Jump-start your journey back to a better financial position.
A stretch of bad fortune can cause your debt load to rise and credit score to plummet. This unique loan can make your financial outlook a good deal brighter, providing an infusion of funds needed to cover pressing obligations or a good opportunity to strengthen your credit rating.1
- Repayment terms of 12, 18 or 24 months2
- Annual Percentage Rate (APR) of 10%
- No origination fees
- Borrower must attend financial education class before loan money is disbursed
Purpose: Credit Building
- Total loan amount of $500
- Half of the money must be placed in a Certificate of Deposit3
- Hold is placed on CD funds until loan is repaid
- No minimum credit score requirement
Purpose: Purchases, Bill Payment or Other Obligations
- Loans up to $2,500
- Half of the money must be placed in a Certificate of Deposit3
- Money must be used for a true need (pay a bill or collection debt)
- Proceeds are made payable to third-party business and not the borrower or other individual
Qualifying participants are eligible to receive half of the loan amount, with the other half being deposited into a CD. The term of the CD should match the term of the loan. A hold will be placed on the CD until the loan is repaid. Part of the program design is that once the loan is repaid the participant has created a savings account.
In order to receive a Credit Advantage loan with United Bank, participants will be required to complete a financial education course through Financial Focus, United Bank's online financial education platform. Click Here for Financial Focus' Building Financial Capability playlist. Financial Focus provides an interactive financial education experience which is available 24/7 for participant ease of use. 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 off the preceding loan in full, 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 For example, a $2,500 Credit Advantage Loan at 10% APR for 24 months would have 24 monthly payments of $115.36. Actual terms may vary.
3 Individuals who do not have a credit score are only eligible for a loan of $500, half of which will be deposited into a certificate of deposit (CD).
United Bank is a full-service financial institution with branches in Alabama and Florida.