Credit Starter Loan

By now, we all know how important a good credit score is. While maintaining a good credit score is crucial for things like getting loans or applying for apartments, it can be harder to actually get started having credit. Credit starter loans are designed for younger people that haven’t had the chance to establish credit yet, in order to help set them up for an easier financial future!

Credit starter loans are similar to many other types of personal loans, in that they’re given without being needed for a specific purpose (as opposed to things like mortgages and auto loans). The primary difference is that credit starter loans are only offered to younger members (18-21) that have no established credit history - the loans are issued in smaller amounts to make them easier to repay, and are intended to help establish a credit score for someone who has no credit history yet.

As one of the largest factors in building credit is debt repayment, these loans allow you to create a debt and then manage your payments. By making these payments on time and consistently, you can display to lenders that you’re responsible with your payments, and this will create a strong credit score to start from.

Absolutely! Credit starter loans are designed to help teens and young adults get off on the right foot, financially speaking, and can be applied for even with no prior credit history.

If you meet the criteria for the loan (between the ages of 18-21 with no existing credit history), all you need to do is apply in-person at a nearby Genisys Credit Union location, or fill out our online loan application!