Not everyone has the cash required for secured loans or secured credit cards. That’s exactly why we created our credit builder loan!
Most credit building loans and secured credit cards have a minimum deposit requirement of $500 or more, but $500 is a chunk of change that not everyone has just lying around.
With a SunWest credit builder loan, you don’t need to worry about the minimum deposit. Pay a one-time $25 set-up fee, and we’ll cover the deposit + help you crack the credit code.
By the end of the term, the money’s yours. A credit builder loan essentially forces you to save money while building credit. How long can you go for?
Pay a one-time setup fee of $25.
Choose a payment term of 6 months, 12 months, or 24 months.
We’ll create a CD on your account, deposit the money, and place the funds on hold for the chosen term.
You make a monthly payment which we report to your credit.
Tip: Have us set it on autopay for easy payments.
Once the credit builder loan is paid off, the hold vanishes + the money is yours.
Building credit can seem overwhelming, but you have to start somewhere, and you’ve got options at SunWest Credit Union. Take a look at the chart below to compare secured options.
Reach out to our lending department via phone or apply online for any of our 4 secured options: credit builder loan, savings secured, certificate secured loan, secured MasterCard® credit card.
You can calculate your interest rate by adding 2% to the current dividend rate of the CD term you’ve chosen.
For example: (2% + 1.50% = 3.50%) 3.50% is your interest rate.
The minimum balance for a Credit Builder Loan is $500 for a term of 6 months. However, SunWest pays this upfront, so all you need to start your Credit Builder is $25.
Once you’ve paid off your credit builder loan, the funds we deposited on your behalf become available to you, minus any applicable interest.
The money will be available to you once the loan is paid in full. It cannot be accessed prior to a full payoff.
We do not recommend paying off your credit builder loan early as the goal is to build credit, which is done by reporting positive payment history to the credit bureaus, and more payment history is always better for your credit score.
However, you can always pay your loan off early with no additional fees.
Yep! We offer 4 types of secured loans: savings secured, CD secured, secured MasterCard® credit card and credit builder loans.
You could have 1 of each, mix and match, or have multiple of each, with the exception of our secured MasterCard® which is restricted to one per account.
APR = Annual Percentage Rate.
APY = Annual Percentage Yield.
Please keep in mind we always pull credit for any new member as part of our identity verification process..
