Credit Building Loans

Credit Builder Loan

We provide an unsecured six month loan for $500. This loan can be used for unexpected expenses, emergency purposes or to build your credit score.

Terms

  • Loan is paid off in six months
  • Current rate is 18% which equals about $30 total over the life of the loan
  • This loan is a credit building product.
  • Application Fee: $30
  • Late Fee: $10
  • $75 remains frozen as a security deposit in your account until the loan is paid off

Requirements

  • Credit Union Member
  • Minimum monthly net income of $1000
  • Credit Score of 600 or higher, or must attend a credit counseling session
  • No other current loans with North Side
  • Loan may be accessed once every six months
  • Direct Deposit is Required

To Apply: Fill out and submit the loan application by mail, fax, or in person. Set up an appointment by calling (773) 769-5800.

Download Application

Hot Funds/Cold Cash Loan

This unsecured loan for $500 is available to individuals who have been credit union members for at least a year. Direct deposit is not required. Loan is available only during July and August or December and January.

Terms

  • Loan must be paid off in one year.
  • 18% interest rate.
  • Application Fee: $30
  • Late Fee: $10

Requirements

  • Credit union member for at least one year with active account in good standing
  • Minimum monthly net income of $1000
  • No current loans or loan denials in the last year with North Side
  • Eligible for loan twice a year.

To Apply: Fill out and submit the loan application by mail, fax, or in person. Set up an appointment by calling (773) 769-5800.

Download Hot Funds Application
Download Cold Cash Application

Borrow & Save Loan

North Side Community Federal Credit Union is offering this Borrow and Save Loan to those members who are interested in building savings as they repay their loan. Borrow $500, $750, or $1000 and build an emergency fund!

Terms

  • Loan must be paid back within six to twelve months depending on loan amount.
  • 18% interest rate.
  • Application Fee: $30
  • By agreeing to this loan, you will make an additional monthly deposit of $25-40 (dependent on loan amount) to be deposited into your savings account and secured for the length of the loan.

Requirements

  • Credit union member for at least one year with active account in good standing
  • Minimum monthly net income of $1,000 -$1500 (dependent on loan amount) and a direct deposit
    set up to repay the loan.
  • To receive this loan you need a credit score of 600 or higher. If your score is lower than 600 you will be required to
    attend our financial literacy workshop before receiving the loan.
  • You are only eligible for one small dollar ($1000 or less) loan at a time. You must wait until the end of the repayment period to obtain another loan.

To Apply: Fill out and submit the loan application by mail, fax, or in person. Set up an appointment by calling (773) 769-5800.

Download Application