Regardless of how your credit may have gotten into a poor state, you can improve it with the use of a credit builder loan and help prevent future credit issues.
A Credit Builder Loan is a cross between a savings program and a loan; you save money and build credit at the same time. All your payments report to the credit bureaus, which will improve your credit score.
Unlike a Personal Loan, no money is provided up-front with a Credit Builder Loan. You make payments into a secured account that you can access at any point. Your payments are reported to the credit bureaus, which improve your credit score.
You’ve got enough on your plate so we’ve made the Credit Builder Loan simple, just set it and forget it. Funds are automatically pulled from your account on a bi-weekly or monthly schedule based on what’s affordable for you for hassle-free credit building. It’s one of the best ways to build credit.
The savings within your Credit Builder Loan are yours to access whenever you please. You can withdraw the savings without canceling or pausing the credit building program.
Another product that can be used as an alternative or in combination with a Credit Builder Loan is a Secured Credit Card. With a secured Card, you secure your credit limit with a required deposit (between $200 – $10,000) then build your credit by making the same everyday purchase you already make. Your credit limit is always matched to the amount of your original deposit – so it’s a way of getting a credit card even if your credit is in extremely bad shape.