KeyPoint offers many financial education webinars on a variety of topics. Some of the most frequently asked questions during webinars for young adults are “how do I start my credit?” and “I don’t have money to deposit for a secured loan, what should I do?” Unfortunately, for young adults, building credit on their own is a tall order. Few financial institutions are willing to take the risk of helping young adults. And if they offer loans, the interest rate is very high and in many cases applicants need a co-signer or have to provide money from their own pocket for a secured loan.
“At KeyPoint Credit Union, we decided to solve this problem by helping young adults build their credit and start saving with the Credit Starter loan*. In most cases, there is no need for a co-signer, the applicant does not need to provide funds from their own pocket to secure the loan, and the interest rate on this loan is 0%; yes, you heard that right,” Noyman said. “Once the member has repaid the loan with timely monthly payments, he begins to establish credit and is left with $500 into their savings account.
KeyPoint provides a variety of resources to help members understand how credit works and how to establish and maintain good credit. For example, KeyPoint offers a FICO Score tracker in its online banking and mobile app and educational tools such as webinars, videos, articles, and self-paced educational modules. “Making a difference in people’s lives is fundamental to our mission at KeyPoint, as is our guiding principle of helping members embark on the path to financial success at all stages of life. Credit Unions are people who help others, and we exist to promote the financial well-being of our member-owners,” added Brad CanfieldPresident and CEO of KeyPoint Credit Union.
KeyPoint Credit works with several nonprofit organizations and community leaders to help young adults get off to a good start on their financial journey to success.
Inspired by Silicon Valley innovation and designed to serve a diverse membership, KeyPoint is a full-service, nonprofit credit union dedicated to providing financial solutions to help members achieve their goals in life. KeyPoint helps members get the most out of their money, earning more savings while paying less for credit. And KeyPoint is active in the community by providing free financial education programs, encouraging financial literacy, sponsoring reading programs, and mentoring the next generation of business professionals at local educational institutions.
Learn more about KeyPoint Credit Union’s next-generation convenience banking at kpcu.com.
*Rates as of 02/142/2022. All loans are subject to approval. Rates, terms and availability of loan products are subject to change without notice. Example of payment: Pay $20.84 per month for $500 borrowed at 0% APR for 24 months. FICO scores are established and adjusted by consumer reporting agencies based on a number of factors, including payment history reported by lenders. KeyPoint CU will report your payments on this loan to consumer reporting agencies, but we cannot guarantee the impact of this loan on your FICO score.
SOURCE KeyPoint Credit Union