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Credit Builder Loan

Allows you to establish a positive credit rating.

Call 1-800-621-2105 to Apply

Credit Builder Loan Interest Rate  APR 
Credit Builder Loan 5.00% 5.00%

Rates effective as of April 1, 2024, and subject to change without notice. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Subject to credit approval.

Credit Builder Loan

Holds the amount borrowed in an account while you make payments, building credit


  • An initial step on the journey to build your credit
  • No credit qualification requirement
  • 6-12 month repayment term
  • Established with an original loan amount of $500-$1,000 made available for use at the end of the repayment period


  • You have little or no credit history and want to establish credit, allowing for possible future credit opportunities
  • You want to build savings and credit for use with a Secured Credit Card

How does the Credit Builder Loan work?

A woman buying something

When you are approved for the loan, the amount you borrow is held in an interest-bearing Elements savings account while you make payments. When your loan is fully repaid, you receive access to the funds.

Your loan payments are reported to credit bureaus while you have the loan. Your credit score is built from information in your credit reports, and having your payments reported helps build your credit as long as you make your payments on time.

Keeping up with payments on your Credit Builder Loan is crucial.

When do I get the money I borrowed?

A couple laughing while on the couch together

You will receive your loan proceeds when the Credit Builder Loan is paid in full. Until then they are held in an interest bearing savings account.

What are the fees for a Credit Builder Loan?

A woman and her dog in the kitchen

There is no fees for the Credit Builder Loan, but you will pay interest on the money you borrow.

Why should I go to Elements for my loan?

A woman accepting payment for a tea

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with one-on-one assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally1. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

How do I apply?

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3 Easy Steps to Apply

  1. Start your application anytime by calling 1-800-621-2105. Have ready your government-issued ID (driver’s license, state ID, or passport) and your social security number.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. That’s it! - We'll contact you with a decision within 10 business days. Once your loan is approved and finalized, you can get cash in your account in as little as one business day.

What Will My Loan Payments Be?

Credit Builder Loan Calculator


  1. 1 Based on asset size as of 12/31/2022.