Credit Builder Loans

[shipo]

Rather than continue hijacking the https://www.bkforum.com/forum/before...pleted-3-to-go thread with discussions of Credit Builder Loans, I thought it might make sense to start a new thread.

A bit of context; there are any number of threads here chronicle the means various members have used to rebuild their creditworthiness following the discharge of their bankruptcies. One of the recurring recommendations is for folks to join a Credit Union and to secure a "Credit Builder Loan"; hence this thread.

In my case, I took the advice, looked into what is considered the best Credit Union here in New England, namely, DCU. Indeed, DCU lists a a "Credit Builder Loan", and contrary to consistent advice from the aforementioned threads, I opted to shop local instead of a national Credit Union like Navy Federal or Pentagon Federal. Well, that plan turned into a bust; I started the process to join DCU, making it through all but the final step of indicating which company, church, town, or living community I was a member of. Had this information been posted up front I sure as hell wouldn't have bothered wasting the time it took to apply.

Circling back to the advice regarding the national Credit Unions, I joined Pentagon Federal (aka. PenFed) Credit Union with no such constraints as placed upon those looking to join DCU. That's the good news; now the question...

Unlike DCU, PenFed does not list any obvious method of applying for a Credit Builder Loan; for those of y'all whom have successfully obtained such a loan from PenFed, how did you arrange for the loan?

[justbroke]

I hope it wasn't me that indicated that PenFed had a credit builder loan. I used a "share" savings loan from them. I think I had to call to get it done. I also had to tell them not to "mail" me a check and to just deposit it for me.