Loans to Build Your Credit
Credit Builder Loans
Credit builder loans create a payment plan toward a set loan amount. Each payment is reported so that, month by month, you establish an on-time payment record on your credit history. Once you complete the plan, not only do you have a higher credit score, but you also have the loan amount available in your account as savings.
Secured loans also allow for the establishment of a positive credit history through regular payments. The difference is that you begin by depositing funds that are frozen into your savings account, and we give you a loan based on that same amount. Once all the payments are complete, your deposit is unfrozen. Because you are using your own funds for a secured loan versus the credit builder, the interest rate is lower.
Secured Credit Cards
Secured credit cards are available with a minimum of $500 deposited into your savings account. We freeze those funds and issue a card with a $500 limit. You may make purchases or take cash advances with the card, and each month your statement will indicate the minimum payment you must make.