Build or Rebuild Your Credit
With a Credit Builder Loan


Build Credit or Improve your Score

What Is a Credit Builder Loan?

A Credit Builder Loan holds the amount borrowed in an account while you make payments, building credit. Once you’ve paid off your loan, the money is yours.

Here’s how it works:

  1. Apply for the loan amount you need: $600 or $1,200
  2. Funds are deposited and held in your savings account until the loan is paid in full
  3. Make monthly payments on time to build credit history
  4. Pay off your Credit Builder Loan in 12 months
  5. Each monthly payment builds credit history & adds to your savings
  6. Your savings is unlocked when your loan is paid off!
  7. Enjoy a low fixed rate of 4.53% APR*

Take advantage of building a positive payment history today!

Visit a branch, or give us a call to get started.


Questions? Call us at 800.950.7328 or drop by your local branch today!



What is a Credit Builder Loan?
A Credit Builder Loan holds the amount borrowed in an account while you make payments, building credit. Once you have paid off the loan, the money is yours.

Does the loan amount held in my share savings earn dividends?

Yes. The balance (loan amount) in the savings account will earn the current APY.

How can a Credit Builder Loan help me?
The features of this loan truly help members with a need to establish credit/rebuild their credit.

How else may I benefit from this type of loan?
You will find many benefits with this loan.

  • No funds are required at the time of the loan and there are no application or loan fees.
  • The interest rate is competitive which makes the monthly payments affordable.
  • At the end of the loan, members keep the funds for whatever is important - down payment for a car, vacation, rainy day fund, etc.

What is the term and loan limits?

The Credit Builder Loan has a 12 month term. The loan amounts are either $600 or $1200.

What is the minimum credit score to get approved?
There is no minimum FICO score.

How long do I have to be a member before I can apply for this type of loan?
You do not need to be a member to apply for the loan. However, you will need to establish membership before the loan is funded.

When can I expect my credit score to improve?
Making every payment on time will begin to improve your credit score over time.

Am I restricted in the way I can use my funds for this loan?
You may use your funds for any legal purpose.

Will funds be release to me as I make payments?
No. The funds will be released to you once the loan is paid in full.

What happens if I do not repay the loan?
If any payment becomes more than 45 days past due, the loan is in default and your credit score will be adversely affected. The loan amount is held in a savings account until the loan is paid in full. If the loan is not repaid, only the balance that was paid by you, if any, will be distributed to you.

How can I apply?
Applications may be completed in any of our branches, or by calling a loan advisor.

How long does it take to get an approval?
We will have a decision within one hour of submitting your application in most cases.

What are my options if I do not get approved?
If you are not approved at this time for a credit builder loan, we can discuss other options. We offer share and certificate secured loans, as well as a Share Secured Mastercard that may potentially help you.

Be sure to choose CREDIT BUILDER on the drop down menu!   Apply Online Today

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 Interest Rate: 1 year Treasury rate plus 3% margin. 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 will be pulled. A FICO score is not required. There is no maximum bankruptcy score. No active bankruptcy or prior loss to FPCU must exist. Must be current on all active FPCU loans. Minimum $1,000 per month gross monthly income, with proof of income required. 50% maximum debt-to-income ratio. Derogatory credit other than loss to FPCU 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 day past due record and the account will be reported as paid/closed. An FPCU Membership is required to qualify for this loan.

*APR=Annual Percentage Rate. Payment samples: a $600 Credit Builder loan with a 12-month term, at 4.53% APR, results in 12 monthly payments of $51.24. A $1,200 Credit Builder loan with a 12-month term, at 4.53% APR, results in 12 monthly payments of $102.47. Loans subject to borrower qualification; not all applicants will be approved. Rates as of 8.14.2020, and are subject to change at any time without notice. Conditions, restrictions, and terms may apply.