Credit Loan Built Around Your Situation
A credit loan sits between a personal loan and a credit card. It is designed for people whose credit file is either too thin or too damaged to access mainstream lending at a sensible price — and whose real goal is to be able to access it in twelve months' time.
We offer two structures. A credit-builder loan places the borrowed amount into a locked savings account that you pay down monthly; every payment is reported to all three bureaus, and the funds are released to you at the end of the term. A revolving credit line gives you a reusable limit that you draw on as needed and only pay interest on what you actually use.
Both are reported to Equifax, Experian and TransUnion, which is the whole point. A payment history built on a product that reports consistently does more for a score than any quick-fix product advertised online, and unlike those products it costs you almost nothing when used correctly.
What You Get
- Building a credit file from nothing for young adults and new arrivals
- Rebuilding after bankruptcy, repossession or a short sale
- Recovering from missed payments, collections or a settlement
- Creating an emergency buffer without touching a high-rate credit card
- Covering irregular self-employment income between client payments
- Establishing business credit for a newly registered company
Quick Facts
- Facility types — Credit-builder loan, revolving line, secured line
- Credit-builder amount — $500 – $5,000
- Revolving limit — $1,000 – $25,000
- Representative APR — 12.99% – 29.99% (credit dependent)
- Term — 6 – 36 months
- Bureau reporting — Equifax, Experian, TransUnion — monthly
- Typical score movement — +40 to +90 points over 12 months of on-time payment