Build Your Credit

Yes, You Need Good Credit

If you’ve never had credit before and have been a member in good standing for 6 months, 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. 

With good credit, you can:

• Save on auto insurance premiums
• Obtain favorable auto loan rates and terms
• Qualify for competitive home loan rates
• Avoid hefty apartment or rental home deposits
• Boost your job prospects, as many employers value financial responsibility
• Secure financing to start or grow your own business venture

Credit Builder

For those with little or no credit history - small, unsecured loans with reasonable interest rates and manageable repayment periods.

• No collateral required
• Maximum loan of $500
• Repayment terms up to 24 months
• Pay back your loan on time and receive a rebate on all interest paid

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

Looking to re-establish good credit? This secured loan can help you make a fresh start.

• Security deposit equals your loan amount ($500 to $5,000)
• Expanded repayment terms up to 48 months
• At the end of the term, the secured funds are available for your use

How it works

Credit Builder Plus loans are secured loans. That means we put the proceeds from your loan into a CD 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.