Teen Credit Builder Loans | Rize Credit Union

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TEEN CREDIT BUILDER LOAN

Home » Credit Builder » Teen Credit Builder Loans

Good credit is needed to get the best rates on a car loan, a credit card, and more. But if you’re a teen, how do you establish and build a strong credit history? Our Teen Credit Builder Loan is designed to be the answer.

What is a teen credit builder?

Our Teen Credit Builder is a way for teens to build not only credit but also savings at the same time. We put a set amount of money in a savings account, and you pay toward that account in monthly installments, then receive the balance at the end of the loan term.

Pro tip!
Set up a monthly automatic transfer from your Teen Checking account to ensure timely payments.

Here’s how it works

We deposit $250 into a savings where it earns dividends
The teen makes on-time monthly payments of $29, based on simple terms we all agree upon
As payments are made, we report the good payment history to the credit bureaus
The funds that have been repaid are then made available to spend – or the money can be left in the account to earn even more dividends¹
Available to those with ITIN
Loan rates
Digital banking

¹Estimated monthly payment on a 9-month term is 5.50% APR is $29 and subject to change. Amount of funds made available to withdraw is based on payment amount, interest paid, and dividends earned.