Start Building Credit, Fast
If you've faced challenges establishing credit or need a boost to your current score, this is your opportunity.
RCB’s Credit Builder Loan allows you to choose flexible loan amounts and terms. Each payment made is diligently reported to credit bureaus, strengthening your credit score instantly.
BUILDING CREDIT IS AS EASY AS...
Choose Your Loan and Term*
Choose from loan amounts ranging between $500 and $3,000, with flexible repayment terms of 6 to 24 months. Enjoy a competitive Annual Percentage Rate (APR) as low as 3.5%**, ensuring affordability and accessibility.
Make On-Time Payments
Your on-time monthly payments are reported directly to the credit bureaus, which can boost your credit score*** and open doors to better financial opportunities.
Guidance and Support
Our team stands ready to assist, ensuring your credit journey is smooth and successful. Together, let's elevate your financial standing.
*Loan amount ranges from $500-$3,000. Loan term is 6-24 months. Loan rate is 3.5%. Borrower must be 18 years of age and have a source of income. A Credit Builder Loan of $1,000 with an interest rate of 3.50% for a period of two years would yield a payment amount of $43.20 over 24 months. Payments are due one month from the origination date. Payments are reported to the credit bureaus to help establish or build credit. Funds will be set aside at consummation into a Statement Savings Account. Once the loan is paid off, the borrower will have access to the loan proceeds (by keeping the savings account) plus any interest accrued. The Statement Savings Account has an interest rate of 0.01% and an annual percentage yield (APY) of 0.01%. You must maintain the minimum daily balance of $10.00 to earn the advertised APY. Fees and withdrawal may reduce earnings on accounts. The annual percentage yield (APY) is current as of 10/01/2024. The minimum balance to open the account is $10. This is a variable rate account and the rate may change any time after the account is opened. APY results when interest is left on deposit to compound daily on a basis of 365/365 days All deposits are FDIC insured to at least $250,000. DIF insures all additional deposits.
**Subject to creditworthiness.
***Accounts for various factors that may result in a status quo or decreased credit score, such as negative information furnished by other creditors.
Apply for the loan
Ready to start building your credit? Visit a branch today and ask about our Credit Builder Loan.
Not sure where to start?
Our branch staff are here to help. Click the button below to talk with someone who can guide you through the process.
FREQUENTLY ASKED QUESTIONS
Anyone over the age of 18, with a valid source of income, who has little to no credit history and is looking to improve their credit score. This account is intended for individuals only and cannot be taken out with more than one or multiple owners.
The loan will be closed due to nonpayment if there is no payment within 25 days of the payment due date. The credit bureaus will then be notified of the closeout.
As you make monthly payments, the loan is reported to the credit bureaus as an on-time payment. The more on-time payments reported the greater impact on your credit score.
Payments are due monthly, beginning one month from the origination date of the loan.
You will not have access to the funds until the loan is paid off. If the loan payments go 25 days past due, the loan will be closed out and the balance of any payments received will be made available.
Yes, there is no limit to how soon you can pay off the loan.
Banking that speaks your language.
At Reading Cooperative Bank, everyone is welcomed, valued, and understood. We have extended branch hours to accommodate your busy schedules and also take pride in our bilingual workforce, ensuring effective communication with customers.
