credit builder

Building credit is one of the most important steps you can take for a financially healthy future, but not everyone has the cash required for secured loans or secured credit cards. That’s exactly why we created our SunWest Credit Builder Loan!

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features you can appreciate

DIRECT DEPOSIT
overdraft protection
mobile banking
zelle + mobile wallet

give yourself credit

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.

low interest rates

Interest rates are 2% + the current CD term dividend rate.

no deposit required

SunWest funds your Credit Builder Loan + you access the money at payoff.

3 terms to choose from

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

make money moves

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.

skip the credit check

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.

what’s your credit building stamina?

By the end of the term, the money’s yours. A Credit Builder Loan essentially forces you to save money while building credit. How long can you go for?

credit builder loans

6-month term for $500
APR as low as 3.40%
$84.16 per month
12-month term for $1,000
APR as low as 3.50%
$84.92 per month
24-month term for $2,000
APR as low as 3.60%
$86.49 per month
see more rates

here's how a credit builder loan works:

1.

pay $25

Pay a one-time setup fee of $25.

2.

choose your term

Pay a one-time setup fee of $25.

3.

we fund your balance

We’ll create a CD on your account, deposit the money, and place the funds on hold for the chosen term.

4.

simply make your monthly payment

You make a monthly payment which we report to your credit. Tip: Have us set it on autopay for easy payments.

5.

collect your money at payoff

Once the loan is paid off, the hold vanishes + the money is yours.

don’t sweat it

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.

Savings Secured

CD
Secured

Credit Builder

Secured Credit Card

interest rate
2% + current Savings dividend rate
2% + current CD term dividend rate
2% + current CD term dividend rate
7.90% variable rate
available terms
6 months
‍
12 months
‍
24 months
6 months

12 months

24 months

36 months

60 months
6 months
‍
12 months
‍
24 months
Revolving line of credit with no maturity date. Closed anytime upon member request.
minimum deposit
$500
$500
$0 deposit required
$500
fees
interest
interest
$25 + interest
interest
payment
Fixed monthly amount
Fixed monthly payment
Fixed monthly amount of about $85
3% of your balance with a minimum dollar amount of $20
best if...
you want funds to become available each month.
you want a lump sum available once the term ends, want a longer term, or you want to use funds from an existing CD.
you don’t have a large cash deposit.
you want to be able to use up to your deposit amount whenever you need to with the convenient access of a card.

*APR = Annual Percentage Rate. See a representative for details.
**Please keep in mind we always pull credit for any new member as part of our identity verification process.

Savings Secured

interest rate
2% + current Savings dividend rate
available terms
6 months12 months24 months
minimum deposit
$500
fees
interest
payment
Fixed monthly amount
best if...
you want funds to become available each month.

CD Secured

interest rate
2% + current CD term dividend rate
available terms
6 months
12 months
24 months
36 months
60 months
minimum deposit
$500
fees
interest
payment
Fixed monthly payment
best if...
you want a lump sum available once the term ends, want a longer term, or you want to use funds from an existing CD.

Credit Builder

interest rate
2% + current CD term dividend rate
available terms
6 months
12 months
24 months
minimum deposit
$0 deposit required
fees
$25 + interest
payment
Fixed monthly amount of about $85
best if...
you don’t have a large cash deposit.

Secured Credit Card

interest rate
7.90% variable rate
available terms
Revolving line of credit with no maturity date. Closed anytime upon member request.
minimum deposit
$500
fees
interest
payment
3% of your balance with a minimum dollar amount of $20
best if...
you want to be able to use up to your deposit amount whenever you need to with the convenient access of a card.

Reach out to our Lending Department via phone or apply online for any of our 4 secured options: Savings Secured Loan, Certificate Secured Loan, Credit Builder Loan, Secured MasterCard® Credit Card.

1.800.533.4133APPLY ONLINESEE RATES
How do i calculate my interest rate?

You can calculate your interest rate by adding 2% to the current dividend rate of the CD term you’ve chosen.
For example: (2% + 1.50% = 3.50%) 3.50% is your interest rate.

What is the minimum balance for a credit builder loan?

The minimum balance for a Credit Builder Loan is $500 for a term of 6 months. However, SunWest pays this upfront, so all you need to start your Credit Builder is $25. Once you’ve paid off the loan, the funds we deposited on your behalf become available to you, minus any applicable interest.

How do i access the money in my credit builder loan?

The money will be available to you once the loan is paid in full. It cannot be accessed prior to a full payoff.

Can i pay my credit builder loan off early?

We do not recommend paying off your Credit Builder Loan early as the goal is to build credit, which is done by reporting positive payment history to the credit bureaus, and more payment history is always better for your credit score. However, you can always pay your loan off early with no additional fees.

Can i have multiple secured loans at one time?

Yep! We offer 4 types of secured loans: Savings Secured, CD Secured, Secured MasterCard® Credit Card and a Credit Builder. You could have 1 of each, mix and match, or have multiple of each, with the exception of our Secured MasterCard® which is restricted to one per account.

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