Credit Builder
Need a little help improving your credit profile? Our Credit Builder Loan Program* is designed to give those with poor or limited credit the opportunity to establish or re-establish credit while simultaneously building equity in a deposit account.
As part of our commitment to helping you secure a solid financial future, we offer a series of online courses to help put you on the path to success through our Financial Foundation Program. These interactive online modules take about 10 minutes each to complete and are self-paced to allow for flexibility to your schedule. You will learn key financial concepts on managing your credit, obtaining loans and saving for the future.
As an added benefit, you will receive a 5% interest rate reduction on your Credit Builder loan. Just contact your lender upon completion of the designated modules.
Who Should Apply for Credit Builder*
Credit Builder is designed for anyone who wants or needs to establish good credit. You must be at least 18 years old to apply.
How it Works
- The bank makes a loan to the individual in an amount ranging from $500-$2,000 in a term ranging from 24-36 months.**
- Loan proceeds are deposited in a savings account under the borrower's name and available to the borrower upon full repayment of the loan. This means you are building credit and saving for the future at the same time.
- Payments to the loan are made monthly and are set up to fit your budget.
* Results are not guaranteed. Improvement in credit score is dependent on multiple factors specific to your financial behavior. For example, late payments on other financial obligations may negatively influence your credit score, even if your payments on a Credit Builder Loan are current.
** A $500 loan with an APR of 9.99% for 24 months has a monthly payment of $23.07 total payments of $553.68 over the 24 month term.
** A $500 loan with an APR of 9.99% for 24 months has a monthly payment of $23.07 total payments of $553.68 over the 24 month term.