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Secured Loans
Loans to fit your needs.

Red River Credit Union offers ways to improve your credit score with a selection of deposit-secured loans. When the loan is paid off, funds are released for your use:

  • Quick approvals
  • Convenient eSign
  • Multiple payment options

Rate and term based on credit score. Rate subject to change without notice. With Approved Credit.

  • Secured Loan Rates

    Rates Effective: 08/21/2019  

    Loan Type Term APR* As Low As
    Share Secured up to 60 months 2.25%
    Credit Builder up to 12 months 2.25%
    Certificate Secured up to 12 months 2.00% above Certificate Rate
    Money Market Secured up to 60 months 2.25%

    *APR = Annual Percentage Rate. Rate and term based on credit score. Rate subject to change without notice. With Approved Credit.

  • Credit Builder Loan

    Start building credit today!

    The RRCU Credit Builder Loan is a great way to build your credit. This loan is specifically for helping to start or re-establish credit history and your payment history reports to all three credit reporting agencies!

    Who should apply for a Credit Builder Loan?

    • People who have not yet built their credit history
    • People seeking to improve their credit

    Three easy steps:

    1. Request a Credit Builder Loan - Go to your local RRCU branch or apply online at Request a “Credit Builder Loan” and complete a short application.
    2. Make your payments - Your loan funds are held in your savings account while you make payments for the full term of the loan. Making a regular monthly payment through completion of the term allows you to establish a regular payment history on your credit report.
    3. Receive your funds -
      • Dividends earned are released monthly throughout the loan term and are available for use right away. RRCU reports your payment history to the credit bureaus, which can help demonstrate your creditworthiness as a future loan candidate.
      • Once your loan is paid off, the funds (loan amount) will be released and available for your use.



    Anything else I should know about a Credit Builder Loan?

    • A Credit Builder Loan does not provide immediate funds for member use. Instead, the funds are secured in a savings account or share certificate until the loan term is complete.
    • You can request up to $2000.00 for your Credit Builder Loan with a max term of 12 months.
    • Members can pay off their Credit Builder Loan early. However, regularly scheduled monthly payments are important for building credit. If you secure a Credit Builder Loan, you should plan to make regular payments through the loan’s scheduled completion date.


    What is a Credit Builder Loan?

    A Credit Builder Loan is a loan designed to assist members with no credit or poor credit to assist in building a better credit history. The money borrowed is secured in the member’s savings account throughout the life of the loan.

    How much will a Credit Builder Loan improve my credit score? Many different variables can affect your credit score, so there is no standard on how much a Credit Builder Loan will improve a credit score. However, your credit report will reflect your successful completion of on-time, scheduled payments, which shows your commitment to improving your credit.

    Is there a fee to get a Credit Builder Loan? Applying for a loan is fee-free. With a Credit Builder Loan, you will be required to pay interest on the loan, but you’ll receive a portion of that interest back in dividends on your funds (savings) monthly throughout the duration of the loan.

    Once I pay off the Credit Builder Loan, will I qualify for another loan with RRCU? Successfully completing a Credit Builder Loan does not automatically qualify you for additional loan products. However, the Credit Builder Loan is reflected as being paid on your credit report, so RRCU will take this into account as a reflection of your financial responsibility.

    What happens if I miss a payment or stop paying on the loan? Late payments and defaulted loans will be reported to all three credit reporting agencies.

    What's the difference between a Credit Builder Loan and a payday loan?

    • A Credit Builder Loan allows you to hold a specific amount in an RRCU savings account or share certificate and make regular payments until you’ve paid the full loan amount. This loan option is intended to help you build a strong payment history that can be reflected on your credit report and considered when you make future lending requests. All at great rates.
    • Payday loans, which RRCU does not offer, provide instant funds for use, often at extremely high interest rates. If you currently have a payday loan and are struggling with high interest rates, consider talking with an RRCU loan officer to see if we can help.

    * APR=Annual Percentage Rate. With approved credit. Rate and term based on year model, amount financed and credit score. Rates subject to change.

Lending Options To Meet Your Financial Needs

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