Credit Builder Loans
The Credit Builder Loan is specifically designed to help you develop a good credit rating. The concept is simple.
With rates as low as 17.25% APR*, borrow anywhere from $300 to $1,000, and repay it anywhere from 3 to 12 months. The credit bureaus monitor loan activity, and your rating will improve as you make regular payments. There is no penalty for paying off too soon; however, paying back too fast will not boost your credit as much as possible.
Click here for all loan rates.
Click here to calculate your monthly loan payment.
Click here to log on to e-Banking and apply online or call our loan department at 860.513.5000 (local) or 1.800.526.6933 (nationwide). . . .
*APR= Annual Percentage Rate. Credit Builder Loans are subject to credit approval. One loan per individual with a maximum borrowed amount of $1,000 for 12 months. Sample monthly payment per $1,000 borrowed for 12 months at 17.25% APR = $91.32. Must show proof of employment of 6 months with the same employer and proof of income. Rate discounts apply to the advertised rate. There is a 0.50% rate discount for automatic loan payments from a Nutmeg Checking account and a 0.25% rate discount if the student has a GPA ≥ 3.0. A copy of a recent official school transcript is required to receive the discount. This offer does not apply to existing NSFCU loans. Other restrictions may apply. We are an equal opportunity lender.