Credit Builder Loan Program
Need to rebuild or establish your credit? We understand.
Your credit score is crucial. It can help you get approved for a mortgage or line of credit with an ideal interest rate. It can also affect your ability to rent a home, obtain insurance, or establish utilities under your name. The First State Bank Credit Builder Loan Program is designed to assist bank account holders in rebuilding or establishing their credit rating through a secured loan.
How the program works:
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Apply for a Credit Builder Loan. Once approved, borrow between $500 and $1,000 from First State Bank. |
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The money borrowed is secured by a First State Bank Savings Account and locked for the term of the loan. |
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First State Bank pays interest on the money while you establish a healthy payment history repaying your loan at a modest interest rate.1 |
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Each month we report your payments to the credit bureaus. Once paid in full, you receive the money you borrowed and most likely earn a better credit score. |
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Apply for a home loan or make the purpose of your dreams. |
Let us assist you on the journey to financial independence, and we’ll provide a simple path to help you establish or repair your credit score. Whether you are starting out or starting over, our Credit Builder Loan may help you meet your credit score goals or secure a home loan. Contact a banking center manager to get started.
Save even more while building your credit score.
Get a 0.5% interest rate1 discount on your Credit Builder Loan when you set up automatic monthly payments from a First State Bank deposit account.
Know your credit score
Want free access to your credit score and helpful credit-building tips? Visit My Credit Score to find out more.
1 Interest rate and Annual Percentage Yield (APY) may change at any time, at our discretion. Fees may reduce earnings. Refer to our rate sheet for current interest rates and APY. Interest is calculated using the daily balance method and begins to accrue no later than the business day credit is received for the deposit of non-cash items.
The Credit Builder Loan is intended for credit-building purposes only. All loans are subject to approval. Certain restrictions, terms, and conditions may apply. Programs, rates, terms, and conditions are subject to change without notice.
During the term of the Credit Builder Loan, no minimum balance service charges will be assessed on the First State Bank Savings Account. After the Credit Builder Loan is paid in full, the standard savings account terms will apply. Refer to our rate sheet for current interest rates and APY. ATM card provided upon loan repayment.
