Strengthen Your Credit Score—and Open the Possibilities.
Our Credit Builder Savings Program helps you strengthen your credit score and open new possibilities for your financial future. Whether you're aiming for homeownership, a reliable car, or greater financial flexibility, better credit can help you get there. Start taking steps today that support a stronger financial future.
Key Features
-
Borrow from $500
up to $5,0001 -
Make Payments While Saving Money
-
Improve Your
Credit Score2 -
Access Savings at the End of Your Term
The process is simple:
- Borrow $500 up to $5000, for terms of 12 to 36 months1
- Open a Savings Account (or use existing account) for the borrowed amount to be deposited3
- Repay your borrowed amount by making on-time consistent monthly principal and interest payments on the loan2
- Reporting to the credit bureaus of your on-time consistent monthly payments establish a positive payment history2
After you finish repaying your loan:
- Access your full balance in your saving account — plus earned interest!
Plus, a congratulatory contribution from us!
- Monson Savings Bank will deposit a congratulatory amount into your savings account.3
- $15 deposit for loan amounts of $500–$2000 or,
- $25 deposit for loan amounts of $2001–$5000
- $15 deposit for loan amounts of $500–$2000 or,
1The Annual Percentage Rate (APR) will be fixed for the full term of the loan based on the Prime Rate published in the Wall Street Journal, effective the date of application, plus .50 basis points. The Prime Rate published in the Wall Street Journal as of 12/20/2024, plus .50bp, is 8.000%.
APR Example loan payment schedule: A $1000 Credit Builder Loan with an Annual Percentage Rate (APR) of 7.500% for 12 months has an approximate monthly payment of $86.76. Your monthly payment will vary based on the loan amount and term. Actual payment amounts may be higher.
2Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month will result in negative reporting to your credit report which will not improve your credit history. This product will not repair your credit, and negative credit history will not be removed from your credit report as a result of this program. “On-time payments” mean payments made on or before the due date for at least the scheduled payment amount.
3The amount you borrow is deposited into a Monson Savings Bank savings account that you cannot access until the loan is repaid. Monson Savings Bank monetary contributions are subject to 1099 tax reporting.
