can help boost borrowers’ credit scores. Here are the details:
- Loans up to $5001
- $250 of the loan must be placed in a savings account (CD)2
Purchase, Bill Payment or Other Obligations
Borrowers can get out of debt and start saving, which can improve their credit score and future financial opportunities.
- Loans up to $2,5001
- Half of the loan amount must be placed in a savings account (CD)
- Loan proceeds will be paid directly to creditors or other third-party business
(not to borrower or other individual)
Terms, Rate and Fees
- Loans are available for 12, 18 or 24-month terms
- Annual percentage rate (APR) on all loans is 10%
- No fees (origination or late or FL doc stamps)
Customers are limited to three Credit Advantage loans. The loans can be concurrent as long as the borrower has completed the required financial education course, paid down the preceding loan to half of the borrowed amount, and still meets the debt-to-income requirement. Participants needing more than three loans will be required to attend additional financial education courses.
1. Loans subject to credit approval.
2. Individuals who do not have a credit score are only eligible for a loan of $500, half of which will be deposited into a savings account (CD).
