Credit Builder Loans

Credit Builder Loans

Summary

Bad credit? No credit? Don't know your credit? Start building your credit with these 3 easy programs! Everyone has to start somewhere to build or repair their credit, and we're here to help!

Our credit building programs are plain and simple — they are designed to get you financially fit and enable you to qualify for future loans from Sooper Credit Union. For more guidance and information, stop by any branch or contact us.

Details:

Credit Builder Loan

  • No money or credit history required
  • Low monthly payment to fit your budget
  • Low interest rate with no fees or prepayment penalties
  • Easy Payment Options: Payroll deduction, automatic transfers or coupon books

How it works:

  • Loan proceeds are deposited into your Sooper Credit Union savings account where the money earns interest while you pay back the loan.
  • Once your loan is paid off, you will have gained one positive trade line on your credit and built up your savings account to do with what you wish. We recommend using the money for a Share Secured VISA® to get the most out of our credit building programs.

Share Secured Loan

  • Borrow to the extent of funds in your savings account
  • Low monthly payment to fit your budget
  • Low interest rate with no fees or prepayment penalties
  • Easy Payment Options: Payroll deduction, automatic transfers or coupon books

How it works:

  • Funds are frozen in your savings account and released as the loan balance is paid down.
  • Loan proceeds are yours to do with what you wish. We recommend using a portion of the money for a secured credit card to get the most out of the credit building programs.
  • Once your loan is paid off, you will have gained one positive tradeline on your credit.

Share Secured Credit Card

We recommend getting a secured credit card in addition to the credit builder or share secured loan.

  • Use the money in your savings account to secure your credit card
  • With satisfactory management of your secured credit card, you may be eligible to switch to a regular credit card after 12 months
  • Make your payments on time to build positive payment history
  • Use the card wisely: We recommend using no more than 30% of your credit limit

For more information, read tips to improve your credit score.

Payment Coupons

Need to print payment coupons?

At Sooper, our goal is to make managing your accounts as convenient as possible. To aid in this process, loan payment coupons are available to print here. Payment coupons may also be printed upon request at any of our branch locations.


Looking for an even easier way to make your payment? Sign up for Online Banking to transfer payments directly from your Sooper account, or use our free Bill Pay system.

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