Can I Get a Loan If I’ve Had Credit Issues?: Ask the Expert

By: Horizon Bank Last Updated: August 22, 2011

You can get a loan if you do not have credit history or if you have had credit issues in the past. We offer two types of loans for building or re-establishing your credit: a credit enhancement loan and a fresh start loan. In a credit enhancement loan, the funds are put in a savings account that is used as collateral. They are then released as you pay the principal amount down.

With the Fresh Start loan, the funds are put into a Certificate of Deposit (CD) which is held as collateral. When the loan is paid in full, you receive the CD. Both of these loans are great tactics for improving credit scores. As with any type of credit-building activity, be sure to make your payments on time as well as keep the rest of your credit clean.

- Horizon Bank Expert Mike Foti