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Credit Builder Loan
Let us help you improve your credit scoreIf you are looking to safely establish or improve your credit score, consider a North Shore Bank Credit Builder Loan.
How it Works
Once you apply and are approved for a Credit Builder Loan, the amount you borrow is held in a Certificate of Deposit account while you make monthly payments. When the loan is paid in full, you have access to the funds in the Certificate of Deposit plus accrued interest. Along with a boosted credit score, you have built up savings while repaying the loan.*
Helping You Build Credit
The key to the Credit Builder Loan is making your on-time monthly payments, the purpose of which is to demonstrate your ability to manage debt. In turn, this gets reported to the credit bureau and helps you establish or build your credit score.
As you can see from this graphic from FICO, your payment history makes up 35% of how your credit score is calculated and is the biggest factor in establishing good credit.
Selecting the Right Loan
for You
It’s important to select the right loan term and dollar amount for your Credit Builder Loan so that you can comfortably make your monthly payments on time. North Shore Bank offers several Credit Builder Loan options and we’re happy to meet with you to determine the best fit for you for your individual needs and situation.
| Credit Builder Loan Options | |||
|---|---|---|---|
| Term | Loan Amount | Rate | Payment |
| 12 Months | $1,000 | 6.00% APR | $86.08 |
| 12 Months | $2,000 | 6.00% APR | $172.16 |
| 24 Months | $3,000 | 6.00% APR | $132.98 |
| 24 Months | $4,000 | 6.00% APR | $177.31 |
Annual Percentage Rates (APR), terms, and availability of product are subject to change at any time. Limit one per customer. Loans are subject to approval.
*Improvements in credit score are not guaranteed and require all loan payments made on time.
FAQs
North Shore Bank does offer home equity lines of credit for our customers to buy vehicles, consolidate bills, or pay off other debts. The first step is to apply online or call one of our Personal Bankers at an office near you.
If you would like to apply for a loan to refinance your current home equity line of credit, please complete an online application or call an office near you.
The rate for your Home Equity Line of Credit is based on the prime rate plus an established margin determined by your individual line of credit. The rate on your line of credit changes on the 1st day of the second month following any prime rate change. If your line of credit was opened prior to Jan. 1, 2006, it is based on the prime rate published in the Wall Street Journal Money Rates section on the third Tuesday of the month. If your line of credit was opened on or after Jan. 1, 2006, the rate on your line of credit will change when the prime rate changes in the Wall Street Journal.
An appraisal fee may be necessary, depending on the value and equity of the home.
Click on the three vertical dots alongside the blue “Pay” button