Is your credit currently under construction? A work-in-progress? Non-existent? Start improving your credit situation today!
The credit builder product is designed to give those with poor or limited credit the opportunity to begin to establish (or re-establish) credit while simultaneously building equity in a deposit account. In addition, it will dovetail with the Financial Foundations for Adults self-paced financial literacy training program. Back in January, First Bank of Wyoming shared information about their Financial Foundations program right here on Reboot.
What do you need to know about the Credit Builder Loan?
- $500 minimum loan, $1500 maximum loan, 6-18 month repayment terms-see a Personal Banker for details. Example of typical transaction: The monthly payment amount would be $131.90 on a 12-month loan for $1,500.00. Other fees may apply.
- Interest rate is 9.99% APR. However, completion of the free Financial Foundations learning program can reduce your APR by 2.00% (Only the interest rate would be reduced. There would be no change to the monthly payment amount.)
- Loan is secured by funds deposited into a savings account.
- No origination fee on the Credit Builder Loan.
Here’s what First Bank of Wyoming Personal Bankers are saying about the Credit Builder Loan:
“We want to help you re-establish your credit.”-Kay Karst, Powell
“The loan is an opportunity to begin rebuilding or re-establishing credit. In addition to the loan the bank offers, the Financial Foundations online courses help to give a better understanding of how credit affects you.”-Tara Hart, Cody
“The Financial Foundations program gives you a great opportunity to expand your financial knowledge.” -Charis Bischoff, Lovell
Stop by any branch in Powell, Lovell or Cody and speak with one of the personal bankers listed below to learn more about this program and other great products and services offered by First Bank of Wyoming.
Powell-245 E 1st Street
Lovell-284 E. Main Street
Cody-1507 8th Street
Cody Downtown-1426 Sheridan Avenue