Empower Blog
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December 22, 2021

Who Can Apply for Our ScoreMore  Loan?

Who is a CommunityAmerica ScoreMore Loan for?
All members of CommunityAmerica Credit Union may apply for the ScoreMore Loan. It may be especially useful for those new to credit or trying to improve it.

What is a CommunityAmerica ScoreMore Loan?
It’s an installment loan that helps you build a positive credit history while building savings at the same time. Each on-time monthly payment you make is reported to all three credit bureaus—which helps build your credit. The biggest difference between a CommunityAmerica ScoreMore Loan and other loans is you don’t get the loan proceeds until after you’ve made all of the loan payments.

What are the benefits of a CommunityAmerica ScoreMore Loan?
The most significant factor in your credit score is your payment history, which makes up about a third of your score. When you make on-time payments each month, you build a positive payment history. Over time, this can improve your credit score, if you don’t experience other negative credit, employment, or financial events.

Since you receive the money once the loan has been paid in full, you’re also building up savings as you improve your credit. This money can then be used as emergency savings, to fund investments or for paying off other bills–the choice is yours!

Why is the CommunityAmerica ScoreMore Loan a good choice?
CommunityAmerica's ScoreMore Loan has a low interest rate, while credit cards, payday loans or other unsecured loans often have double-digit interest rates (usually 10% or more).

Plus, it cannot negatively impact your score, even if you miss a payment or end the loan early.

For example, suppose you don’t make your payment within 25 days of the due date. CommunityAmerica will close the loan and transfer the full amount of the payments—minus interest—you’ve made up to that point into your CommunityAmerica savings account.

For more info and frequently asked questions, visit our ScoreMore Loan page.
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