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Credit Builder Loan

A Credit Builder loan can help you establish or restore your credit while you build savings for the future. Uniquely designed to help improve your credit history, the funds from the Credit Builder Loan are placed in an account for safekeeping while you make scheduled payments.
How the Credit Builder Loan Works
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Apply

Select an affordable loan amount and loan term (up to 24 months).

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Make Payments

Your loan funds are held in a BCU savings account while you make scheduled payments for the full term of the loan.3

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Establish Credit

Making consistent monthly payments will help you establish a positive credit history as your activity is reported to national credit bureaus.

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Receive Funds

Once your loan is paid in full, the funds become available for use.

Benefits of a Credit Builder Loan include:
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Credit Saver

Build or rebuild your credit score and save while you borrow.1

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Flexible Terms

Loan terms up
to 24 months.

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Loan Amount

Loan amount of
$500 to $3,000.

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Low Rate

Fixed 4.50% APR.2

Frequently Asked Questions

What is a Credit Builder Loan?

Whether you’re starting fresh or picking up where you left off, our Credit Builder loan is a great way to establish or restore a positive credit history and build your savings at the same time!

When do I receive the funds from the Credit Builder Loan?

Your funds and earned dividends are held in a secured savings account while you make monthly payments on your loan. Loan funds are then made available when your loan is paid in full.

Can I pay off the Credit Builder Loan early?

Regular monthly payments are important to building a positive credit history. If you secure a Credit Builder Loan, you should plan to make consistent payments through the loan’s scheduled completion date.

How much will a Credit Builder Loan improve my credit score?

There's no guarantee as to how much a Credit Builder Loan will improve your credit score because there are many different variables that can impact your credit score. However, your credit report will reflect your successful completion of on-time, scheduled payments – an important factor in improving your score.

Is there a fee to get a Credit Builder Loan?

There are no application or origination fees for the loan.

Once I pay off the Credit Builder Loan, will I qualify for another loan with BCU?

Completing a Credit Builder Loan doesn’t automatically qualify you for additional loan products, but our underwriters do consider several factors when reviewing your loan request - including credit history and financial standing. Therefore, successful completion of your Credit Builder loan can provide evidence of your financial responsibility.

What is the difference between a Credit Builder Loan and a personal loan?

A Credit Builder Loan is designed to establish a positive credit history while building savings for the future. Loan funds are placed in an account for safekeeping while you make scheduled payments.

A personal loan provides funds that are available immediately for your use.

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