Credit Builder Loans

Build Savings or Pay Debts, all while giving your credit score a boost.

Let’s Build Your Credit

If your credit score has taken a hit, or you’re looking to grow savings for a major purchase, let’s build it up. Have your credit score and savings go beyond “average” and soar to new heights!

Whatever the reason, sometimes your credit score can take a hit and keep going lower and lower. Whether it’s credit card bills piling up, missed payments or no established a credit history, a Credit Builder Loan can help improve your credit score.

Trying to grow savings with a large goal in mind? Credit Builder Loans have a savings purpose that helps you define the savings goal and the time it takes to achieve it.


  • Get the home you want. The house of your dreams is easier to get when your credit score is high and you have a down payment.
  • Save Money on Loan Rates. A high credit score can mean lower loan rates.
  • Money from your loan will be saved to achieve your goal.
  • Save Money on Auto Insurance. Your score also impacts on auto insurance rates.
  • Impress Employers. Some employers check your credit score.
  • Establishes credit for future financing needs.
  • You pick the term and the amount that cater to your needs.

A member wanted to start planning to purchase a home following a divorce, but her credit score was really damaged. By planning ahead and using a Credit Builder Loan to repair her credit history, she is steadily improving her credit score and chances of being approved for a mortgage.

Additional Information

Set Goals and Make Plans

Whether you want to pay off delinquent debt or hit a savings goal, our Credit Builder Loan is a step in the right direction. It’s best to stop in and speak with one of our Financial Service Representatives, determine your goals and needs, and make a plan from there.


Let the experience of our Financial Service Representatives go to work for you and put a plan in place that improves your financial future.

How do I get a Credit Builder Loan?

  • Complete a loan application online* or in person at one of our branches
  • Verify your income using:
    • two recent pay stubs
    • two years of tax returns if self-employed
    • or, your pension or social security benefit statement if retired


up to 60 monthsas low as 1.99%
61-75 monthsas low as 2.99%

APR = Annual Percentage Rate. Loan Rate is determined by your credit score.

Updated April 24, 2019



Loan Late Charge
Returned Loan Payment Check$29 each

Frequently Asked Questions

Is there a prepayment penalty?

If you pay the loan off early, there is no penalty. However, if using the savings purpose of this loan, the funds in the Term Share Certificate may be subject to an early withdrawal penalty if taken before maturity.

How does the savings purpose of this loan work?

The funds from the loan will be deposited in a Term Share Certificate – both with the same term. So, not only do you pay a low rate on your loan, you also earn dividends on the Term Share Certificate.

How does the loan work if I am paying delinquent debt?

The funds from the loan are placed in a share with a hold. Your Financial Service Representative will set a schedule for you to bring statements in, and once provided, they will release the funds to pay those debts.

Can I use my Meridia IRA to secure a loan?

No. IRA funds cannot be used to secure a loan.

When can I schedule the closing of my loan?

In addition to our Lobby Hours between 9am and 4pm Monday through Friday, we have Saturday loan closing appointments available to be scheduled between 9am and 12pm at our Southwestern Branch. Appointments can also be set between 7am and 7pm Monday through Friday at our Southwestern Branch as well.

How long does the application process take?

Once we have your completed application and income verification, we can usually close your loan within an hour.

Build Your Credit & the Foundation for your Financial Future

Using a Credit Builder Loan can improve your credit score and positively impact how you live, work, and play.