Best Credit Builder Loans in Louisiana
Published: 31 January 2024
Author: Noah Gomez
Finding the right credit builder loan takes time and effort, and sometimes local institutions offer better terms than national options. In Louisiana, we looked at over 50 banks, credit union, and online providers to find the most cost-effective and quality options in the market.
Best Overall
Heart of Louisiana Credit Union
Avg. Principal: $750
Avg. APR: 6.75%
Avg. Length: 9 months
Heart of Louisiana's credit builder loan is available in 10 parishes across the state (Rapides, Winn, Allen, Natchitoches, Evangeline, Concordia, Catahoula, LaSalle, Avoyelles, and Grant).
It is the most competitive local option at 12.22% average interest (6.75% APR) on an accessible $750 over 12 months. Louisiana's own Fidelity Bank offers a good option, but it is nearly twice the interest.
Moreover, although it has similar terms, First Pioneers CU is available in only 5 parishes (Lafayette Parish, Acadia Parish, St. Martin Parish, Vermilion Parish, and Iberia Parish).
Best from Bank (Physical)
Regions Bank
Avg. Principal: $1,625
Avg. APR: 5%
Avg. Length: 12 months
Best from Credit Union
Heart of Louisiana Credit Union
Avg. Principal: $750
Avg. APR: 6.75%
Avg. Length: 9 months
Best from Digital Lender
Cheese
Avg. Principal: $1,250
Avg. APR: 10.5%
Avg. Length: 12 months
Best Louisiana-Only Credit Builder Loans
Best Multi-State Credit Builder Loans Available in Louisiana
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