Credit Builder Loan
Build credit and savings at the same time
Borrow $500 to $3,000, make on-time payments, and we'll report your progress to the credit bureaus. Your loan funds stay in a savings account that earns dividends until the loan is paid off.
How a Credit Builder Loan works
You borrow $500 to $3,000, but the money doesn't go straight to your pocket. We hold it in a Heartland Credit Union savings account that secures your loan and earns dividends. You make your payments, we report them to the credit bureaus, and when the loan is paid in full, the funds and dividends are yours.
Tailor your loan
Borrow between $500 and $3,000 and choose a repayment term that fits your budget.
Build your payment history
On-time payments help you establish a positive credit history. We report your progress to TransUnion and Experian every month.
Reap the rewards
When the loan is paid in full, the money held in savings is yours, plus the dividends it earned.
Credit Builder Loan Features
- Borrow between $500 and $3,000
- Flexible repayment terms
- Fixed rate, so your payment stays the same
- Loan funds are held in a savings account that earns dividends for the term of the loan
- Monthly reporting of your on-time payments to TransUnion and Experian
- Access to your funds and earned dividends when the loan is paid in full
- Financial counseling available to help you improve your well-being and independence
All loans subject to credit approval. Membership required. Assumes an HCU Beyond Ultimate, Essential, or Freedom account with direct deposit or an HCU Visa Credit Card. Heartland Credit Union does not guarantee the impact of a Credit Builder Loan on a borrower's credit score. Failure to make timely loan payments may result in a negative impact.
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