ScoreUp®Credit Builder Loan - Patelco Credit Union

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Our ScoreUp Loan is here to help if you have no credit, little credit or may need some help improving your credit score. By making manageable monthly payments on-time, you’ll be establishing a positive credit history, while also growing your savings.¹

Here’s how it works:

Apply for a loan amount with a manageable payment and keep your savings goal in mind. (Your loan amount will be the amount you’ll end up saving.)
Choose how many months you want to pay off the loan.
Each payment builds your credit history and your savings.
Get your money after paying off your loan. You can check your current credit score with one of the three credit bureaus.
Apply for another ScoreUp Loan if you want to do more to build your credit and grow your savings.

Product Benefits

Establish or rebuild your credit

Apply with little or no credit history, no cosigner required

Get the right loan amount on your terms

Choose a payment term that works for you to pay off the loan – from 6 to 36 months

No fees and low rate

No fee to open or set up the loan and a fixed low rate at 5.50% APR¹

Help grow your savings

Loan proceeds are deposited into a ScoreUp Savings Account and will be available when loan is paid in full²

Term	Amount	APR¹
Up to 24 months	$500 to $2,500	5.50%
Up to 36 months	$2,501 to $5,000	5.50%

Term

Amount

APR¹

Up to 24 months

$500 to $2,500

5.50%

Up to 36 months

$2,501 to $5,000

5.50%

Frequently Asked Questions

How is a credit builder loan different from a traditional loan?

Traditional loan:

Established credit history is required and can be more difficult to qualify

Interest rates can be high without goodcredit

When your loan funds, the money is given to you

You make payments until the loan is paid off

ScoreUp loan:

You do not need credit history to qualify

Interest rates are low

When your loan funds, you will not have immediate access to the money

You make monthly payments until the loan is paid off and then you have access to the money in your ScoreUp Savings Account
Do I have to come up with the cash deposit up front?

No, that is the best part. The loan proceeds are placed into a Patelco ScoreUp Savings Account and placed on hold at funding. For example, if the ScoreUp loan is funded for $500, a $500 ScoreUp Savings Account will be opened with $500 on hold. Those funds will not be available for withdrawal until the loan is paid in full

Are there any fees associated with the ScoreUp Loan?

There are no fees: no late fees, origination fees, processing fees, or pre-payment penalties.

How do I make payments to my ScoreUp Loan?

Automatic payments are required from a Patelco Account. You can use a checking, savings, or money market account.
What happens if I need to close my ScoreUp Loan early?

You can close your loan at any time, but you will not get all the credit building benefits. There are two ways to do this:

Pay any remaining balance on the loan – and you will get the amount lent, plus interest.

Choose not to make a payment and allow the Payment Assistance feature to kick-in to pay off the loan. No interest will accrue during the time of delinquency, and you will only receive whatever equity has been built in the loan.
What is the Payment Assistance feature?

If a ScoreUp Loan goes 25 days past the due date, the loan will automatically be closed and paid in full using the funds in the ScoreUp Savings Account (interest will not be applied for that period). Any remaining funds from your ScoreUp Savings Account will be transferred to your membership savings account. This helps ensure that your credit isn’t impacted by the delinquency.

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¹ APR (Annual Percentage Rate). All loans are subject to credit approval, restrictions apply, rates are subject to change. Loan rate of 5.50 effective 02/16/2023. Patelco offers a range of base rates and discounts that depend on factors such as credit type, credit history, loan term, and Patelco account relationship. Actual rates are disclosed to approved applicants in writing prior to loan consummation. The ScoreUp savings account is used as collateral for your ScoreUp loan. As of 02/16/2023 the APY (Annual Percentage Yield) for of the ScoreUp savings account is 0.05% and is subject to change without notice. Example, if you receive a loan of $2,500.00 with an interest rate of 5.50% with no origination fee and make 18 monthly payments of $145.29, your finances charges will be $115.06, which would make your total repayment amount $2,615.06. After successful repayment of the loan, the balance in the ScoreUp savings account (which includes the interest earned) will be disbursed to the borrower. After 25 days delinquent the ScoreUp Loan will automatically close and the funds in my pledged account will be applied to settle my loan.

² Automatic funds transfer from a Patelco checking, savings or money market account is required.

Don’t get spoofed

ScoreUp^® Credit Builder Loan

Competitive Rate

Choose Loan Amount

Flexible Term

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