Your savings goal may be big or it may be small. Either way, it’s your goal. And the Select Savings Account can help you get there.
Credit Builder Loan
What is a Credit Builder Loan and How Does it Work?
Whether you're getting a first-time loan to build your credit or searching for options to rebuild your credit, a Credit Builder Loan may be the option for you. One of the biggest impacts on your credit score is your payment history which is reported to the credit bureaus.
Here's how our Credit Builder Loan works:
- We'll pre-fund your Select Savings Account with an amount between $500 - $2,000. You choose the amount that is right for you and your credit score needs.
- As you make on-time payments, we will report your positive payment activity to the Equifax and TransUnion credit bureaus.
- Once the loan is paid off, you'll have improved your credit standing and jumpstarted your personal savings.
Choose your starting point
- Everyone is approved*
- Select $500 - $1,000 (max of 12 months); or $1,001 - $2,000 (max of 24 months)
- Applications processed in 1-2 business days
Move forward with confidence
- Fixed monthly payments
- Positive activity reported to credit bureaus
- Earn dividends from Select Savings Account balance
Reach your goals
- Build positive credit payment history^
- Jumpstart savings
- Improve your credit score
Frequently asked questions about our Credit Builder Loan
* Subject to approval. Borrowers must be at least 18 years old and live in NC, SC, GA or VA.
^ Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments on this and other loans by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report.