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 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 - 1.800.761.2400 x2459
*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 9.2.2025