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Build Savings While You Build Credit

Our Credit Builder program is designed for members with no or low credit scores. The program aims to improve members’ credit scores while teaching financial health and responsibility. Members accepted into the Credit Builder Program will receive free financial counseling for improving their credit score, budget planning and other basic financial tools.


How it Works:

Once a member’s application is approved, a separate "Credit Builder” share account is created. EPFCU will deposit up to $2,500 from a Credit Builder loan into this account and freeze the principal for the term of the loan. That term can be from 12 to 24 months. The member will make payments on the loan by direct deposit or payroll deduction. At the same time, dividends will be paid on the funds in the Credit Builder savings account. The member will not have access to the funds until the loan is paid in full.

Once the member has successfully completed the program, funds are transferred into the member’s regular share account.

Credit scores are based on two components: installment loans and revolving credit cards. Payment history accounts for 35 percent of a borrower’s credit score. Participation in the program allows the member to make prompt payment through direct deposit or payroll deduction. EPFCU will report this history to the credit bureaus.

BALANCE provides free counseling from certified financial counselors. Their services are comprehensive and professional concerning all aspects of personal finance. Counselors are experts certified in both credit and housing, with specialties ranging from money management and financial planning to housing and debt management.

Credit Builder Loan Rates

Effective May 1, 2024Print

Term APR* Est. Monthly Payment
per $1000
Up to 12 Months 18.00% $91.68/12 Mos.**
Up to 24 Months 18.00% $49.92/24 Mos.
*APR = Annual Percentage Rate. Applications are subject to credit approval, and actual rate is based on your credit. All rates are subject to change without prior notice. Rates shown are our Platinum Loan Rates. Not all applicants will qualify for the lowest rate. Other restrictions and discounts may apply.
**Monthly payment example: A loan of $2,000 financed for 12 months would be $91.68 x 2 = $183.36 per month; your loan will have a total cost of $2,200.32 ($183.36 x 12).

Get started today:


††You must be eligible for membership in EP Federal Credit Union in order for your loan application to be considered. See for eligibility requirements.