Metco Credit Union believes it’s vital to teach kids and young adults how to save and manage their finances, long before they have the opportunity to incur debt or are faced with large financial decisions as adults. Below you will find specific recommendations based on the age of the member, however we’re always happy to talk with parents/guardians and their children to determine what services fit you best!
Here’s How Our Credit Builder Loan Works:
We give them a small loan at a very low interest rate.
We set that money aside in a savings account (that cannot be withdrawn).
They make consistent, on-time monthly payments toward the loan for at least 6 months.
When their monthly principal payments equal the amount borrowed, we release the funds from the savings account and the money is theirs to save or spend!