All branches of American Eagle Financial Credit Union will close at 1PM on Tuesday, October 18, for an all employee gathering. Account access is available 24/7 with online and mobile banking, as well as ATMs in the Allpoint and SUM networks. We will reopen, as usual, on Wednesday, October 19.
An easy-to-manage Checking account that can help build your credit history.
Our Credit-Builder program is designed to help people who have little or no credit history build credit. Credit-builder loans do not require good credit for approval. They do require that you have enough income to make payments. We offer a credit-builder loan at 0% APR1 and provide you with the opportunity to take some financial education courses (in-person and online) to complete the program and even get up to a $500 bonus2!
4 Easy Steps
Make payments on time. If you pay the loan as agreed, you build up good history on your credit reports. But a payment more than 30 days late will also go on your reports and can hurt your score.
Monitor your credit score. Use our credit score and reporting tool in Online and Mobile Banking. It's FREE, and you can see the activity in your updates. Your score should improve over time if you are making on-time payments.
At the end of the loan term, you get the money you paid and likely a better credit score. Plus a bonus if you attend our financial education program (see dates and courses below)!
See below for full details on the Credit-Builder loan and Financial Education class required to obtain a bonus. Print this handy checklist, too.
A credit-builder loan is a unique type of “loan” that helps you build credit or improve your credit score. It’s different from a traditional loan. With a traditional loan, the borrower typically receives the money upfront and pays the lender back over time. But with a credit-builder loan, the credit union holds the amount borrowed in a bank account (in this case a Certificate of Deposit or a “CD”) while the borrower makes fixed payments, therefore building their credit. The borrower gains access to the loan amount at the end of the term.
While other financial institutions offer these types of loans, here’s what makes American Eagle’s Credit-Builder Loan different:
Credit-Builder Loan Qualifications
How It Works
Monthly Payment at 0% APR
(depending on loan amt)
Added Incentive – Get Up to $500 Bonus2
Everyone can be better served by taking time to understand and firmly establish healthy financial habits. American Eagle offers several free resources online here, and are available anytime and to anyone – even if you’re not a member.
Your credit score may seem like a random number, but it provides financial institutions and other companies with a snapshot of how “creditworthy” you are, which can have a big impact on your life. Understanding how credit scores and reports work can help you achieve financial goals such as buying a home, leasing a car, or paying off debt. Our Financial Education classes are free and will give you the tools you need for financial success.
Plus, for a limited time, you’ll get up to a $500 bonus2 when you complete the following:
In addition to the interest paid on your CD during the life of your loan, you must complete all of the above to be eligible for the bonus.
Check back for dates in the fall.
Watch the Understanding and Building Credit Seminar recording here.
1. APR = Annual Percentage Rate. AEFCU Membership Required. Member allowed one Credit-Builder Loan per membership. Once all payments are made on your Credit-Builder Loan, you should see an improvement to your credit score, however results are not guaranteed. Improvement in credit score is dependent on your specific situation and financial behaviors. This product will not repair credit, and negative credit history will not be removed from your credit report, as a result of this program. Any withdrawal from the CD during the term of the loan, or delinquent loan payments will terminate the Credit Builder program. Should you decide to cancel or prepay the loan, you must contact an AEFCU lending representative as soon as possible to request to close the loan. In all situations above, any principal payments that were made up until that point will remain in the CD until the end of the term, and interest earned will be forfeited. Standard CD early withdrawal penalty rates apply for closing the Certificate of Deposit early. Notification and closure must be completed before the loan is 30 days delinquent to avoid reporting of negative payment history. Additional terms and conditions apply.
2. 12-month credit-builder loan qualifies for up to a $100 bonus; 24-month credit-builder loan qualifies for up to a $250 bonus; 36-month credit-builder loan qualifies for up to a $500 bonus. Courses must be completed 30 days prior to loan payoff. Bonus will be paid within 60 days of final payment of loan and successful completion of the online courses as outlined. Online courses require a print out of the certificate of completion that can be emailed to: [email protected] or brought to any branch.
Get in touch with a Representative
You'll need the following information to get started:
If you opened your account in a branch, you will have a purple card with your Account Number written on the back in your opening package.
If you opened your account online, a confirmation page would have been presented with a link containing your Account Number.
If you cannot find your Account Number, please call our Member Contact Center at 800.842.0145 and be prepared to answer security questions and provide your ID.
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Visit our site again soon.
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