El Dinero Report November 2020 | WEARESUMA

Credit Builder Loan

Credit Builder Loan

You can’t make sofrito without cilantro or tortillas sin masa. 

You also can’t play in the game of life without credit. 

Credit is more than just credit cards. It’s your reputation in the economy. Are you someone who pays their debts? Do creditors have to tack on high-interest rates to cover themselves?

 

A credit builder loan is a simple, often small, loan to build your credit. But without credit how can you even get a loan? 🤯

Credit builder loans are specifically for people without much credit. The bank puts the money aside. 

You pay regular installments and once the loan is paid off you get the money. Pero like….am I not just getting my money back?😝

Sure, you can look at it that way. But you are paying the loan off in regular installments while the bank reports your payments to the credit bureau. This builds up your credit and raises your credit score. It’s a win/win to help build or rebuild your credit.💰

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