Magic Online Banking

Credit Builder

There’s no question that good credit is one of the most important building blocks of a sound financial future. But how do you build a positive credit history if you’re young and just starting out? Or how can you start rebuilding your credit if you’ve had problems in the past? TheBANK of Edwardsville’s Credit Builder Program is designed with you in mind! TheBANK’s Credit Builder Program is an affordable way to begin managing your credit wisely. It will help you build savings while also helping to improve your future ability to qualify for a home mortgage, auto financing or other loans. 

Here’s how it works:

  • You work with a Lender or Personal Banker at TheBANK to fill out the loan application, either as an individual or joint applicant, for a loan amount up to $1,000
  • We will then deposit the amount you applied for into a savings account in your name here at TheBANK
  • You then make monthly payments, just like any other loan, which will reflect on your credit history
  • Once your loan is paid in full, you can make deposits to or withdrawals from your account at your discretion and we report your successful completion of the terms to credit bureaus

It’s Easy and It’s Affordable:

TheBANK’s Credit Builder Program has a fixed rate for the term of the loan – up to 18 months – which makes the monthly payments very manageable. In addition, if you decide to leave the program in the first 90 days, you get a full refund of all the payments you have made, both principal and interest. If you leave the program after the first 90 days, you get a refund of the principal you’ve paid, but not the interest.

Credit Builder

  • $50 processing fee
  • Loans up to $1,000
  • Loan terms up to 18 months
  • Fixed rate for entire term of loan
  • Establish a savings account
  • Monthly payments reflected in credit history
  • Financial education included

If you are in need of a checking account, ask one of Personal Bankers about our Checking Account Options.