RENO, Nev.—Great Basin Federal Credit Union said it is rolling out the “Rebuild Together Loan,” which is targeted at first time credit users in need of building credit as well as those currently facing problems with their credit.
The product works by placing the loan proceeds into a special savings account at Great Basin. After the member completes making payments on the loan, with a minimum term of one year, the funds are then released.
The end-result is a member who has funds available, as well as a history of timely payments on their credit.
“Regardless of what a member’s credit score may be currently, Great Basin Federal Credit Union is committed to helping their customers reach the goal of improved credit and more confidence with finances,” the credit union said in a statement.