Personal Banking

Credit Builder Program

Two solutions to help establish or re-establish a credit history.

Credit Builder – for those with little or no credit history
If you’ve never had credit before, St. Mary’s Bank’s Credit Builder is a great way to help establish or enhance a credit history and ease into the responsibilities of having a loan.  Credit Builder loans are small, unsecured loans with reasonable interest rates and manageable repayment periods. 

The basics

    • Unsecured loan
    • Maximum of $500
    • 7.99% interest rate
    • Term is 12 - 24 months

How it works
Because they are unsecured, Credit Builder loans work very much like credit cards do.   But we’ve added a twist to help you stay on top of your loan and ensure that it benefits your credit history.  If you pay back the loan on time and according to all agreed-upon terms, the interest paid will be rebated back to you.  Your payment history will be reported to the credit bureau to build your credit.

Credit Builder Plus – for those that need to re-establish good credit history
Is bad credit keeping you from moving forward?  Start building it back up with a St. Mary’s Bank Credit Builder Plus loan.  No matter what’s happened to affect your credit, these loans are a great way to make a fresh start. 

The basics

    • Secured loan
    • Loan amounts of $500 to $5,000
    • 7.99% interest rate on loan
    • Term is 12 - 48 months
    • At the end of the term of the loan, the secured funds are available for your use

How it works
Credit Builder loans are secured loans.  That means we put the proceeds from your loan into a savings account and use those funds as the collateral for the loan while you repay the loan. Your payment history will be reported to the credit bureau to build your credit.

How to apply?
To learn more about the Credit Builder solutions, or to apply for a loan, please call our Member Contact Center at 1-888-786-2791.