A good credit history is essential to financial health.
We have an option to help our customers build good credit, a Credit-Builder Loan. A credit-builder loan is different from a traditional loan. With a traditional loan, you receive the money you borrowed upfront and pay it back over time. With a credit-builder loan, fixed payments are made to Ion and then you receive access to the loan amount at the end of the loan’s term. Click here to view the current rates.
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How does the loan work?
- It’s a loan that can help to establish a good payment history, which is an important step in building a better credit score. Like all loans, a credit builder loan requires on-time monthly payments.
- Customers can borrow $1,000 for 12 months or $2,000 for 24 months and the loan amount will be deposited into a CD with a term of 13 months or 25 months. CD terms are based on the term of the loan.
- As the loan is repaid on time, Ion will report a positive payment history to the credit bureaus.
- Accounts can be closed for immediate need at any time.
- No pre-payment penalty/no early withdrawal fees.
- When the loan is paid in full, the funds in the CD are available, including interest!