This site is made to help build credit for an individual. You pay a small fee of $9 for the Credit Builder account and then you sign up for a size of loan payment and length of time to make payments on it. Currently they are from $25 to $150 per month for between 24 and 12 months. Then loan is secured by a bank CD that their partner banks create for you. So you sign up for the account and the loan terms you want and then make all the payments on the loan and they report your on time payments to all 3 major credit bureaus. After you have made all the payments then you are issued your bank CD that was created and you get your money back minus the current interest rate that you were paying. Currently they have one that is $25 per month payment for 24 months and then you get $525 dollars when it is all paid for. This is done this way because on time payments is one of the biggest parts of a credit score so they allow anyone to get a loan and show a good payment history due to the fact that you do not get the money until you have paid it off. Click here to get more information about the program.
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