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Patelco Credit Union is proud to partner with the United Way Bay Area and SparkPoint Centers to provide resources, products and services designed to help our community members increase their financial capacity. Patelco's ScoreUp Credit Builder Loan has helped thousands of people to establish and improve their credit score, increase their savings, and reduce their debt. Patelco's ScoreUp Loan is a powerful tool for SparkPoint financial coaches to leverage as they help families achieve their financial goals.


  • Loan amounts from $500 to $5,000
  • No fee to open or set up the loan
  • Choose a term that works for you to pay off the loan – from 6 to 36 months
  • Patelco Payment Assistance – Never be late on your ScoreUp Loan
  • Fixed low rate at 4.50% APR1
  • Apply with little or no credit history, no cosigner required
  • Loan proceeds are deposited into a ScoreUp Savings Account

Loan proceeds are deposited into a ScoreUp Savings Account and will be available when loan is paid in full. Automatic payments from a Patelco account are required.2

How a credit builder loan is different from a traditional loan

Traditional Loan

  • Established credit history is required and can be more difficult to qualify
  • Interest rates can be high without good credit
  • When your loan funds, the money is given to you
  • You make payments until the loan is paid off
 

ScoreUp Loan

  • You do not need credit history to qualify
  • Interest rates are low
  • When your loan funds, you will not have immediate access to the money
  • You make monthly payments until the loan is paid off and then you have access to the money in your ScoreUp Savings Account

How it works

  1. Apply for a loan amount with a manageable payment and keep your savings goal in mind.
  2. Choose how many months you want to pay off the loan. 
  3. Each payment builds your credit history and your savings.
  4. Get your money after paying off your loan. You can check your current credit score with one of the three credit bureaus.
  5. Apply for another ScoreUp Loan if you want to do more to build your credit and grow your savings.

1 APR (Annual Percentage Rate). All loans are subject to credit approval, restrictions apply, rates are subject to change. Loan rate of 4.50% effective 10/28/2022. 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 10/28/2022 the APY (Annual Percentage Yield) for of the ScoreUp savings account is 0.05% and is subject to change without notice. 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.

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