Credit Up

CreditUp is a loan program in which small, short-term loans are made to individuals seeking to improve their credit score, begin saving, or break the cycle of high-cost, payday-type borrowing.

The program is designed such that the loan amount and terms are predetermined based on the applicant’s credit score at the time of application.  The program is only available to those who have completed a CreditUp financial literacy class, presented by Peoples Bank.


As a certified Community Development Financial, Peoples Bank wants to be the one extending a helping hand and pulling with our financial strength to help those struggling financially in our community get their foot on the first rung on the financial ladder.

How Credit Up Works

The CreditUp program has three major components:

Program Rules and Requirements
  1. Applicant must be at least 18 years old at the time of loan closing.
  2. Certificate of Completion from Financial Literacy class must be presented when applying for a CreditUp loan. Classes are only open to those who have pre-registered and are over 18 years of age. Please make other arrangements for childcare.
  3. Normal Customer Identification Procedures are required.
  4. All CreditUp applicants are subject to review and must meet all CreditUp underwriting criteria to receive loans. (Contact a CreditUp officer at your local branch for additional underwriting criteria).
  5. Proof of at least one (1) of the sources of income listed below is required (documented source of income must be no older than one month):
    • Pay stubs
    • Proof of Social Security check
    • Proof of Disability check
    • Recent bank statement
    • Tax return
  6. All borrowers must open a CreditUp Savings account. All or part of the loan proceeds received (based on credit score) will be held in the borrower’s CreditUp Savings account as collateral against their loan.
  7. A CreditUp Checking account is encouraged, but optional. If they already have a checking and/or savings account, the accounts must be converted.
  8. Borrowers will be eligible for additional CreditUp loans (up to a total of 4) upon satisfactory pay off of existing CreditUp loan.
  9. All checking accounts will have a standard, no overdraft requirement.
  10. Standard returned item charges apply to all CreditUp checking accounts.
  11. Borrower may withdraw up to one half (1/2) of the funds held in their CreditUp Savings account after the principal balance of the loan reaches or is below one half of the initial amount held in savings. (e.g. if your credit score is 560 and you borrow $1,000, $500 of loan proceeds are placed in savings and held as collateral at the time of the loan. When the loan principal is paid down to $250 (or half of $500), you may withdraw up to $250 from savings and the remaining $250 will remain held in savings until the loan is paid off).
  12. Only one (1) early withdrawal is allowed over the life of the loan, unless the second withdrawal is made to pay the loan off in full.