The bank makes a loan to the individual in an amount ranging from $500-$2,000, in a term ranging from 24-36 months.
Loan proceeds are deposited in a savings account under the borrower’s name and available to the borrower upon full repayment of the loan. This means you are building credit and saving for the future at the same time!
Payments to the loan are made monthly and are set up to fit your budget.
Credit Builder is designed for anyone who wants or needs to establish good credit. You must be at least 18 years old to apply.
What are the benefits of Credit builder?
Establish or build good credit and keep the savings account Collegiate Peaks Bank opens on your behalf. We will also reduce your loan interest rate if you participate in and complete our Financial Foundation for Adults Program available through our website collegiatepeaksbank.com
Statistics show that people who receive rigorous financial education see higher credit scores and less chance of credit delinquency.
There will be an option to take one withdrawal from the savings account per year when the savings account exceeds the loan balance. The withdrawal can be up to the difference of the savings account and loan balance.
Want to do even more to become financially savvy? Financial Foundations is a free online education series provided by Collegiate Peaks Bank that covers key concepts that can help manage your financial future. Follow these steps below to access the playlist:
- Visit on the Financial Foundations page under Education at the top of the page
- Select Credit Builder and click Enroll Now
- Select the Credit Builder Playlist
- Complete the course!