Credit Builder Loans | Build Credit with Options Credit Union

Build Credit.

Build Confidence.

Struggling to get approved because of low or no credit score? You're not alone - and we're here to help. At Options Credit Union, our Credit Builder Loans are designed to help you establish or improve your credit score, while also helping you save money along the way.

Competitive Rates

Credit Builders are a low cost, low risk way to re-build your credit history.

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Ready to Get Started

Get started today safely building a positive credit history.

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Why Choose Options Credit Union?

As a member-focused institution, we prioritize your financial well-being. At Options Credit Union you're more than just a credit score, you're family here.

No Credit? No Problem - perfect for first-time borrowers or those building credit.
No Hidden Fees - transparent terms, always.
Credit Reporting - we report to all three major credit bureaus.
Member-Focused Service - we're a not-for-profit credit union - your financial wellness is our priority.
Easy Online Application: Apply from the comfort of your home. No pressure, no hassle.
Personalized Service: Our team is here to guide you through every step of the financing process.

Not sure if a Credit Builder Loan is right for you? Speak to one of our team members - we're here to help you find the best path forward.

What is a Credit Builder Loan?

A credit builder loan is a small, secured loan that is specially designed to help you build positive credit history. They are a smart, safe way to work on your credit and maybe even build up your savings. Perfect for young adults new to credit, those recovering from past financial challenges, or anyone looking to improve their credit profile to qualify for better rates on future loans.

Available Credit Building Products

If you have been credit challenged, need help getting back on track, or simply need a little something extra, we may have a tailor-made product just for you. These loan products are designed to help you build your credit.

Credit Builder Secured Loan - Instead of giving you the money upfront, we place the loan amount into a secure Options Credit Union CD account. You make monthly payments, and once the loan is paid off, the funds are released to you - plus any interest earned.
CD Secured Loan - You make a deposit into an Options Credit Union CD account and we use it as security for the loan. The loan proceeds are given back to you. Once the loan is paid off, the CD is released to you as well - plus any interest earned.
Share Secured Visa - Like the CD Secured you make a deposit to your Options Credit Union share account and we use it as security for your Visa. If you close your Visa the funds are released back to you.

How It Works

Choose Your Loan Product - when building credit we recommend having both a regular loan and a revolving loan to maximize score potential.
Choose Your Loan Amount - loan amounts can range from $500-$2,000, based on what fits your budget.
Make On-Time Payments - make affordable monthly payments over a 12 month term. We report your payments to the major credit bureaus.
Build Your Savings - your loan funds are held in a secure account - and you get access once the loan is fully repaid.
Boost Your Credit Score - on-time payments can positively impact your credit history and score.

What loans can I pay using the online loan payment system?

You can pay on any personal, auto, line of credit, or share secured loan. Mortgages and credit cards have their own designated payment portals.
What if I don't see my loan in the payment system?

If this is a new loan, it may take up to 7 business days to become available in the payment portal.
What are the fees for making online loan payments?

$10 per online single payment with debit, free via ACH
What is the maximum payment amount I can make?

You can make a payment of up to $1,500. If you need to make a larger payment, please contact the credit union
What other payment options are available?

Automatic Payments (set up by us, this is not an on-demand feature) - FREE Direct Deposit - FREE Over the Counter - FREE By Mail - FREE Shared Branching - FREE Mobile Deposit - FREE Wire Transfer - FREE Expedited Payments by Phone - $15
Who can register?

Registration is only accepted with the primary Credit Union member's information.
What is my member number?

Your member number is your main credit union account number (not loan number) that you were issued when you opened your account.
How do I get my loan payment confirmation?

A confirmation email will be sent to you for online loan payments.
What if my payment is returned?

Returned payments are subject to Non-Sufficient Funds fees. Please see the Credit Union's fee schedule for more information.
Can I make a payment by credit card?

No, credit card operating regulations prohibit the use of debt to pay debt.
What forms of payment can I use?

A debit card or your checking account at another institution.
How many days can I postdate a payment?

You can make a payment up to 7 days in advance.
Can I pay more or less than my current loan payment amount?

You can pay any amount up to the maximum.
Can I pay my loan in advance?

Closed-end loans can be paid in advance. Open-end loans require a monthly payment and cannot be paid ahead..
Can I set up recurring payments?

Yes, you can set up a recurring payment from another financial institution. You can start, stop, or change the date as needed.
What do I do if I forget my user id?

Your user name is your email address, If you forget your email address, you can re-register, but it will not display any previous payment information.
How can I cancel a payment that was recently created?

Once submitted, you may only cancel payments that are in a pending status.
When will my payment post to my account?

Payments made using the online loan payment system will not post the same day payment is made. Depending on which payment method you used, it can take up to 3 business days to post to your account.
Can I pay off my loan using LoanPay?

We do not encourage you to use the online loan payment system to pay off your loan. Please contact the credit union to get your exact payoff amount to avoid a shortage in payment.
How do I reset my password?

Please select "Forgot your password?" on the login page.
I can log in, but I am not able to make a payment.

If you can log in, and are not able to make a payment, it most likely means you do not have any eligible loans to make payments on. Please contact the credit union.
I can't complete my registration.

You may not have provided the correct answer or the correct format of the answer. For example: if MM/DD/YYYY is required and you enter M-D-YYY this will error out. In addition, your account number should only be your membership number, do not add any other suffix behind it.
What if I need to make a payment but can't access the system?

We cannot guarantee the system availablity or your access to the internet. Please use one of our other payment options to avoid being late if the system is currently unavailable. If we preocess a payment for you over the phone there will be an $18 convenience fee.
How do I dispute a payment?

Contact your other finanical institution from where the payment debited from.