Credit Builder Loans
Need to improve your credit score? Or rebuild and increase your credit score?
Our Credit Builder Loan allows you to invest in a certificate of deposit (CD) with the proceeds of a secured loan that can be repaid over one or two years. At the end of the time period, you will have established a steady record of payment which helps increase your credit score. Plus, you will have the full savings with accrued interest from the CD.
|Loan Term||CD Amount||Rate|
CD rate + 4.50% with autopay from a First Fed account
CD rate + 5.00% without autopay
CD rate + 4.50% with autopay from a First Fed accountCD rate + 5.00% without autopay
No down-payment required. Maximum 50% debt-to-income ratio. No current tax or public liens allowed.
APR (Annual Percentage Rate) is based on loan amount and interest rate. Example: CD amount of $1000 with a 0.20% interest rate plus 5.00% margin and 12-month term would have 11 payments of $85.72 and a final payment of $85.63. Rates are current as of 3/8/2021 and are subject to change.
Credit activity is reported monthly to allow for score improvement or development. Learn more about credit scores at MyFico.