BY BEV O’SHEA
Credit-builder loans can help you build your credit score, and they don’t require good credit to start with.
They’re not widely advertised and are generally offered by smaller financial institutions, such as credit unions and community banks. The purpose, as their name suggests, is to help people achieve credit respectability.
Financial institutions would like to see you succeed. After all, if you become a customer, you’re more likely to make money for them in the future. To make sure it doesn’t get burned on the loan, the lender will set strict limitations. Think of it as training wheels for credit.
Credit-builder loans go by many names, such as the catchy “Fresh Start Loans” or “Starting Over Loans.” If you’re looking to rebuild credit with an installment loan, ask your bank or credit about secured personal loans designed to help people who need to rebuild credit.
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