Good Start CD Loan Program

First Independence Bank’s Good Start CD Loan Program is designed for individuals looking to establish or rebuild credit using a Certificate of Deposit (CD) as collateral.  The CD may be funded by the proceeds from the loan or the applicant’s own proceeds.  It is a fast, convenient, low cost way of obtaining a loan.

Highlights:

• No minimum Credit Score
• Reduced rate with automatic loan payment deductions

Requirements:

• Proof of recurring income
• Must complete a one page Credit Quiz at time of application
• Must be 18 or older to apply
• Must live within Wayne, Oakland or Macomb Counties
• Open a FIB Certificate of Deposit or pledge an existing FIB Certificate of Deposit

Terms:

• $500 – $5,000
• Fixed Rates
• Flexible repayment term

Restrictions:

• No Tax or IRS liens or judgments
• No IRA CDs or CDs captioned “In Trust For”

Stop by one of our branches and pick-up an application, or call (313) 256-8400 for more details.