Credit Builder
Establish or restore your credit while you build savings for the future. Uniquely designed to help improve your credit history, the funds from the loan are placed in an account for safekeeping while you make scheduled payments.
Loan Amount Options
Loan amounts range from a minimum of $500 to a maximum of $2,000.
No Upfront Cash
Unlike a share secured loan, you do not need to have the cash upfront to qualify.
Fixed Monthly Payments
It's easy to budget for your loan payments because they won't change over time! You'll pay the same amount each month with fixed monthly payments.
On Your Own
This loan cannot have a co-borrower or co-signer.
Credit Builder
Unlike a share secured loan where you need to provide the money upfront, a Credit Builder puts the funds you borrowed in a savings account to secure the loan. As you make payments, the amount paid towards the principal balance becomes available. Example: Your credit builder loan is for $2,000 - that entire amount is put on hold in a savings account to secure the loan. You make your minimum monthly payment of $100; $95 is applied to the principal and $5 is paid in interest. The secured amount in your account reduces by the $95, and those funds can be withdrawn (if you would like).
Rates
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Monthly Payment
See what GreenPath can do for you!
Are you ready to start on the road to improved financial health? Call GreenPath today at 877.337.3399 and one of their kind, caring, NFCC-certified counselors will help you develop an action plan to make informed financial decisions and find your path to a bright financial future.
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1
Complete an application
It takes only minutes to fill out the online application.
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2
Get response
Most credit builder loans are instantly approved, so there is little to no waiting for an answer.
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3
Make on time payments
Start seeing your credit score grow by making on time payments.
Have a question? Get in touch with us
Apply for a loan with a fast response to start building or rebuilding your credit today!
When you need to establish or increase your credit score, a Credit Builder loan from SFCU is an option to build or rebuild your credit.
Credit Builder Loan Rates
| Type of Loan | APR (as low as) | Rate Type | Term (Months) |
|---|---|---|---|
| Share Secured Loan |
+3.00% |
Variable |
Up to 144 Months |
|
Money Management Secured Loan |
+3.00% |
Variable |
Up to 144 Months |
|
Share Certificate Secured Loan |
+3.00% |
Fixed |
Up to remaining term of share certificate used to secure loan. |
|
Credit Builder Loan |
+3.00% |
Variable |
Up to 24 Months |
as of 06/25/2024
APR = Annual Percentage Rate.
Credit Union membership is required with a $5 minimum deposit.
Shared Secured, Money Management Secured, and Credit Builder Loans = APR is 3.00% higher than the rate highest rate earned on the savings/money management account with the secured funds deposited.
Share Certificate Secured Loan - APR is 3.00% higher than the APY of the share certificate account with the secured funds deposited.
Variable rate loan may change monthly based on the applicable margin and index.
Rates are subject to change without notice.
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