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.
Interest rates are 2% + the current CD term dividend rate.
SunWest funds your credit builder loan + you access the money at payoff.
Choose your term based on credit building + savings goals.
6 months for a loan amount of $500
12 months for a loan amount of $1,000
24 months for a loan amount of $2,000
Once your loan is paid off, the hold on your CD is released and you have 2 options.
Withdraw the funds within 10 days.
Let the CD automatically renew for the same term at the current rate for that term.
If you already have an account with SunWest, you’re automatically approved for any of our secured loan options - no credit check needed.
Not a member yet? Open a SunWest membership, and we’ll only pull your credit during the account opening process.
We’ll review your report with you + process your credit builder loan on the same day, start to finish.
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.