Credit Builder Plan
(Secured Loan & Savings Account)
No credit? Need to build credit? No problem.
Credit Builder Plan is a secured loan and savings account designed to help build credit with on-time payments while giving you access to your savings over time – so you can plan for what’s next1!
To Open Your Account:
Visit 204 Westover Drive, Hattiesburg — next to Miskelly’s Furniture.
Let’s get started!
No money upfront | Payments as low as $25 per month*
How Credit Builder Plan Works:
What is a Credit Builder Plan?
It’s a part-loan, part-savings account where we set aside loan funds for you in the secured savings account. You make monthly payments on the loan to build credit.
Access Your Savings
Funds are held in the secure savings account and made available to you after the first 60-days, two on-time payments, and a deduction for interest (and any fees).
Build Credit History
On-time payments are reported to the three major credit bureaus to build payment history. On-time payments comprise up to 35% of your score 2.
We're the Right Choice
- Includes interactive credit score tool to track your progress.
- Access a portion of your savings funds as you make on-time payments3.
- No credit score required to get started.
Cash Back Monthly Examples* | |||
|---|---|---|---|
Monthly Cash Back*: | $17.46 | $87.32 | $174.64 |
Loan Amount: | $500 | $2,500 | $5,000 |
Interest Rate: | 17.99% | 17.99% | 17.99% |
Loan Term: | 24 months | 24 months | 24 months |
Monthly Payment: | $24.96 | $124.80 | $249.60 |
(Minus Monthly Interest Paid): | -$7.50 | -$37.48 | -$74.96 |
*Examples are for illustrative purposes only and assumes payments are made on the due date. You can begin earning cash back 60-days after opening the account and making two on-time payments. Fees such as late payment or returned item fees may reduce the cash back amount each month. The example provided reflects one month’s payment only, and since interest is calculated daily, the interest paid each month may vary.
To Open Your Account:
Visit 204 Westover Drive, Hattiesburg — next to Miskelly’s Furniture.
Let’s get started!
Payment history comprises up to 35% of your credit score.
Credit Builder Plan (Secured Loan and Savings Account) may help.2
By paying on-time, you could build a positive payment history, which may lead to a better credit score.
Frequently Asked Questions
Your Credit Builder Plan (Secured Loan & Savings Account) is designed to help you to build credit and savings each month.
It’s part-loan, part-savings account where we set aside funds for you in a secured savings account. You make monthly payments on the loan to build credit.
Each month we report your payments on your credit builder loan to all 3 credit bureaus (Experian, Equifax and TransUnion). This builds payment history, which comprises up to 35% of your credit score2.
After the first 60-days, two on-time payments, you receive a portion of your monthly payments back in your Credit Builder Savings Account (minus interest and any fees)3.
No, your funds are held in a secure savings account and made available to you after the first 60-days and two on-time (minus interest and any fees). At this point, you may withdraw your funds from your Credit Builder Savings account or let your savings build.
The monthly payments you make towards your credit builder loan are reported to the credit bureaus. This helps you establish payment history, which is a major factor in determining your credit score2.
We collect some personal information (like name, address, date of birth, income, and SSN) in order to verify your identity.
Approval for the loan portion of your Credit Builder Plan (Secured Loan and Savings Account) is based on your debt-to-income ratio, not your credit score, but a hard pull is required as part of the application.
Yes, you can choose the loan amount at the time of your application. We strongly encourage customers to apply for a loan amount that is equal to your ability to repay the monthly payment without overextending yourself. NOTE: The loan amount you apply for will be underwritten for ability to repay requirements.
When you first open your Credit Builder Plan (Secured Loan and Savings Account), you will likely see a small dip in your score. This is normal; it happens whenever new credit accounts are added to your report.
As you start making monthly payments, we report them to the three major credit bureaus which help you show positive payment history and build your credit.
NOTE: Factors including activity with other creditors, may impact results. Failure to make monthly minimum payments by due date may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. Credit Builder Plan (Secured Loan and Savings Account) will not remove negative credit. history from credit report.
Credit Builder Plan (Secured Loan and Savings Account) is designed to help you build your credit by showing the credit bureaus positive payment history, the largest factor for your score. It also helps you grow your savings, as a portion of each payment (after the first 60 days, two on-time payments, minus interest and any fees) that you make towards your loan is returned to you in your Credit Builder Savings account. You can withdraw it at anytime or you can let it build up in your savings account.
Yes!
Credit Builder Plan (Secured Loan and Savings Account) is designed to help you to build credit and savings each month.
Each month we report your payments on your credit builder loan to all 3 credit bureaus (Experian, Equifax and TransUnion). This builds payment history, which comprises up to 35% of your credit score2.
However, credit score improvement is not guaranteed, as other factors may affect results. All loans are subject to credit approval, interest, and fees.
Financial Guidance
Personalized lessons that help you learn how to get where you want to be.
Build Your Emergency Fund Step-By-Step
What is a Credit Score and Why Is It Important?
Create a Budget That Works For You
- Loan funds are held securely in an FDIC-insured savings account. After 60 days and two on-time payments, a portion of your funds may be released monthly, minus applicable interest and fees.
- Negative payment history is also reported. Refer to: https://www.myfico.com/credit-education/credit-scores/payment-history for more details. Score improvement is not guaranteed. Results vary based on individual credit factors.
- Savings funds begin to be released after 60 days, two on-time payments, and a deduction for interest (and any late fees).
Important Information About Procedures for Opening a New Account or Establishing a New Customer Relationship:
The USA PATRIOT Act is a federal law that helps the government fight the funding of terrorism and money laundering activities. Federal law requires all U.S. financial institutions to obtain, verify and record information that identifies each person who opens an account or establishes a customer relationship with Grand Bank for Savings, FSB. What this means for you: When you open a bank account, we will ask you for your name, address, date of birth, and other information that will allow us to reasonably identify you. We may also ask to see your driver’s license or other identifying documents at any time.