Credit Builder
Loan
Explore our Credit Builder Loan
Are you looking for a way to build or re-establish your credit?
A Mercantile Bank Credit Builder Loan is a step in the right direction. This program is designed to get you on the road to financial success and help you reach your goals.
Features include:
- Affordable monthly payments -
- Competitive interest rates -
- The ability to establish a good loan repayment history -
- Starts your savings off with a strong foundation -
- 0.25% discount if payment is auto-debited from a Mercantile Bank account -
See our two loan options to meet your needs below.
Mercantile offers additional resources built into online and mobile banking to help you track your
spending, forecast future expenses, monitor your financial health, and build your credit score with
confidence.
$1,000 Loan
The $1,000 loan proceeds, paired with
$200 of personal funds, are used to open
a $1,200 CD that will secure your loan. At
the end of the loan term, the $1,200 CD
is yours to keep to build your savings.
$500 Loan
The $500 loan proceeds, paired with
$100 of personal funds, are used to open
a $600 CD that will secure your loan. At
the end of the loan term, the $600 CD is
yours to keep to build your savings.
Loan subject to approval. Monthly Principal and interest payments required. Applicants must have no prior loan default with Mercantile Bank, and can only have one Credit Builder loan at a time. If loan is paid off prior to maturity date, a penalty may be imposed for early withdrawal of the funds in the CD.
Have questions? Merc is here to help.
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