Credit Building Loans

Affordable & Flexible options for different circumstances

With Credit Builder loans, your interest rate is tied to the dividends on your Savings Accounts. The interest rate is not dependent on your score because it is secured by the cash in your accounts.

Depending on your circumstance, a Member Service Representative can guide you to the best option for you.

Share Secured Loan

This is an option to help build your credit if you have some savings! We use your funds as collateral by putting a hold on the money in your account, and give you a check for that amount. You pay back the funds in monthly installments, and we report it to the Credit Bureau so that you show positive payment history. You can use any Savings Account or Term Deposit for your collateral. Over time, this will help improve your credit score!

Credit Builder Loan

This option is a way to build your savings and your credit! Loan funds (up to $1,000) are deposited into your savings account and put on hold. You pay monthly installments to “repay” the loan amount,  which gets reported to the Credit Bureau to help you build credit! Better yet, once the amount is completely paid, we remove the hold and you have a funded savings account!

Lower Your Rate Even More With Co-op Points

That's right. With 2,500 Co-op Points, you can reduce your Credit Builder or Share Secured Loan rate by 0.25%. Do you have 5,000 Points? You can reduce that rate by up to 0.50%!

Learn more about Co-op Points

Credit Builder Loan Rates

*For disclosures and additional details, visit here.

Financial Knowledge:

• The Pros and Cons of Having (and being) a Co-signer
• Building a Credit Reputation
• Establishing Credit