Here’s How It Works.
You apply for the Credit Builder Loan, minimum loan amount being $1,000. Qualifying is easy. We approve a Certificate of Deposit (CD) secured loan (also known as the Credit Builder Loan). Simultaneously, the proceeds from the loan are placed in a CD in your name in the same amount as the loan. Each month you make the small monthly payment on the Credit Builder Loan. After one year, you have paid a loan in full, thereby creating a line of good credit. Even better, you now own the money in the CD. It’s a true win-win, First Choice style!