Clients who are first-time borrowers, or who may have damaged credit, often need a way to “get started” or “start over.” The Credit Builder Loan may be in any amount between $1,000 and $5,000. There will be a hard inquiry to the credit rating. A credit-builder loan places your loan proceeds in a Chemung Canal certificate of deposit. You then repay the loan in installments. The borrower develops a good credit history by strictly following the payment schedule until the end of the contract. When the CD matures, you receive the proceeds plus the accrued interest. It’s a great way to establish a credit history or repair one that’s been damaged.