Thumbs up for ScoreUp
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
ScoreUp Loan Rate
Rates Effective 2/16/2023| Term | Amount | APR1 |
|---|---|---|
| Up to 24 months | $500 to $2,500 | 5.50% |
| Up to 36 months | $2,501 to $5,000 | 5.50% |
Get the right loan amount, on your terms
Frequently Asked Questions
At Patelco, we put your financial wellbeing first and provide free financial coaching with a Patelco Certified Financial Specialist. Your financial specialist can help you create a personalized strategy so you can feel in control of your money and track your progress.
It’s a great way to kickstart your ScoreUp plan today.
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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 2/16/2023. 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 2/16/2023 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.