Exploring Different Types of Loans: What’s Right for You?"
If you already have debt, a credit-builder loan may not provide as much benefit for your scores as an unsecured personal loan that does not check your credit.
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Plus, stretching your budget to meet a credit-builder loan payment could raise your risk of missing a payment and damaging your scores. If you do choose a credit-builder loan, look for one that has a small payment term to prevent you from overstretching your budget. And remember that making your payments on time is what counts for your credit scores, not the amount of money you spend or how long the loan lasts.
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A recent study by the Consumer Financial Protection Bureau found that people without existing debt who take out a credit-builder loan see a significant increase in their credit scores.
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Credit-builder loans are a way for people with no or bad credit to get on the credit score radar. These special financial products are designed to minimize risk for lenders and encourage on-time payments that go toward a savings goal. They are often offered by community banks and credit unions, as well as online lenders.
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Unlike traditional personal loans that check your credit, these loans do not pull a report from the three major consumer credit bureaus to determine if you qualify. Instead, the lender will place funds into an account that it controls and then you make repayment payments on that money over time. Once you pay off the loan, the lender will return any interest you paid or any earned interest on the money in the account (referred to as "dividends" by some) back to you.
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A credit-builder loan can be a great option for people who can't afford to pay an authorized user on someone else's credit card or can't qualify for a new card with a low credit limit. But it's important to do the research and compare loans before choosing one. Fees, rates and payment terms vary widely among lenders. You also want to choose a loan that reports to the three major credit bureaus, so you can build a solid credit profile.
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