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TEEN CREDIT BUILDER LOAN

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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.

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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
  • Loan rates

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.

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