CreditBuilder is a new Langley Federal Credit Union loan product designed to help members with no credit, little credit or unfavorable credit. The program focuses on building or rebuilding your credit score. By improving your credit score, you are likely to get better rates on loans and save a lot of money in the process.

How it works: Proceeds of the loan are put into a savings account, earning the standard savings rate, and held as collateral. The money is then repaid at a very favorable interest rate. When the loan is paid off, the money is released. By making regular payments on time, you have established credit or potentially improved your credit score. Plus, you've increased your savings!

How your credit score affects your wallet: