Credit Builder Loan
Build Credit. Boost Confidence. Secure Your Future
Start your journey to stronger credit. No upfront funds required!
The Credit Builder Loan not only helps establish or build credit, but it also allows you to build a savings account for expenses or emergencies, or save for a down payment on a new car or a home.
LOAN FEATURES:
- Flexible Terms: Choose from 6 to 24 months. Loan Amounts: $1,500 – $2,500
- No Upfront Funds Needed
- Loan proceeds are secured in a high-yield savings account*
- Once the loan is paid in full, you will receive the money that has been on hold to secure the loan and deposit it into a Progressive Savings account for future use
- Build While You Borrow: Payments reported to major credit bureaus
- $85 processing fee when funded. Fee waived with Enrich/Pathways enrollment
BENEFITS | WHY IT WORKS:
- Establish or Improve Your Credit History
- Designed for Limited or No Credit History
- On-Time Payments Help Boost Your Credit Score. Payments are reported to one or more of the major credit bureaus
- Funds Held in a High-Yield Savings Account — Yours to Keep Once Repaid
- Prepares You for Future Loans, Credit Cards, and Mortgages
- Low-Risk, No Collateral Needed, No Credit Score Required
- Affordable Payments & Friendly Terms
- Free Access to Financial Counselors & Credit Education
Talk to one of our loan experts today, 1.800.761.2400
*Variable rate tied to the index, visit mscu.net/savings/progressive for current rate. 7.99% Fixed Loan Annual Percentage Rate for all borrowers. Monthly payment per $1,500 borrowed for 6 months at 7.99% is $255.86.Monthly payment per $1,500 borrowed for 24 months at 7.99% is $67.83. Monthly payment per $ 2,500 borrowed for 6 months at 7.99% is $426.46. Monthly payment of $113.06 per $2,500 borrowed for 24 months at 7.99%. Membership in Mutual Security Credit Union is required with a minimum $5 deposit into a Membership Account. Effective 5.1.2025