Best Credit Builder Loans in Michigan
Published: 5 April 2024
Author: Noah Gomez
Finding any loan is difficult, but finding the right credit builder loan is more challenging because they're only available at select institutions. Moreover, many national offers propose worse terms than your local credit union.
In Michigan, local credit-builders abound, and we looked at over 44 banks, credit unions, and digital lenders to find the most cost-effective and reliable offers on the market.
Best Overall
Genisys Credit Union
Avg. Principal: $3,000
Avg. APR: 5.99%
Avg. Length: 36 months
At just 5.99%, Genisys' credit-builder APR below the national average and available for durations ranging 12 to 36 months, which provides a uncommon amount of flexibility for loan ranges between $1,000 and $5,000.
Most importantly, Genisys Credit Union's credit builder, unlike most CUs, is available in every county across the state. This means Michiganians don't need to hunt long. If they live in Berrien, Cass, Macomb, or Oakland counties, everwise Credit Union (see below) is the only real local competitor.
Best from Bank (Physical)
Isabella Bank
Avg. Principal: $1,000
Avg. APR: 10.5%
Avg. Length: 18 months
Best from Credit Union
Genisys Credit Union
Avg. Principal: $3,000
Avg. APR: 5.99%
Avg. Length: 36 months
Best from Digital Lender
Ava
Avg. Principal: $252
Avg. APR: 2%
Avg. Length: 12 months
Best Michigan-Only Credit Builder Loans
Best Multi-State Credit Builder Loans Available in Michigan
Thick Credit is not a credit repair organization, a credit conseling agency, or a debtor education providor. It does not act on your behalf to communicate with credit reporting agencies or provide pre-bankruptcy credit counseling and pre-discharge debtor education for bankruptcy.
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