Credit Builder Loans
Need to build or reestablish credit? Or rebuild and increase your credit score?
Our Credit Builder Loan allows you to invest in a certificate of deposit (CD) with the proceeds of a secured loan that can be repaid over one or two years. At the end of the time period, you will have established a steady record of payment which may help increase your credit score. Plus, you will receive the full $1000 savings back plus accrued interest from the CD.
Credit Builder Loan
Apply Now| Term | Autopay | APR* | CD Amount | Monthly Payment |
|---|---|---|---|---|
| 12 months | Autopay from a First Fed account | 11.49% | $1000 | $88.61 |
| 12 months | No autopay | 11.99% | $1000 | $88.84 |
| 24 months | Autopay from a First Fed account | 11.49% | $2500 | $117.09 |
| 24 months | No autopay | 11.99% | $2500 | $117.67 |
Interest Rates Effective: 5/1/2024
*Annual Percentage Rate (APR) is based on loan amount and interest rate. Rates are subject to change. No down-payment
required. Maximum 50% debt-to-income ratio. No current tax or public
liens allowed. Loan subject to credit approval. Credit activity is reported monthly to allow for score
improvement or development. Failure to make your monthly payments on the Credit Builder Loan will result in negative reporting to the credit bureaus and may negatively impact your credit score(s). Learn more about credit scores at MyFico.
Top Benefits of Improving Your Credit Score
- Significant savings from lower interest rates on big purchases like a car or home
- Better terms and access to loans and credit cards
- More rental housing options available with higher scores
- Insurance discounts. Example: Lower car insurance premiums for higher scores
“Jennie at First Fed suggested the credit builder loan to raise my score so I could purchase a new car. In less than a year my credit score went up nearly 100 points.”
Melissa B., Bellingham
* Individuals who take out the Credit Builder loan may see different credit score results. This product is not guaranteed to establish or improve your credit score.
Check Your Credit Score
Monitor your credit through Online Banking and our Mobile Banking app.