Give your credit score a much-needed boost. Borrow up to $5,000, then access your funds at the end of your term.
- Competitive Rates
- Quick Decisions
- Local Processing
- You borrow from $500 to $5000, for terms of 12 to 36 months
- The amount you borrow is deposited into a Monson Savings Bank savings account that you cannot access until the loan is repaid
- You make regular monthly principal and interest payments on the loan
- As you repay on time (on or before the due date for at least the scheduled payment amount), you establish a positive payment history that we report to the credit bureaus1
- When you finish repaying the loan, you will have the full balance in the Monson Savings Bank saving account — plus interest!
- After you pay off your loan, the bank will deposit $15 for loan amounts of $500–$2000 or $25 for loan amounts of $2001–$5000 into your account to congratulate you on your success2
- By the end of the Credit Builder and Savings Program you should see an improved credit score (based on your payment history)1 and you'll have a jump start on saving
1Results 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. Example loan payment schedule: A $1000 Credit Builder Loan with an APR of 9.00% for 12 months has an approximate monthly payment of $87.45. The interest rate is fixed for the full term of the loan and is established on the application date based on the prime rate plus .50bp.
2Monson Savings Bank monetary contributions are subject to 1099 tax reporting.