Credit Building Loans
A simple way to build credit and grow your savings.
A Credit Building Loan from Alcon Employees Federal Credit Union helps you strengthen your credit while keeping your savings safe. A Share Secured Loan allows you to borrow against the money in your savings account. It’s a smart, low-risk way to build or rebuild credit with support from your credit union.
Share Secured Loans
Build your credit while putting your money to work for you.
A Share Secured Loan lets you borrow using your savings as collateral. Your funds remain secure, continue earning dividends, and help you qualify for a lower rate — making this one of the most affordable ways to establish or rebuild your credit.
Features:
Borrow up to 100% of your deposited funds
Loan is reported to credit bureaus, building your credit
Your savings continue to earn dividends
Low, fixed rates for predictable payments
Flexible repayment terms
No credit check required
Simple, fast approval process
Best for:
Members who want to build or repair credit while keeping their savings intact.
How does it work?
Your savings help secure your loan.
Choose the amount to borrow
You can borrow up to the amount you have in your savings account.
1
Savings are “secured“ during the loan
The amount you borrow is held in your account while still earning dividends.
2
Make monthly payments
As you repay your loan, the secured funds are released back to you.
3
Build your credit
On-time payments help you strengthen or rebuild your credit history.
4
Credit Building Loan FAQs
Do I need good credit to qualify?
Not always. Share Secured Loans often do not require a credit check, making them ideal for building or repairing credit.
Can I still access my savings?
The amount you borrow is temporarily “secured” and not available until you repay the loan. As your balance decreases, those funds become available again.
Will my savings continue to earn dividends?
Yes. Your secured savings remain in your account and continue to earn dividends throughout the loan term.
How does this help my credit?
Your monthly payments are reported to the credit bureaus, helping you build a positive payment history.
Is the rate lower because it’s secured?
Yes. Secured loans typically offer lower rates because your savings reduce the lender’s risk.
Why Choose Alcon Employees FCU?
Low, fixed rates backed by your savings
Payments that fit your budget
A safe way to build or rebuild credit
Savings continue to grow while you repay
Local service from people who care
Member-owned and not-for-profit lending
Proudly serving Alcon employees, contractors, and their families.