Credit Builder Loan and Saver Program
A good credit history is essential to financial health. But it’s hard to build credit if you have a poor payment history or no credit history at all. Liberty’s Credit Builder Loan & Saver Program is a good way to help improve your credit score.* It’s a loan that can help to establish a good payment history, which is an important step in building a better credit score.
- Borrow from $500 to $1,000, flexible terms available** and the loan amount will be deposited into a CD with a term equal to or greater than the term of the loan.
- As the loan is repaid on time, Liberty Bank will report a positive payment history to the credit bureaus. Should you decide to cancel the loan or the loan payments become delinquent, you should request to close the loan, and any principal payments that were made will be returned back to you. This must be done before the loan becomes 30 days delinquent, so that no negative payment history is reported.
- When the loan is paid in full, the funds in the Liberty Bank CD are available, including interest earned!
- Added Incentive – if you make all payments on time – the interest paid on the loan will be credited to the CD.
- Once all payments are made on your Credit Builder Loan & Saver Program, you should see improvement to your credit score.*
- Borrowers must also complete a Liberty Bank-approved financial counseling session that includes a budget component.
*Results are not guaranteed. Improvement in credit score is dependent on your specific situations and financial behaviors. This product will not repair credit, and negative credit history will not be removed from a credit report as a result of this program.
**Subject to approval.