5 Credit Score Myths, Busted
Credit scores can be confusing! Here are five common myths, and the truth about them.
Credit Builder Loans
The secure path to better credit.
Do you need to work on your credit, but don't want to take on risky debt? Or maybe you're just starting out and need a secure, stable way to start growing your credit. Our Credit Builder Loan is designed to help your credit score and build confidence by helping you build six months to a year's worth of credit history.
Here's How it Works
- We loan you up to $1,000 with an APR1 of 9.99%, but instead of giving it to you up front, we hold the funds securely in your account.
- You'll make 6-12 monthly payments.
- Monthly payments are made just like any other loan.
- Once you've made the final payment, the funds are unfrozen and available in your account.
- Now, you have built 6-12 months of positive payment history without fronting the money for the loan or taking on extra risk.
Why it Works
The Credit Builder Loan is safe and structured. You can build credit without spending borrowed money. Plus, your payments show lenders that you're responsible by building a credit history and helping your credit score.2
Ready to take charge of your credit journey? Start your application today!
What's the easiest way to make my Credit Builder Loan payments?
We recommend setting up automatic payments. Automatic payments are the easiest and most secure way to stay on track and build your credit. Prefer another method? You can make payments just like you would for any other loan.
Can I make extra payments on my Credit Builder Loan?
You can stay one payment ahead, but not more than that. The Credit Builder Loan is designed to help you build credit steadily, so we encourage making monthly payments on schedule.
When do I get access to the money from my Credit Builder Loan?
As soon as you’ve made the final payment, the funds will be available the next business day. For example, if you finish paying it off on a Tuesday, you’ll be able to access your savings on Wednesday.
Do you pull my credit when I apply for a Credit Builder Loan?
No. This is a secured loan, so we don’t pull your credit when you apply.
How will a Credit Builder Loan help my credit?
The Credit Builder Loan is designed to help you build a strong credit history by making consistent, on-time payments. We report your monthly payments to the credit bureaus, so staying on track is key to seeing positive results. It's a simple, safe way to show lenders you can manage credit responsibly.2
Understanding Credit Scores: An Introduction to Your Financial Reputation
Your credit score is essential to your financial well-being, but do you understand what it does?
Who Calculates Your Credit Score?
In order for lenders to find your credit history, they rely on credit bureaus and reporting agencies to provide them with it.
1 APR is Annual Percentage Rate. APR is subject to change. The rate listed assumes a loan term up to 12 months. The rate is subject to credit certification and approval. The minimum loan is $500 up to $1,000. An example of payment terms are as follows: an amount financed of $1,000 with an APR for 9.99% and a term of 12 months would have a monthly payment of $87.91. Loans are subject to approval. Borrowers must be at least 18 years of age.
2 Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Even if you are paying your loan, credit problems on other accounts you own such as late payments, missed payments and other defaults may impact your credit score. This loan will not remove negative credit history from your credit report.