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
Apply NowTerm | 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
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
“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.