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Credit Builder Loan

We get it. Life happens.

And sometimes that means that your credit score might need a little help. At Magnolia Federal Credit Union, we want to help you rebuild your credit. With the Credit Builder loan, the money you borrow from Magnolia Federal is put into a regular share savings account and held as collateral. The loan is repaid monthly at a low interest rate. By making regular loan payments on time, you will have established credit and potentially improved your credit score.

Summary
  • Loan Amount: $1,000
  • Loan Term: 12 months
  • Rate: 2.20% APR above the share rate securing the loan
  • Payment history reported to credit bureaus