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Someone Pull Trigger on ABCO FCU Credit Builder loan different


crazedoncredit
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The last post in this topic was posted 3193 days ago. 

 

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Hello, I found this credit union through one of the older post on here. I am wondering for all of you (including myself) if anyone has tried this yet?

 

https://www.goabco.org/creditbuilderloans.cfm

 

ABCO Federal Credit Union is firmly committed to the principles of people helping people. In keeping with this philosophy, for members who have limited credit or have some credit issues, we are providing an opportunity for a second chance through our credit builder loan. Available for up to $2,000, a small credit builder loan can help you rebuild your credit when you pay the loan back in a timely fashion. No credit check is required, but there are other requirements** that will need to be met. Please note: These loans are available to first-time ABCO FCU borrowers only and there is a $35 processing fee.

Credit builder loan rate is 17.0% APR* *Annual Percentage Rate.

applynow_green.jpg

APPLY BY PHONE
Contact our lending dept. at 1-800-225-1859 ext. 7613.

or stop by one of our branches

**Requirements:

  1. Must be with your current employer for at least (1) year.
  2. Must direct deposit into an ABCO account an amount greater than or egual to the amount you will owe each month on your loan.
  3. Must deposit $20 per month into a savings account.
  4. Must forfeit use of Privilege Pay service.
  5. Must provide (2) references.

I went ahead and applied for this last night and asked for $1000.00 I will update and let someone know what happens. In the meantime, I was hoping someone would apply for some "real credit" with them so you can share your experience on here with us!

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Oh and I forgot to say ANYONE can join this CU if you join the American Consumer Council. They have a fixed rate of 6.75% on VISA for the people with better scores. With a History like this LOL I am not sure if this could be the best place to ask for some $

 

ABCO FCU was founded in 1958 as the Burlington County Teachers Federal Credit Union. Our first "deposit" was $1.50 and we even had to borrow $52 to buy our bookkeeping books and a hand-cranked adding machine. Our first members had to come to our garage to make deposits and take out loans.

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I am unsure yet. Well, it does say there is no credit check for the builder loan. $35 fee for loan $20 to join CU $55.00 + the other requirements are pretty strict, and a high APR, but might be a good thing in the end. I thought about calling, but being the weekend and President's day monday might not hear nothing until Tuesday.

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I think their credit builder loan pricing is predatory. 17% plus a $35 processing fee is ridiculous!

 

They only label it "credit builder" to lure the unwary. Any secured loan would be just as good, and most would be better off with a secured CC anyway.

 

You ought to be able to find a secured loan for half that rate and with no "processing fee" from another credit union.

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I did mail my membership off yesterday. I did not include any info or additional funds for the credit builder loan, just the $10 for the CU membership, and $10 to put in the savings account. I would have to agree with Occam 17% is high, but the only reason I am even trying this is I am hoping it will lead to something better with them.

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I did mail my membership off yesterday. I did not include any info or additional funds for the credit builder loan, just the $10 for the CU membership, and $10 to put in the savings account. I would have to agree with Occam 17% is high, but the only reason I am even trying this is I am hoping it will lead to something better with them.

It probably will. :good: And some of their other products look good.

 

But I still think it's predatory.

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Well, just a quick update. I called the loan department yesterday, and the lady came on the line, I explained who I was, and what I was trying to do. She informed me I would not qualify for a membership in the credit union. She was very short and almost rude. I told her I had already mailed my membership to them. She acted almost like she did not want to be bothered.

 

I told her concerning the membership that your website says different.

 

  • If you are not eligible to join ABCO through any of the associated groups or affiliations, you may be able to join ABCO FCU through the American Consumer Council (ACC), a nonprofit advocacy group established in 1987 to protect consumers. When opening your ABCO FCU account you will need to choose ACC on your application, this will automatically enroll you as a member of ACC. There are no hidden fees to join ACC through your membership at ABCO FCU.

After applying online, I never got a e-mail, a phone call, nothing...I am not real impressed.

 

Well, it is all good. if ABCO does not want my business I will find someone who does. If anyone else has any better luck, please let us know via this thread.

Edited by crazedoncredit
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why would you mail your app when you can do it online instantly? and you can even apply for a loan/CC before joining like I did.

 

however, I completely agree with them acting like they're too busy.

 

my wife submitted an app over the weekend and called Tuesday to check the status. the lady wouldn't even take her info to look it up, she just said, it's in the pile to look at today. you'll hear in a couple of days.

 

of course, the entire week went by and we've heard nothing.

 

so I'm not impressed either.

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