Establishing good credit is one of the pillars of smart money habits —even signing up for your own cell phone plan requires good credit! Building credit will help you get the best rates when you do need to borrow money for large purchases such as a car or a house—which means you’ll end up paying less and you’ll be able to pay big purchases back faster. Get ahead of the game! We have some great credit-building options to help you.
Credit Builder Loan
With the Credit Builder Loan, it’s easy to build credit! You will borrow $500 that will be deposited to a secured savings account. You will repay your loan in 6 monthly payments.
- Payments can be set up for auto pay—so you’ll never miss a payment!
- After 6 months of on-time payments you will have built a credit score!
- When the loan is paid off the $500 you borrowed will be released. Save it or spend it!
This loan can also be used to improve low credit scores. Apply online or in person.
Build credit while learning how to use a credit card! The secured VISA card is a great tool. A security deposit is required as collateral for this VISA card. Your funds will be deposited into a special interest bearing savings account. Credit limits will be set at 90% of the deposit amount. Some of the features of the secured card include:
- Low fixed rate of 12.95% APR
- Balance transfer rate of 7.99% APR!
- Worldwide acceptance of VISA logo
- No annual fee
- No cash advance fee (interest will apply)
- Same low rate for purchases and cash advances
- View your account online at www.eZCardinfo.com
Click here for VISA disclosure
Click here to apply for your secured VISA Credit Card
Yes, a car loan is a possibility! To qualify for your first car loan you will need:
- 10% down payment toward the purchase of your vehicle
- Verifiable income (like a paystub)
- Note: with a qualified co-signer, the above requirements may be eligible for waiver.
Loans are available for all types of vehicles, including cars, trucks, and motorcycles. Some features include:
- Same rate for new and used
- .25% off rate with auto-pay
New to buying a car?
Click here to learn more about preparing for this important purchase
Click here for financial calculators and estimate your payment
Click here to apply
Private Student Loans
The Tongass Federal Credit Union* Smart Option Student Loan® by Sallie Mae® is an ideal solution to help bridge that gap between federal loans and the cost of your education expenses. Smart Option Student Loan features include:
- Borrow up to 100% of school certified education costs (minimum $1,000)
- New interest rate type for Academic Year 2012-13. We now offer competitive fixed interest rates in addition to our low variable interest rates providing even more choice and flexibility.
- Rates that reward creditworthy borrowers
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower rate
- Multiple in-school repayment options available
- Borrower benefits available – like rewards and interest rate reductions
- Fast Online Application. Our easy-to-complete application takes about 15 minutes. It's quick and easy.
- 24/7 online account management
- No prepayment penalty.
To learn more or to apply, please get started here.
* TFCU is compensated for the referral of Smart Option Student Loan customers.