Credit Builder Loan
With a Credit Builder Loan, a 12, 18 or 24 month Term Share Account (CD) is opened and used to secure the loan in the amounts shown below. By making timely monthly payments, positive repayment information is reported the credit bureaus. In doing so, this may help boost your credit score. Once the loan is paid off, the funds of the Term Share Account are deposited to your primary savings account.
Successful repayment of this loan won’t instantly fix your credit or guarantee additional loan types become available to you. However, it is a starting point in the building or rebuilding process. Should you have any questions about building your credit, please do not hesitate to contact us.
Interest Rates: Please refer to our Rate Sheet for current rates.