Build | How It Works

How it Works

Get a Credit Builder Account.

Complete the application with us - it typically takes less than five minutes, and there's no hard check on your credit.

Make monthly payments from your phone.

This is the biggest driver of your credit score increase. Set up automatic payments and/or reminders to sync timing with your pay schedule.

Watch your credit score grow. The CFPB has seen 60+ point improvements¹.

Each month, we will report your consistent, on-time payments to the major credit bureaus, and this will help you build your credit over time.

Complete the loan and enjoy your savings.

You've earned it. Once you complete the loan, enjoy your savings.

STARTER

$25/mo
for 24 months
You Build:
$520
Admin Fee:
$9
Total Payments:
$600
Get Back:
$520
Final Costs:
$89
APR:
15.92%
LET'S BUILD

INTERMEDIATE

$35/mo
for 24 months
You Build:
$724
Admin Fee:
$9
Total Payments:
$840
Get Back:
$724
Final Costs:
$125
APR:
15.97%
LET'S BUILD

VALUE BUILDER

$48/mo
for 12 months
You Build:
$539
Admin Fee:
$9
Total Payments:
$576
Get Back:
$539
Final Costs:
$46
APR:
15.65%
LET'S BUILD

EXPERT SAVER

$150/mo
for 12 months
You Build:
$1663
Admin Fee:
$9
Total Payments:
$1800
Get Back:
$1663
Final Costs:
$146
APR:
15.91%
LET'S BUILD

FAQ

What is Build?

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Build is a financial technology company that believes everyone should have the opportunity to improve their financial health. We’ve worked hard to provide you credit-building products like the Build Credit Builder Loan, which will allow you to add positive credit history to your credit report while also building personal savings. In addition, we give you access to articles and content that further educate you about personal finances.

What is a credit builder loan?

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A credit builder loan is a secured installment loan that is designed to help you demonstrate your creditworthiness while accumulating savings for a rainy day. When you make regular payments on your credit builder loan, the lender reports your positive credit history to the credit bureaus, which is a key ingredient for boosting your credit score. One thing to know about credit builder loans is that, unlike other loans, they provide access to the money upon fully paying the loan. In other words, at the end of the loan period you will receive your money and the benefit of having all credit bureaus notified of your positive credit history.

How does a credit builder loan work?

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You pick a Build Credit Builder loan that works for you, apply, and get approved. Then your account is established and you will have aBuild Credit Builder loan. As you make monthly payments on that loan, that activity is reported to the credit bureaus at the beginning of each month, which adds to your positive credit history. Keeping up with payments on your Build Credit Builder loan is important because it shows your ability to make timely payments on a credit account. The most commonly used credit scores, such as FICO and VantageScore consider this timely repayment history as the biggest determinant of your credit score. When you finish making your payments, you receive your money and your credit score will reflect your positive credit history.

How fast can I raise my credit with Build?

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This varies based on your individual circumstances. The lender will report your positive payment history to the credit bureaus each month, however the time it takes to affect your credit score varies based on other factors like your history with credit, other outstanding debt, and your payment history. We have seen through the Consumer Finance Protection Bureau’s 1 study of credit builder loans that credit scores of those without existing debt can increase by an average of 60 points 1 over the course of 6 to 24 months.

Does Build charge fees?

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Yes. We charge a one-time, non-refundable account opening fee of $9.