Is it time to give yourself some credit? A Credit Builder Loan with 1st Source Bank can help you establish credit and save money at the same time. It’s an excellent way to get started on the road toward better financial security.
How does it work?
You receive a loan for a certain amount of money, let’s say $1000.
Instead of receiving the money right away and then making payments, it is placed into an account, and you make payments until you’ve equaled the amount of the loan. Then, you can access the money.
Your payments are reported to credit agencies just like a regular loan, helping you establish or build your credit score. When all the payments are made you will also get credit for paying off a loan.
Key Points to Consider
How would one help you?
- You build credit & save money
- Designed to fit your budget
- Receive your money after final payment
What is a credit score?
- A number between 300-850
- A higher number means better credit
- Based on credit activity, payment history, debt, and status of accounts
Why Does Good Credit Matter?
- Helps you get a loan, mortgage, credit cards
- You can get lower interest rates
- Employers may use it when hiring
- Can lower fees for insurance or a lease
Get the Credit you Deserve
Call us about a Credit Starter Loan at 855-235-4440 or apply now.
Subject to credit approval. A 1st Source checking account is not necessary to apply but must be opened prior to closing on your loan.