For those who want to turn their life around from bad credit, Credit Strong is here for you! They offer credit builder loans, which is a viable option for those who don’t have a great credit history. This company is different because they offer multiple ways to improve your credit score and build your savings! To learn more about what they have to offer, continue reading our review!
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Table of Contents
Credit Strong Features
A division of Austin Capital Bank, Credit Strong was created to offer a aid to those caught in a cycle of bad credit. They offer some of the longest and largest credit builder loans available in the market:
- Loan Term: 12 to 120 months
- Loan Amount: Up to $18,000
In addition to these great perks, you also don’t have to pay any deposit upfront. This means you will have some savings when you finish making payments. You also have the option to cancel at any time without any penalty. Credit Strong can also provide you with a monthly FICO Score at no additional charge, so that you can track your progress.
How Does Credit Strong Work?
Here is a list of some of the types of products that Credit Strong offers:
- Lowest monthly payment
- Build savings while building credit
- Build credit for a future large loan
Basically, you will select your loan type based on what your goals are and the type of funding you have available. Then, you can apply for a Credit Strong account. There is no hard credit check required, and the application process is simple.
As you are making your monthly payments to Credit Strong, the company will report your payments to all three credit bureaus. On-time payments will act as monthly credit card payments and increase your credit score. On the other hand, your score will suffer if you do not make payments on time.
With each payment that you make, Credit Strong will store away a portion in an FDIC-insured account held at Austin Capital Bank. Once you finish making payments to your loan, you will unlock the savings. If you don’t think you will be able to make monthly payments, you can cancel without penalty.
Credit Strong Pricing & Fees
Credit Strong offers three types of plan, one for each loan product:
Subscribe loans were made for those who want to build credit, but they don’t have a lot of free capital. Most likely, these people will prioritize the lowest monthly payment possible. They’re a perfect way to build your credit and your savings without having to make a big commitment.
|SUBSCRIBE 1000||SUBSCRIBE 2500|
|$1,000 installment account||$2,500 installment account|
|120-month term||120-month term|
Build & Save loans target those who want to improve their credit score and increase their savings.
|BUILD & SAVE 1000||BUILD & SAVE 2000|
|$1,000 installment account||$2,500 installment account|
|24-month term | 12-month term||24-month term|
|$48/month | $89/month||$96/month|
Magnum loans are meant for those who want to build a large credit line, perfect if you want to secure business financing or a large personal loan in the future.
|MAGNUM 4500||MAGNUM 9000||MAGNUM 1800|
|$4,500 installment account||$9,000 installment account||$18,000 installment account|
|120-month term||120-month term||120-month term|
Credit Strong charges an administrative fee, which is either $8.95 or $25.00 depending on your loan of choice.
The thing to look out for, with all credit builder loans, is your loan interest rate. Make sure to do loan interest calculations before you sign up. A credit builder loan could cost you thousands of dollars in interest. But it might be worth it if you’ve got bad credit or need help reaching your financial goals.
Credit Strong Eligibility Requirements
Here are some things you will need if you want to open a Credit Strong account:
- To be a U.S. citizen or permanent resident.
- To be at least 18 years old.
- A valid Social Security Number or Individual Taxpayer Identification Number.
- A mobile phone number and email address.
- A bank account, prepaid card or debit card.
There is no minimum income required.
Building your credit can be a very difficult challenge but with the credit-building loans from Credit Strong, you’re in good hands. Thanks to their flexible plans and ability to cancel without any downsides, you’ll be glad you chose this service. Just make sure you choose the right service and price for you. For more posts like this, check our our list of bank guides and credit card bonuses!
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