Credit Builder Loan

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Build your credit to power your future

We believe everyone can create a better financial future and building credit is an essential step. Using our Credit Builder Loan*, you’ll establish payment history on your credit report (which makes up 35% of your FICO score) and grow your savings at the same time, giving you the opportunity to get affordable loans for investments like a new car or your first home!


  • Establish positive payment history on your credit report with on-time payments
  • Grow savings in a short-term, interest-bearing Certificate of Deposit
  • Unlock opportunities for renting and other loans in the future

How it Works

Step 1 1
Choose a plan:

Apply for our fixed-rate Credit Builder installment loan, and select a loan amount and term length that works for your goals.

Step 2 2
Start Saving:

First Federal will place the borrowed funds into a secure Certificate of Deposit (CD), which earns interest for the life of the loan.

Step 3 3
Make payments:

First Federal will report your monthly payments of principal and interest to all three major credit bureaus: Equifax, Experian, and TransUnion.

Step 3 4
Build credit:

When your loan is repaid, you've successfully built a payment history on your credit report and the CD funds become available to you.

Learn more about our Credit Builder Loan

First Federal Bank encourages all persons to apply. There is no minimum credit score required.

Yes, we will perform a hard credit inquiry when you apply for the Credit Builder Loan. This may affect your credit score and remain on your report for up to two years.

The Credit Builder Loan will appear as a secured installment loan.

Credit profiles are unique to your situation so we can’t provide an estimate. However, on-time payments positively impact your credit score so it’s important to pay your Credit Builder Loan on time, as with any other loan or credit account you have.

  • To check your credit score, we recommend communicating directly with the credit bureaus. Learn more in this blog.
  • For tips on building a credit score, read this article from the Consumer Financial Protection Bureau.

You can request and review your free credit report in 3 ways:

  1. Online: Visit for a digital copy
  2. Phone: Call (877) 322-8228 to request a mailed report
  3. Mail: Download and complete the Annual Credit Report Request form. Mail the completed form to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

We've got your back

We believe in the power of everyone, and our team is ready to help you take the next step toward your financial goals.

*Certificate of Deposit funds are not accessible during the loan term or while there is a principal balance outstanding. Penalty imposed for early withdrawals. Once the loan has been repaid or satisfied in full, the CD funds are eligible for withdrawal or renewal of the CD account. All loans subject to approval. Rates and terms may vary. Must be a Kansas or Missouri resident.

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