The Credit Builder Loan is similar to a share secured loan with one key difference: the Credit Union will lend the member the money to create the share-secured loan.

This loan does not meet the member’s need for immediate cash, but does help them establish positive payment history on their credit report. The member makes payments each month on the loan and as they make payments the paid principle portion becomes available for them to withdraw from savings.

​These loans will be available using the following criteria:

• Loan amount is $1,200.00
• Interest rate is 12% APR
• Loan term is 12 months
• Payment Example: $1,200.00 for 12 months @ 12.00% APR = $106.57 monthly
• Applicant must be at least 18 years of age
• Applicant cannot be past due on any other loans with the credit union
• Applicant cannot have a negative balance in any account with the credit union with the exception of power pay funds
• No credit check required
• Verification of income is not required
• The funds from the loan will be deposited to the regular savings and the loan amount will be pledged and have a declining hold which remains equal to the loan balance.
• Late fee of $15.00 will be charged on loans that are 15 or more days past due
• Not all applicants will qualify.