Improve your credit. Improve your life.
At BankPlus, we understand that few things are more important than your credit. That’s why we are proud to offer CreditPlus to help you get on the right track to a sound financial future. 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 CreditPlus Checking 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 CreditPlus Checking 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 CreditPlus Checking. 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
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.
*APR Current as of
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.