CREDIT BUILDER PROGRAM
Build Credit. Build Savings. Build Your Future.
If you need help establishing credit, repairing damaged credit, or saving for the future, we’re here to help with our Credit Builder Program. Created to support your financial goals, the Credit Builder Program helps you establish a savings account while building positive credit history.
How the Program Works
You can borrow:
- $1,000 with a 12‑month term, or
- $2,000 with a 24‑month term
When the loan is issued, the funds are placed in your savings account and held as collateral.
As you make on‑time monthly payments, the amount being held gradually releases. This means your available savings balance increases over time, allowing your money to grow while you build — or rebuild — your credit history.
By the time the loan is fully repaid, the full amount becomes available in your savings again. This helps you establish positive credit, prepare for future borrowing needs, and strengthen your long‑term financial relationship with Penlanco FCU.
Rate & Fee Details
Competitive Variable Interest Rate: Share Savings Rate + 1.00%
Non-Refundable Application Fee: $20.00
APR means Annual Percentage Rate. Each member is limited to one Build Together loan at a time. Rates are subject to change without notice.
Personalized Support
Meet with us for a detailed credit review, and let our team help you establish a plan designed for your specific financial situation.