Credit Builder Loan
Improve your financial well-being and build your credit score with a Credit Builder Loan.
Build Your Credit Score
Your credit score is an indicator of financial health and it can also impact your insurance rates, ability to rent an apartment, and even get a job. A Credit Build Loan from your credit union is one way we are investing in you, our member owner. We provide the money from $500 to $2,000, also known as collateral, to you. As you make monthly loan payments, you build your credit history and we release the money to you to use or save as a down payment for a future purchase.
This loan is designed to help those starting their credit journey, or those that need a little help improving their credit score. Similar to our Share Secured Loan, the Credit Builder Loan will allow you to have the funds for the loan held in a corresponding savings account. Those monthly payments help establish or improve credit.
If having a credit score is new to you, here’s the basics:
- Credit Scores range from 0 to 850 being the best.
- A score of 640 or higher is considered “good.”
- There are 5 factors that impact your score: paying bills on time, the amount of debt you have, how long you have been paying your debt, if you have any new loans, and what types of debt you have, for example a credit card versus a car loan.
Credit Score is Your Indicator of Financial Health
- With a Credit Builder Loan, you are investing in your financial health.
- Successfully making loan payments can impact two of the five factors that make up your credit score.
- Your credit score impacts your ability to obtain a loan as well as insurance rates, ability to rent an apartment, and even get a job.
Monitor Your Credit Score In Online Banking or the Mobile App
Mid Minnesota Federal Credit Union has your financial well-being as our number one priority, so we are making it easy for you as we partner with Savvy Money® so that you can monitor your credit score while using online and mobile banking.
- Start by logging into online or mobile banking.
- Then click “Check Your Score” where you see an image similar to the one shown here.
- Annually, download your full credit report from annualcreditreport.com and read through them carefully using the Credit Report Checklist as a guide of what errors to look for. Make three copies of the checklist, one for each of the three nationwide credit reporting companies: Equifax, Experian and TransUnion.
- If you find any mistakes on your credit reports, you should dispute them and we can help. Mid Minnesota has a Disputing errors on your credit reports resource that walks you through how to do this.
- Continue to monitor your score to ensure you have not been a victim of identity theft.
Calculate Your Options
Amortizing Loan Calculator
Enter your desired payment – and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
Amortizing Loan Calculator
MMFCU Loan Perks
Easy Payments
You can make loan payments however it suits you best. Set up auto withdrawals, have us deduct them from your paycheck, or make payments at your convenience with online banking. Whatever you choose!
Manage Your Account Anywhere 24/7
Take MMFCU with you, wherever you go, Manage your money and loan accounts easily whether you are across town, or across the country with Online Banking or the Mobile App.
Why MMFCU?
It’s time to do banking differently. At MMFCU, we believe that true financial growth can only happen when we all grow together.
Credit union business banking is rooted in locals serving locals, for the good of our community. We care about this community because it’s our home too. When you progress, so do we and in turn, we help others do the same. Owned by members (that’s you!) and led by members–that’s the credit union difference.
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Disclaimer
*Loans subject to approval. Certain restrictions apply.