Skipping the "Credit Builder" loan

I joined a credit union Thursday. They have a “Credit Builder” loan at 10% interest. They put the money in your savings account and put a collateral hold on it. You make payments for a year, then they release the hold.

I decided to just to put the $85 a month into savings, the amount I would have paid on the loan. I want to save some money to move with. The $85 a month will give me $1,020 in a year. I moved the last $600 stimulus payment to the credit union savings, and I’m going to put the $1,400 in savings too.

I want to move into the Senior Citizen (62+) apartment building. I’ll be 62 in May, but don’t have the money to move with.


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