A CREDIT BUILDER LOAN THAT HELPS YOU SAVE
Features You’ll Love
A credit builder loan is designed to help you build credit without needing a large upfront deposit. With just a $25 setup fee for SunWest members, you can focus on making fixed monthly payments over your chosen term. Once it’s paid off, the funds are released to you!
Low rates – 2% above your dividend rate
Only $25 to setup
Easy way to build credit
No credit check for members
Simple approval for new members
Choose your term based on savings goals
Check current interest rates and run the numbers to gauge your credit building stamina before making a decision.
How do I calculate my credit builder loan interest rate?
Your rate is calculated by adding 2% to the current dividend rate of the CD term you choose.
Example: If the dividend rate is 1.50%, your loan rate would be 3.50%.
What is the minimum balance for a credit builder loan?
The minimum loan balance is $500 for a 6-month term.
SunWest funds this upfront, so you only need $25 to get started. Once the loan is paid off, the funds—minus any applicable interest—become available to you.
How do I access the money in my credit builder loan?
Funds become available once the loan is fully paid off. They cannot be accessed before the loan is complete.
Can I pay my credit builder loan off early?
As the goal is to build credit, keeping the loan open longer can be more beneficial. Consistent, on-time payments help strengthen your credit history.
However, you can always pay your loan off early with no additional fees.
Can I have multiple secured loans at one time?
Yes! We offer 4 types of secured loans: savings secured loans, certificate secured loans, a secured Mastercard®, and a credit builder loan.
You can mix and match or have more than one of each with the exception for the secured Mastercard®, which is limited 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.
