Affordable Financing
Enjoy a low, fixed-rate of 3.1% APR*.
Establish, repair, and improve your credit score.
Credit Builder Loan
- Choose to borrow $600 or $1,200
- Access the funds when you pay off the loan
- A perfect solution for young borrowers
Lay the groundwork today for future opportunities.
If your credit score is low, or even nonexistent, it's difficult to qualify for a loan with a good rate. Establish yourself as a responsible borrower with the Credit Builder Loan. As your credit score improves, your opportunities increase and you strengthen your standing.
Here's an important detail: The amount you borrow remains in your savings account until you pay off the loan in full. Once you do, you can access the funds. But it all starts with creating a pattern of on-time monthly payments.
- Enjoy a low, fixed rate
- Make on-time monthly payments and pay off your Credit Builder Loan within 12 months, or sooner
- Build your credit history and savings with each payment so you can qualify for better loan rates in the future
Financial resources and education to support your journey.
*APR=Annual Percentage Rate. The Credit Builder loan holds the amount borrowed in a share account that has a hold on the loan proceeds. Member makes regular monthly payments, and once the amount borrowed is paid back in full, the hold on the loan proceeds is released and the member has access to the funds. Loan Annual Percentage Rate: Our share account dividend rate plus 3% margin. Payment samples: a $600 Credit Builder loan with a 12-month term, at 3.10% APR, results in 12 monthly payments of $50. A $1,200 Credit Builder loan with a 12-month term, at 3.10% APR, results in 12 monthly payments of $101.69. Loans subject to borrower qualification; not all applicants will be approved. Rates are subject to change at any time without notice. Conditions, restrictions, and terms may apply.
Savings interest rate on proceeds: Savings rate is the current standard share savings account rate. Loan amounts can be either $600 or $1200. Loan Term is 12 months. Your credit report will be pulled. A credit score is not required. There is no maximum or minimum bankruptcy score. No active bankruptcy or prior loss to Financial Partners must exist. Must be current on all active Financial Partners loans. Derogatory credit other than the loss to Financial Partners is not a factor in the loan decision. If a member goes 45 days past due, the funds in the share account are liquidated to pay the balance. The member’s credit report will show the 30 days past due record and the account will be reported as paid/closed.
A Financial Partners Membership is required to qualify for this loan.