Credit Builder Loan

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
12 months
$1000

CD rate + 4.50% with autopay from a First Fed account

CD rate + 5.00% without autopay

24 months
$2500

CD rate + 4.50% with autopay from a First Fed account

CD 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.

 

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