A Credit Builder Loan is a great way to help establish or enhance a credit history and ease into the responsibilities of having a loan. This unsecured loan is small with reasonable interest rates and manageable repayment periods.
- No waiting period or application approval process
- Low fixed interest rate
- The funds borrowed are deposited into a Credit Builder Certificate of Deposit account, which are held as collateral for the loan
- All payment history is reported to credit bureaus, which will establish your credit history as you make payments
- Available to individuals who live in Massachusetts
Credit Builder Installment Collateral Loan
Loan Amount: $1,000 or $2,000
Annual Percentage Rate (APR): 6.00%
Terms: 12 or 24 months
Loan proceeds are deposited to Credit Builder Certificate of Deposit Account.
Payment Example: Monthly principal and interest per $1,000 borrowed is $86.08