The Credit Builder Loan

The purpose of the Credit Builder Loan is to build credit, not for immediate cash access.

  1. Loan funds are held in a secured account until your loan is fully repaid.

  2. Your monthly payments are reported to all three credit bureaus, which may help you build or establish credit history (credit score impact depends on your individual profile and other factors).

  3. At the end of your loan, you will receive the principal amount you have repaid (minus any amounts still owed) along with your established credit history.

BONUS: Up to 50% Loan Forgiveness Option

For example, if you take out a $1,000 loan, up to $500 of the principal amount could be forgiven. Interest paid is not refundable. You may qualify for forgiveness if you:

  1. Complete your application

  2. Make all monthly payments on time

  3. Attend one financial coaching session per month for the first 12 months of your loan (provided at no cost to you)

  4. Fulfill all other terms of your loan.

    • NOTE: Loan forgiveness is optional. You do not need to attend coaching sessions unless you wish to qualify for forgiveness. Forgiveness eligibility is subject to verification by CILC and all other program requirements being met.

Who Can Apply

This loan is offered through a Special Purpose Credit Program under the Equal Credit  Opportunity Act. It is available exclusively to Alaska Native individuals (including enrolled tribal members and shareholders of an Alaska Native Corporation) who meet program criteria.

If this loan seems like a good fit for you, scroll down and complete the Eligibility Form.

  • This is NOT the application. This is a pre-check to see if you are a good fit for this product.

After completing the Eligibility Form, a CILC staff member will review and follow up.

  • If you are eligible, you will receive the full loan application.

  • If you are not eligible, we will still contact you to explain why.

Want to learn more before you invest your time?

Please direct any questions about loan eligibility to Abby, the financial wellness program manager, at amiller@cookinletlending.com.

Eligibility Form