What is it
The Credit-Builder Loan is a small loan, designed for individuals with no credit history or with past credit problems, to build or boost your credit score.
How it works
When you are approved for a credit‐builder loan, we deposit the entire loan amount into a secured checking account that you cannot access immediately. Instead of receiving the money immediately, you begin making fixed monthly payments that cover only the principal. These payments are carefully reported to credit bureaus on a monthly basis, establishing a record of responsible borrowing. After you have made all the required payments over the agreed term, the funds in the checking account are released to you.
Eligibility Criteria
- at least 18 years old
Loan Amount
You may request any amount up to $500.
Terms
- Repayment over 12 months
- No interest rate
- Processing fee of $25.00 will be charged
- Credit Report fee of $10.00 may also apply
Interested in learning more or applying?
Fill out the form below and we will reach out within 24-hours to walk through completing an application form.