We believe everyone can create a better financial future and building credit is an essential step. Using our Credit Builder Loan*, you’ll establish payment history on your credit report (which makes up 35% of your FICO score) and grow your savings at the same time, giving you the opportunity to get affordable loans for investments like a new car or your first home!
Apply for our fixed-rate Credit Builder installment loan, and select a loan amount and term length that works for your goals.
First Federal will place the borrowed funds into a secure Certificate of Deposit (CD), which earns interest for the life of the loan.
First Federal will report your monthly payments of principal and interest to all three major credit bureaus: Equifax, Experian, and TransUnion.
When your loan is repaid, you've successfully built a payment history on your credit report and the CD funds become available to you.
*Certificate of Deposit funds are not accessible during the loan term or while there is a principal balance outstanding. Once the loan has been repaid or satisfied in full, the CD funds are eligible for withdrawal or renewal of the CD account. All loans subject to approval. Rates and terms may vary. Must be a Kansas or Missouri resident. Other restrictions may apply. Product available to non-resident aliens with individual tax identification numbers.
Yes, we will perform a hard credit inquiry when you apply for the Credit Builder Loan. This may affect your credit score and remain on your report for up to two years.
The Credit Builder Loan will appear as a secured installment loan.
Credit profiles are unique to your situation so we can’t provide an estimate. However, on-time payments positively impact your credit score so it’s important to pay your Credit Builder Loan on time, as with any other loan or credit account you have.
You can request and review your free credit report in 3 ways:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
We believe in the power of everyone, and our team is ready to help you take the next step toward your financial goals.
*Certificate of Deposit funds are not accessible during the loan term or while there is a principal balance outstanding. Once the loan has been repaid or satisfied in full, the CD funds are eligible for withdrawal or renewal of the CD account. All loans subject to approval. Rates and terms may vary. Must be a Kansas or Missouri resident. Other restrictions may apply. Product available to non-resident aliens with individual tax identification numbers.