Credit can be a big help, whether you are trying to find a good rate for car insurance or buying a house. With a high credit score, you're more likely to be approved for loans and lines of credit with lower interest rates, which can save you a lot of money over the life of the loan.
Your credit history can impact every aspect in your life. From getting a new job to renting an apartment, it's important. Even if they don't ask for credit, an employer could still look at your credit score to gauge your willingness to pay on time and your level of responsibility.
You'll have to pay on time in full if you want to increase your credit score. Credit Strong designed its credit builder loans so that they are easy to handle and won't damage your credit score if you pay on time.
Credit Strong provides three credit builder options that can help improve your credit rating and allow you to start saving while building credit. Each product includes a free monthly score of FICO (r) 8 to help you keep track of your progress.
Credit Strong credit builder loan does not require you to put up security. Credit Strong credit builders loans allow you to select a term and loan amount. You can then choose your monthly payment plan.
Credit Strong makes their money from the interest on each payment and the principal that goes towards building credit. By the end, you will have your own Credit Strong-locked savings account!
Credit Strong sends your monthly Credit Strong payments to all major credit bureaus. This builds a credit rating and history. As you make timely and complete payments, your payment history and credit rating will increase.
If you cancel your loan before its end, you will get a refund on the money you spent for the principal. However, the interest and administrative fee you paid will not be refunded.
Credit Strong also allows cancellations before the end date of the term. Credit Strong requires advance notice if you want to cancel. Otherwise, they will not reimburse the interest already paid.
Credit Strong has reported that some customers cancelled their plans before the end of the term, only to have a significant portion charged towards the principal part of their Credit Builder Loan. It may not be the best option for all people, but it is a great choice for those with limited finances or who wish to save lots of money.
Good credit is essential to financial independence. A high credit score will allow you to find a better career, get more credit and have lower interest rates for your debts. Additionally, a high credit score gives you more choices in your financial and lifestyle.