SHREVEPORT, La. – POE Federal Credit Union said it is again offering its popular 12-12-12 loan offering.

The product offers $1,200 at 12% APR with a 12-month term, regardless of credit score. POE FCU said payments are approximately $110 per month.

The credit union said the12-12-12 plan offers a clear advantage over high-interest credit cards, which can carry rates as high as 31% or even 38%. 

“You might have a smaller monthly payment on a credit card, but that same purchase could take you 10 years to pay off. With this loan, it’s done in 12 months,” Mistie Simons said in an interview.

Good For Building Credit

The credit unions said the loans have gone toward vacations and staycations, back to school costs, home or car repairs, early Christmas shopping and more.

It said the loan is also a great option for college students who want to begin building credit responsibly.