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Credit Builder Loan Program

Unlock your financial future with our low-risk Credit Builder Loan Program footnote 1, which helps you build your credit and grow your savings so you can reach your goals sooner.

Why you'll like it

Have limited or no credit? We can work with you to help build it.

Build your credit history

Making a series of on-time payments on an installment loan is one of the best ways to help  improve your credit score. footnote 1

Low cost, low risk

Get started with just a $75 processing fee. footnote 4 Making small, on-time payments may give a big boost to your credit.

Cash out when it’s over

When the loan is paid off after 24 to 60 months, you get the full amount of the Certificate of Deposit plus interest. footnote 3

How it works

We invest your loan for youYou take out a fixed-rate loan and we invest those funds directly into a  savings account for you. It stays untouched so that it can grow. footnote 3

On-time payments help you build creditMaking consistent on-time payments can help build a positive credit history. footnote 1 Plus, get a 1% interest rate discount by using Auto Pay. footnote 5

Receive your invested fundsWhen the loan is repaid and the Certificate of Deposit matures, you’ll receive the amount you invested – plus interest! footnote 4

Building your credit rating is only steps away

step one

Apply for the program

Call or visit a branch to apply. You’ll need personal identification with current address.

step two

Choose your loan and term

Get personalized help to determine the amount and term that works best for your needs.

step three

Set up your Certificate of Deposit

Get approved and open your Certificate of Deposit in days.

Track your progress with CreditView

  • Instant access to your full credit report
  • Learn how your financial choices affect your credit score before you make them with ScoreSimulator®
  • Get credit building tips to help improve credit

Credit Builder Loan Program Frequently asked questions

  • A Certificate of Deposit is a type of savings account with a fixed interest rate that’s generally higher than a traditional account. When money is deposited, you’re usually paid a high interest rate in exchange for leaving your funds untouched for your chosen term length (between 24 and 60 months). Our Certificates of Deposit are insured by the FDIC. footnote 3

Take the next step toward achieving your goal

  • Call us

    24 hours a day, 7 days a week, you can get answers when you need them.

  • Visit a branch

    Come into a branch and let’s talk about your plans — and how we can make them possible.

  • Footnote 1 details Late payments and/or loan default will negatively affect your credit score.
  • Footnote 2 details Rates are subject to change without notice. Based on rates effective November 08, 2024, your Annual Percentage Rate (APR) may be as low as 10.80% and as high as 19.12%. To qualify for the lowest rate you must meet the requirements for loan amount, loan-to-value, term length, credit history, and have Auto Pay from any eligible BMO checking account at origination. Annual percentage rate includes $75 processing fee, which must be paid prior to loan closing. Repayments can be made over 24 to 60 months. If you borrow $5,000 at 10.14% interest rate and 12.39% APR for a 60 month term you will make 60 principal and interest payments of approximately $106.58 each. Your monthly payment amount may differ from this example based on your actual loan and repayment terms.
  • Footnote 3 details Early withdrawal penalties will apply for Certificate of Deposit closure before maturity date. Please note, you will be unable to make partial withdrawals from the Certificate of Deposit while the loan is outstanding. Only one Credit Builder Loan per customer allowed. The term of the loan must match the maturity term of the Certificate of Deposit being established as collateral.
  • Footnote 4 details Total interest charged on the loan may be more than the total interest paid on the Certificate of Deposit. A $75 loan processing fee is due before the closing of the loan.
  • Footnote 5 details A discount of 1% is available to individuals who have eligible BMO personal checking account and establishes monthly Auto Pay from that account to pay the Certificate of Deposit Credit Builder Loan at origination. Auto Pay means periodic scheduled payments automatically deducted from your BMO personal checking account, as applicable, to pay the loan. When you sign up for Auto Pay, you authorize the Bank to draw your account for all amounts then due, including any late fees and any other charges.