A share secured loan will help build credit for you, as it will be reported to the credit bureau(s). The total amount of money available as a loan to you is based on the amount that you currently keep in your share account and your credit union will "hold" those funds until the balance of the loan is paid in full. The purpose is to allow people to build credit and/or repair credit (in a way in which prepaid credit cards do not, because it is a reported "loan"). An advantage is you are still able to earn dividends on the funds that are being used as security for the loan.
Click here to apply for a share secured loan today.