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Build Your Credit Loan

Build your savings-along with a positive credit record.

Before you can be approved for a new car loan or mortgage, you'll need to first establish a positive credit record. With a North Shore Bank Build-Your-Credit Loan, you can take your first step toward creating a positive credit history or overcoming past credit problems while saving money in a personal CD account.
  • An easy way to build or re-build your credit history.
  • Receive credit toward a Certificate of Deposit.

Who it’s for:

Anyone who wants to establish or re-establish a positive credit history while also saving money in a North Shore Bank personal CD account.

What’s in it for you:

  • - The chance to establish a positive credit record. After you make all your monthly loan payments on time, North Shore Bank will provide a complete report to the credit bureau.
  • - A great way to save money by making "payments" into a CD account in your name. When all loan payments are made, you'll earn all the money in your account, plus interest.

How it works:

  1. Apply for a Build-Your-Credit Loan at a nearby North Shore Bank office.
  2. "Borrow" a minimum of $500, which you will repay over a period of six months to two years.
  3. Instead of receiving money, your "loan amount" will be deposited in your name into a North Shore Bank Certificate of Deposit (CD) for the same length of time as the term of your loan.
  4. Every month, you will make a payment that will be applied to your loan. This payment will be for the same amount each month and must be paid by the same monthly due date.
  5. For your convenience, you can have your payment be made automatically from your North Shore Bank checking or savings account.
  6. When your loan is paid in full, you can withdraw the funds, including interest from your CD.

What else you need to know:

  • A Build-Your-Credit Loan is a great step toward establishing or re-establishing a positive credit rating with the Credit Bureau. However, other positive reports may also be necessary.
  • Repayment of your Build-Your-Credit Loan does not guarantee your approval for other North Shore Bank loans.
  • There is no pre-payment penalty for paying off your loan. However, penalties do apply for early withdrawal of your Build-Your-Credit CD.

Additional benefits:

  • Make your monthly payments a snap with optional automatic withdrawal from your North Shore Bank checking or savings account.

Equal Housing Lender Member FDIC | © 2009   North Shore Bank | Phone: 877.672.2265