Credit Builder Loan
Build credit from scratch, or repair credit that has taken a knock. A loan designed for exactly that purpose.
Rates change. See Current Rates for today’s figures.
What a Credit Builder Loan Does
A credit builder loan exists to create a record of on-time payments. It is an excellent way to build credit or repair tarnished credit, whether you are starting out with no history at all or working back from a difficult period.
What You Should Know
Build From Nothing
Useful if you have no credit history yet, which is its own obstacle.
Repair a Damaged File
Equally useful if your credit has taken a knock and you are rebuilding.
Reported to the Bureaus
Your on-time payments are reported to the credit bureaus, which is how the record builds.
Talk It Through
A Certified Financial Counselor can look at your credit report with you and say honestly whether this helps.
Who It Suits
This is for members who need a payment history rather than a large sum. If your goal is a mortgage or a car loan in a year or two, starting here can change what you qualify for then.
- You have little or no credit history
- You are rebuilding after a difficult period
- You can commit to the monthly payment for the full term
Current Rates
Smart E-Loan
As low as
6.99%APR²
Home Improvement Loan
As low as
7.99%APR²
Credit Builder Loan
As low as
7.99%APR²
Personal Loan
As low as
9.49%APR²
APR = Annual Percentage Rate. Rates effective 16 September 2026 and subject to change without notice. Your APR may differ based on credit history, term, and other factors. Not all applicants will qualify for the lowest rate. Applicants consolidating debt add 1.00% to the personal loan base rate, not to exceed 17.99%.
Apply for a Personal LoanView all personal loan rates, terms and maximums
| Loan Type | Term (Months) | APR As Low As | Maximum Amount |
|---|---|---|---|
| Personal Loan | Up to 12 | 9.49% | $25,000 |
| Personal Loan | Up to 24 | 9.74% | $25,000 |
| Personal Loan | Up to 36 | 9.99% | $25,000 |
| Personal Loan | Up to 48 | 10.24% | $25,000 |
| Personal Loan | Up to 60 | 10.49% | $25,000 |
| Home Improvement Loan | Up to 60 | 7.99% | $50,000 |
| Home Improvement Loan | Up to 84 | 8.49% | $50,000 |
| Home Improvement Loan | Up to 120 | 8.99% | $50,000 |
| Home Improvement Loan | Up to 144 | 9.49% | $50,000 |
| Home Improvement Loan | Up to 180 | 9.99% | $50,000 |
| Smart E-Loan (CT Green Bank) | Up to 60 | 6.99% | $50,000 |
| Smart E-Loan (CT Green Bank) | Up to 84 | 6.99% | $50,000 |
| Smart E-Loan (CT Green Bank) | Up to 120 | 6.99% | $50,000 |
| Smart E-Loan (CT Green Bank) | Up to 144 | 7.49% | $50,000 |
| Smart E-Loan (CT Green Bank) | Up to 180 | 7.99% | $50,000 |
| Credit Builder Loan | Up to 12 | 7.99% | $5,000 |
| Credit Builder Loan | Up to 24 | 8.49% | $5,000 |
| Credit Builder Loan | Up to 36 | 8.99% | $5,000 |
| Money Line of Credit | Open end | 9.49% | $15,000 |
| Rapid Cash Short Term Loan | Up to 12 | 28.00% | $2,000 |
| Mashantucket Pequot Tribal Nation Loan | Up to 12 | 17.95% | $2,500 |
| Share Secured Advance | Up to 84 | 7.00% | 100% of shares |
| Certificate Secured Loan | Term of certificate | Certificate rate plus 3.00% | 100% of certificate |
Common Questions
Yes. On-time payments are reported, which is what builds the record.
That depends on your whole credit file, not just this loan. What a credit builder loan does is add a record of on-time payments. It cannot remove anything already there.
Talk it through with someone who lends here.
Local decisions. No obligation.
A short conversation before you apply tells you what you can realistically borrow and what it will cost in total. Book a time at any Waypoint branch, or start online and we will pick it up from there.
Important Disclosures
APR = Annual Percentage Rate. Rates are accurate as of 16 September 2026 and are subject to change without notice. Your APR may differ based on credit history, credit worthiness, collateral year, term of loan, loan to value, and fees that may constitute finance charges. Not all applicants will qualify for the lowest rate. Your actual APR will be included in the initial Truth in Lending disclosure.
Payment example: for a loan amount of $5,000 with an APR of 9.49% over a term of 12 months, the monthly payment would be $438.24.
Applicants consolidating debt add 1.00% to the personal loan base rate, not to exceed 17.99%.
Share secured and certificate secured loans and other flat rate loans are not subject to managed risk pricing.