How does the Credit Builder Loan work?
When you are approved for the loan, the amount you borrow is held in an interest-bearing Elements savings account while you make payments. When your loan is fully repaid, you receive access to the funds.
Your loan payments are reported to credit bureaus while you have the loan. Your credit score is built from information in your credit reports, and having your payments reported helps build your credit as long as you make your payments on time.
Keeping up with payments on your Credit Builder Loan is crucial.