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Rebuilding poor credit history, or establishing credit can feel like a long, arduous process. Taking out a credit-building loan through a federally-insured credit union is an easy way to boost your credit score and help you save money at the same time. This kind of loan’s primary purpose is to provide you with a proven track record in rebuilding your credit by allowing you to show that you can make a payment each month through what is called “self lending.”

Going through life with no or bad credit can lead to missed financial opportunities and ultimately hinder you from making significant purchases. We’ll help your credit get back on track with an easy, affordable credit-builder loan. Just call Excel Federal Credit Union today to learn more about strategies for improving your credit–then begin improving your credit history.


Easy Approval


Flexible Terms


Low Fixed Rate


Earn Dividends

Have questions? We’ve got answers! Here are some FAQs. 


A loan to help build up your credit score is a type of loan designed specifically for borrowers with poor credit or those who are looking to build their credit from scratch. Making loan payments on time can boost your credit score exponentially, so taking out a loan for the sole purpose of paying it back on time through monthly payments is one of the easiest and most effective ways to build your credit.

Along with boosting your credit, credit-builder borrowing can help you save money for a big purchase. EXCEL will deposit the loan amount into your savings account at the end of your term so that you can have a visual representation of the money you are saving by making loan payments.

As you make monthly payments on your credit-builder loan, we will be reporting your financial payment activity to credit bureaus. Each monthly payment that you make on-time will incrementally improve your credit score and positively impact your credit report. At the end of the payment term, you’ll have a healthier credit score. You’ll also get to keep the funds you borrowed, minus fees and interest, to put toward a large purchase of your choosing.


One of the main differences between a credit-builder loan and a traditional personal loan is the timeline according to which you can receive your funds. With conventional personal loans, we generally deposit the loan amount into your account as soon as we approve your application.

However, with credit-builder loans, we do not give you your loan funds until your payment term is over. This way, you can be sure that you have proper funds to make payments even without the loan funds, so you will never get stuck being unable to repay the loan. Similarly, you will have a substantial amount of savings after you’ve paid back your loan to use for a significant purpose or to help repay other debts.


There are several benefits to choosing this kind of loan over other loan types

  • Easy approval: You do not need to have any credit to qualify–even borrowers with the worst credit scores can still be eligible, giving these loans higher approval rates than any other types.
  • Flexible terms: Your repayment term can be anywhere from 12 months to 24 months, and you can choose a length of time that will help you easily make payments on time.
  • Earn dividends: Once we deposit your funds into your savings account, they will begin accruing interest, which could help offset the loan’s cost.
  • Fixed APR: These have a fixed annual percentage rate, so you can plan for how much your payment will be each month.
  • Low interest: You will receive a low, affordable interest rate, so you will be able to afford each monthly payment easily.
  • Affordable: Your monthly payments can be as low as $25.

 Everyone could benefit from improving their credit score, but if you’re satisfied with your current credit, you may want to borrow using a different approach instead. At Excel FCU, we can help you determine the right loan for you.


You can apply through our website or in person at one of our convenient branch locations. You will need to have an account with EXCEL to qualify for this loan, but you can easily set up your account online or in-person.

We’ll ask you for information like your address, social security number, and income, and then we can help you determine what amount of money you would like to borrow. Next, we’ll ask you what term-length would work best for you regarding payment–12 months or 24 months–and give you information about the annual percentage rate and the interest rate you will need to pay.

We should be able to approve your credit-builder application in one day or less, so you can start rebuilding your credit as soon as possible.


Borrowing a credit-builder loan through a federal credit union is a great way to build or rebuild your credit. Whether you have no credit and would like to qualify for a larger loan, or you have damaged your credit in the past and need help boosting your score, a credit-builder loan could be the right option for you.

Call EXCEL today to begin the process toward a healthier credit score.

*$1.00 EXCEL fee applies on ATM transactions through CUHERE and CO-OP networks.
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