Section_Personal_CreditPlus

CreditPlus

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    CreditPlus is a small-dollar, short-term loan product designed to encourage participants to develop a regular savings plan.

    Who It Helps

    If you are caught up in the Payday Lending cycle or would like to join the banking mainstream with re-established credit, then CreditPlus may be for you.

    How It Helps

    • CreditPlus offers you a low-interest small-dollar loan alternative to expensive Payday Lenders, Check Cashing Services and other alternative service providers.
    • Additionally, it offers a financial literacy component that will provide you with important information to make wiser financial decisions.

    How It Works
    • All borrowers are required to complete the financial literacy seminar provided by BankPlus. A Certificate of Completion is required prior to obtaining a CreditPlus Loan.*
    • You will then need to establish a ValuePlus Free Checking for CreditPlus and Savings account with BankPlus.
    • We strongly encourage you to use the available loan proceeds to eliminate any outstanding debt you may have with Payday Lenders or other alternative financial service providers.

    Amounts Required for Deposit:
    • The $500 and $1000 loan both require one half of the loan proceeds to be deposited into a ValuePlus Free Checking for CreditPlus account and the other half of the loan proceeds to be deposited into your Personal Savings for CreditPlus account. 
    • The new CreditBuilder loan requires a $100 deposit from the borrower to open the ValuePlus Free Checking Account for CreditPlus. Also, the full amount of the $500 loan is required to be deposited into your Personal Savings for CreditPlus account.
    • All funds in CreditPlus Savings accounts will be placed on hold until the loan is fully repaid.


    Upon successful completion of this program, you will have more of the tools necessary to remove yourself from the Payday Lending cycle. In addition, you will have laid the foundation for a stronger financial future by adopting a savings plan!

     CreditPlus Loan Options

     Credit Builder  
    Loan Amount $500.00
    Minimum Credit Score Below 500 or no score
    CreditPlus Checking Account Required $100 deposit required from borrower
    CreditPlus Savings Account Required Full amount of $500 loan deposit required
    Hold on Savings Account Full amount on hold during loan term
    Loan Term 12 months1
    Interest Rate 5.00%
    Annual Percentage Rate (APR)1 5.071%
    Fees None
     $500 Loan  
    Loan Amount $500.00
    Minimum Credit Score 500-599
    CreditPlus Checking Account Required 1/2 loan proceeds
    CreditPlus Savings Account Required 1/2 loan proceeds
    Hold on Savings Account 1/2 loan proceeds
    Loan Term 12 months1
    Interest Rate 5.00%
    Annual Percentage Rate (APR)1 5.071%
    Fees None
     $1000 Loan (12 months)  
    Loan Amount $1,000.00
    Minimum Credit Score 600 or above
    CreditPlus Checking Account Required 1/2 loan proceeds
    CreditPlus Savings Account Required 1/2 loan proceeds
    Hold on Savings Account 1/2 loan proceeds
    Loan Term 12 months2
    Interest Rate 5.00%
    Annual Percentage Rate (APR) 5.071%
    Fees None
     $1000 (24 months)  
    Loan Amount $1,000.00
    Minimum Credit Score 600 or above
    CreditPlus Checking Account Required 1/2 loan proceeds
    CreditPlus Savings Account Required 1/2 loan proceeds
    Hold on Savings Account 1/2 loan proceeds
    Loan Term 24 months2
    Interest Rate 5.00%
    Annual Percentage Rate (APR)  5.064%
    Fees None

    Please Note:Classes are held for the financial education of individuals 18 years and older. Only those individuals registered will be allowed to enter the training room. Please make arrangements for the care of your dependents at a location other than the training facility.

    *All loan applications are subject to credit approval and must meet all underwriting requirements of the CreditPlus Program. You may be eligible for this program up to four times unless a prior CreditPlus loan was not paid in accordance with the program terms. 

     1. A fixed rate loan of $500 payable in 12 monthly payments of $42.82 each with a finance charge of $13.84. 2.  A fixed rate loan of $1,000 payable in 12 monthly payments of $85.64 each with a finance charge of $27.68.  A fixed rate loan of $1,000 payable in 24 monthly payments of $43.90 each with a finance charge of $53.60.

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