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 receive the full $1000 savings back plus accrued interest from the CD.

Credit Builder Loan

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Term Autopay APR* CD Amount Monthly Payment
12 months Autopay from a First Fed account 11.49% $1000 $88.61
12 months No autopay 11.99% $1000 $88.84
24 months Autopay from a First Fed account 11.49% $2500 $117.09
24 months No autopay 11.99% $2500 $117.67

Interest Rates Effective: 3/22/2023

*Annual Percentage Rate (APR) is based on loan amount and interest rate. Rates are subject to change. No down-payment required. Maximum 50% debt-to-income ratio. No current tax or public liens allowed. Credit activity is reported monthly to allow for score improvement or development. Learn more about credit scores at MyFico.


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Top Benefits of Improving Your Credit Score 

  • Significant savings from lower interest rates on big purchases like a car or home
  • Better terms and access to loans and credit cards
  • More rental housing options available with higher scores
  • Insurance discounts. Example: Lower car insurance premiums for higher scores


Questions? Contact Us for follow up from our team. We're happy to help!



“Jennie at First Fed suggested the credit builder loan to raise my score so I could purchase a new car. In less than a year my credit score went up nearly 100 points.”

Melissa B., Bellingham



Check Your Credit Score

Monitor your credit through Online Banking and our Mobile Banking app.