Educate. Understand.
Credit builder loans
Credit Builder Loans are available to enrolled members of the Eastern Band of Cherokee Indians (EBCI) to help with building and repairing credit scores. To access the loan, participants must apply and be accepted into a year-long program that includes 1-on-1 counseling, class time, and independent work.
The program includes:
One-on-one counseling. You'll meet with a credit coach to get:
Periodic credit checks throughout the program
Credit report review and analysis
Counseling sessions to address your private issues and needs
Specialized counseling with 3rd party providers (as needed) to address issues like student debt, debt consolidation, and legal issues
Group education. You'll meet with others in a "cohort" setting that includes:
Goal setting to determine your wants and needs
Creation of a spending/savings plan custom-designed for you based on your needs, goals, and credit score
Education sessions on how to check your accounts, the importance of savings, investments, interest, banking, borrowing, and more
Other work outside the classroom will include:
Opening a bank account
Tracking your spending
Communicating with creditors
Loan terms
Amount: Up to $2,500
Interest Rate: 10% Fixed
Term: 2 years
How to qualify
Must be enrolled member of the EBCI
Submit application to identify your goals and needs
Have an average credit score of below 650 as reported by Experian, Equifax, and Transunion