Build is a financial technology company that believes everyone should have the opportunity to improve their financial health. We’ve worked hard to provide you with access to credit-building products like the Build Credit Builder Loan, which will allow you to add positive credit history to your credit report while also building personal savings.* In addition, we give you access to articles and content that further educate you about personal finances.
A Credit Builder Loan is a secured installment loan that is designed to help you demonstrate your creditworthiness. When you make regular, on-time payments toward your Credit Builder Loan, the lender reports your positive credit history to the credit bureaus, which is a key ingredient for boosting your credit score. One thing to know about Credit Builder Loans is that, unlike traditional loans, you can only access the money once the loan is paid in full or the Credit Builder Loan account is closed. In other words, at the end of the loan period, you will receive your money (less interest and fees) and the benefit of having all credit bureaus notified of your payment history.
You pick a Build Credit Builder Loan that works for you, apply, and if approved, your Credit Builder Loan account is established. As you make monthly payments on your loan, that activity is reported to the credit bureaus each month, which may add to your positive credit history. Keeping up with payments on your Build Credit Builder Loan is important because it shows your ability to make timely payments on a credit account. The most commonly used credit scores, such as FICO and VantageScore consider this timely repayment history as the biggest determinant of your credit score.
When your loan is made, it is deposited into a secured savings account. You cannot access your Loan until you finish making all payments or your account is closed. When you finish making your payments or the loan account is closed, you receive your money (less interest and fees) . For example, for the Starter Loan your loan amount is $520. You make $25 monthly loan payments for 24 months and there is a $9 administration fee. 15.92% Annual Percentage Rate. By the end of your loan term, you will have paid $609 ($89 cost).
Applicants must satisfy the following criteria to be approved for a Loan:
This varies based on individual circumstances. The lender will report your account history to the credit bureaus each month; however, the time it takes to affect your credit score varies based on other factors, such as your prior and current history with credit, other outstanding debt, and payment history.
Yes. The Credit Builder Loan has a one-time, non-refundable account opening fee of $9.
No. Your credit isn’t checked when you apply for a Build Credit Builder Loan.
To maximize the impact on your credit score, your payment history, regardless if its positive or negative, on your Build Credit Builder Loan will be reported to all three credit bureaus: Equifax, Experian, and Transunion.
Although both can help you build a credit history and have a security deposit account, The Build Credit Builder Loan is an installment loan, not a revolving credit product. Secured credit cards are credit cards that typically require an upfront deposit.
Yes. You can pay off your Build Credit Builder Loan early and close it at any time, but keep in mind that it could reduce the benefit you experience to your credit score. Your payment history is the single most important factor in determining your credit score, and paying off your loan early shortens your payment history.
This is an exciting moment. When you have finished making payments on your Build Credit Builder Loan, the lender will report the loan as paid-in-full and you will receive the associated loan funds as outlined in your loan agreement.
Customer support can be reached from Monday through Friday from 8am to 5pm MT at support@getbuild.com