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Credit Builder is designed to help build new credit or repair damaged credit. It is a loan secured by a First Horizon CD for the term of the loan.
Loan Amount and Loan to Value
- Minimum: $2,000
- Maximum: $5,000
- Term: 12 months – 36 months
- LTV: 100% of account balance
- Max debt to income is 40%
Terms and Repayment
- Minimum term: 12 months
- Maximum term: 36 months
- Equal monthly payments to fully amortize the loan
Collateral
- First Horizon Certificate of Deposit
Notes
- The maturity date of the loan cannot exceed the maturity date of the CD by more than 30 days
- Minor/custodian CDs and Bump Rate CDs cannot be used as collateral
- Auto debit rate discount is NOT available for this program
- All proceeds must be used to purchase CD – NO cash out
- Applicants with deficient balances on other First Horizon Bank loans or currently in bankruptcy are ineligible
Fees
Fees may apply
