March 30, 2023 9:33 am CDT
MoneysMyLife
SUBSCRIBE
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
No Result
View All Result
MoneysMyLife
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
SUBSCRIBE
No Result
View All Result
MoneysMyLife
No Result
View All Result
RebatesMe $30 Bonus RebatesMe $30 Bonus RebatesMe $30 Bonus
ADVERTISEMENT
Home Banking

Credit Strong: Is It A Good Option For Credit Builder Loans?

Diana Mason by Diana Mason
October 26, 2022 1:08 am CDT
in Banking
A A
0
Credit Strong: Is It A Good Option For Credit Builder Loans?
50
SHARES
841
VIEWS
TwitterFacebook

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus
ADVERTISEMENT

Credit Strong offers credit builder loans, a viable option for those with poor credit history or no credit history at all. The company provides a unique way to improve your credit score and build your savings while you’re at it. In this guide, we’ll go over Credit Strong and review their current credit-building loan products.

Compare with Self.inc for credit builder accounts.

Learn More at Credit Strong

Credit Strong Features

Credit Strong is a division of Austin Capital Bank. It was created to offer a helping hand to those caught up in the cycle of bad credit. The company offers some of the longest and largest credit builder loans available on the market:

  • Loan Term: 12 to 120 months
  • Loan Amount: Up to $18,000

On top of that, you don’t have to pay an upfront deposit, you’ll have some savings when you finish making payments, and you can cancel at any time without penalty. Credit Strong also provides your monthly FICO Score at no extra charge, so you can accurately track your progress.


How Does Credit Strong Work?

Credit Strong offers several different products, each prioritizing one of the following:

  • Lowest monthly payment
  • Build savings while building credit
  • Build credit for a future large loan

You’ll select your loan type based on what you’re trying to achieve, as well as the funding you have available.

Next, apply for a Credit Strong account. There is no hard credit check required, and the application is simple and easy.

As you make your monthly payments to Credit Strong, the company will report your payments to all three credit bureaus. On-time payments will increase your credit score significantly. Otherwise, your score will suffer.

With each payment, Credit Strong squirrels away a portion in an FDIC-insured account held at Austin Capital Bank. Once you repay the loan in full, you’ll unlock the savings.

If you don’t think you’ll make your monthly payment, then you can cancel without penalty.


Credit Strong Pricing & Fees

Credit Strong offers three types of plan, one for each loan product:

SUBSCRIBEBUILD & SAVEMAGNUM

Subscribe loans were made for those who want to build credit, but they don’t have a lot of free capital. Most likely, these people will prioritize the lowest monthly payment possible. They’re a perfect way to build your credit and your savings without having to make a big commitment.

SUBSCRIBE 1000SUBSCRIBE 2500
$1,000 installment account$2,500 installment account
120-month term120-month term
$15/month$30/month

Build & Save loans target those who want to improve their credit score and increase their savings.

BUILD & SAVE 1000BUILD & SAVE 2000
$1,000 installment account$2,000 installment account
24-month term | 12-month term24-month term
$48/month | $89/month$96/month

Magnum loans are meant for those who want to build a large credit line, perfect if you want to secure business financing or a large personal loan in the future.

MAGNUM 4500MAGNUM 9000MAGNUM 1800
$4,500
installment account
$9,000
installment account
$18,000
installment account
120-month term120-month term120-month term
$49.50/month$99/month$198/month

Credit Strong charges an administrative fee, which is either $8.95 or $25.00 depending on your loan of choice.

The thing to look out for, with all credit builder loans, is your loan interest rate. Make sure to do loan interest calculations before you sign up. A credit builder loan could cost you thousands of dollars in interest. But it might be worth it if you’ve got bad credit or need help reaching your financial goals.


Credit Strong Eligibility Requirements

In order to open a Credit Strong account, you’ll need:

  • To be a U.S. citizen or permanent resident.
  • To be at least 18 years old.
  • A valid Social Security Number or Individual Taxpayer Identification Number.
  • A mobile phone number and email address.
  • A bank account, prepaid card or debit card.

There is no minimum income required.


Bottom Line

Credit-building loans from Credit Strong is a good option if you want to establish or rebuild credit, thanks to its flexible plans and the ability to cancel without penalty. Just make sure to carefully consider what option is best for you and be clear about the price you’ll have to pay for the service.

Learn More at Credit Strong

READ MORE: See The Best Bank Promotions Here And The Best Investing Promotions Here

TopCashback bonus TopCashback bonus TopCashback bonus
ADVERTISEMENT
Tags: credit strong
Previous Post

Sterling National Bank Promotions: Up To $500 Business Checking Bonus [NY] – Ended

Next Post

Capitalize (hicapitalize.com) Review: Easily Move Your Old 401(k), For Free

Diana Mason

Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

Recommended For You

Best Digital Wallets For Spending, Saving, Investing 2023

March 30, 2023 7:00 am CDT
Moneysmylife Featured Image Credit Cards

Digital wallets are revolutionizing everyday financial transactions by bridging the gap between traditional and modern payment methods. As the financial world continues to shift online, digital storage of...

Read more

Bank of America Certificate of Deposit (CD) Rates

March 29, 2023 4:13 pm CDT
Moneysmylife Featured Image Bank Banking Offers

Bank of America has a variety of certificates of deposit (CD) that may appeal to customers who want a bank that has branches all over the country. The...

Read more

TD Bank Certificate of Deposit (CD) Rates

March 29, 2023 4:12 pm CDT
Moneysmylife Featured Image Bank Banking Offers

TD Bank certificate of deposit (CD) accounts offer a variety of benefits for people who are looking for a secure way to save money. CDs are certificates of...

Read more

Wells Fargo Savings Account Rate Offers

March 29, 2023 4:12 pm CDT
moneysmylife.com featured image banking

Wells Fargo customers can choose between two savings accounts, but there aren't many differences between them. In line with other big banks, the yields on both accounts are...

Read more

How Chase Bank CD Account Rates Compare | 4.00% APY 3-Month CD Available

March 29, 2023 4:11 pm CDT
Moneysmylife Featured Image Bank Banking Offers

Chase gives its customers a choice of certificates of deposit (CD) with different terms. When it comes to annual percentage yields (APYs), you can find much higher rates...

Read more
Next Post
Capitalize (hicapitalize.com) Review: Easily Move Your Old 401(k), For Free

Capitalize (hicapitalize.com) Review: Easily Move Your Old 401(k), For Free

TransUnion Credit Monitoring Review: Boost Your Credit Score With Personalized Advice

TransUnion Credit Monitoring Review: Boost Your Credit Score With Personalized Advice

bank-of-hope-promotions

Bank of Hope: $500 Business Checking Offer [AL, CA, IL, NJ, NY, TX, VA, WA] - Ended

Leave a Reply Cancel reply

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Your email address will not be published. Required fields are marked *

Chase Business Complete $300 Bonus Chase Business Complete $300 Bonus Chase Business Complete $300 Bonus
ADVERTISEMENT
TD Bank $300 Bonus TD Bank $300 Bonus TD Bank $300 Bonus
ADVERTISEMENT
ADVERTISEMENT
Get new posts by email:

Featured Articles

Featured Chase Image

Chase Total Checking® Account $200 Bonus Offer [Nationwide] – Ends 4/19/2023

March 28, 2023 12:03 pm CDT
Moneysmylife Featured Image Bank Banking Offers

Best Bank Bonuses, Promotions of March 2023

March 30, 2023 3:32 am CDT
Chase Private Client Office

Chase Private Client Up To $3,000 Bonus Offer – Ends 4/19/23

March 21, 2023 11:17 am CDT
TD Bank

Best TD Bank Bonuses, Promotions of March 2023

March 19, 2023 12:47 am CDT
Moneysmylife Featured Image Bank Banking Offers

Best Axos Bank Bonuses, Promotions of March 2023

March 2, 2023 12:05 am CST
Featured Chase Image

Best Chase Bank Bonuses of March 2023 (up to $2000!)

March 20, 2023 2:41 am CDT
BMO Harris Bank

Best BMO Harris Bank Bonuses, Promotions of March 2023

March 2, 2023 12:04 am CST
Moneysmylife Featured Image Cryptocurrency Crypto

Best Cryptocurrency Bonuses, Promotions of March 2023 (Free Bitcoin & More)

March 2, 2023 12:04 am CST
Robo Advisors

Best Robo-Advisor Promotions, Offers of March 2023

March 2, 2023 12:03 am CST
Best Money Transfer Services Intro

Best Money Transfer Service Promotions, Bonuses, Offers of March 2023

March 1, 2023 11:59 pm CST
Brokerage and Investing Promotions from moneysmylife

Best Stock Broker & Investing Promotions, Bonuses of March 2023

March 1, 2023 11:58 pm CST
The Best Referral Deals on moneysmylife

Best Referral Programs, Offers, Deals to Make Money – March 2023

March 1, 2023 11:57 pm CST
U.S. Bank Bonus

U.S. Bank Smartly™ Checking up to $600 Bonus – Ends 4/11/23

March 1, 2023 11:11 pm CST
Best Free Checking Account Offers (No Monthly Fees) of March 2023

Best Free Checking Account Offers (No Monthly Fees) of March 2023

March 1, 2023 10:59 am CST
Moneysmylife Featured Image Investing

J.P. Morgan Self-Directed Investing Up To $700 Bonus – Ends 4/13/23

February 16, 2023 1:55 am CST
Chase Bank

Chase Business Complete℠ Banking $300 Sign-Up Bonus [Nationwide] – Ends 5/18/2023

February 1, 2023 9:01 am CST
M1 Finance

Best M1 Finance Bonuses: $50, $500, $4000, $10000 Offers

February 7, 2023 11:15 pm CST
Bank of America

Bank of America Checking Account $100 Bonus Offer – Ends 6/30/23

January 26, 2023 4:37 am CST
Best Online Mattress Promotions, Offers, Discounts of 2023

Best Online Mattress Promotions, Offers, Discounts of 2023

January 30, 2023 2:16 am CST
Bank of America $100 Checking Bonus Bank of America $100 Checking Bonus Bank of America $100 Checking Bonus
ADVERTISEMENT

Search by Categories

  • Bank Promotions
  • Banking
  • Credit Cards
  • Cryptocurrency Promotions
  • Deals
  • Featured
  • Investing
  • Other
  • Referral Promotions

Latest Articles & Updates

DoorDash

DoorDash Promotions: $20/$30 Sign-Up Bonus, $20 Referral Offer, Promo Codes

March 30, 2023 7:45 am CDT
Moneysmylife Featured Image Deals

New Paramount+ Promo Codes For 1 Month Or 1 Year Free, 50% Or $30 Cash Back

March 30, 2023 7:42 am CDT
Moneysmylife Featured Image Credit Cards

Best Digital Wallets For Spending, Saving, Investing 2023

March 30, 2023 7:00 am CDT
Wells Fargo $300 Everyday Checking Account Bonus – Ends 6/27/2023

Wells Fargo $300 Everyday Checking Account Bonus – Ends 6/27/2023

March 30, 2023 3:21 am CDT
tito-sweepstakes

You Choose, Tito’s Gives Sweepstakes | Win Trip to Austin – Ends 07/15/2023

March 29, 2023 4:17 pm CDT

Newsletter

Get new posts by email:

Recent Articles

Moneysmylife Featured Image Bank Banking Offers

Bank of America Certificate of Deposit (CD) Rates

March 29, 2023 4:13 pm CDT

Moneysmylife Featured Image Bank Banking Offers

TD Bank Certificate of Deposit (CD) Rates

March 29, 2023 4:12 pm CDT

Topics

Categories

Banking Bank Promotions Credit Cards Cryptocurrency Promotions Deals Featured Investing Other Referral Promotions

*Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card and banking companies from which MoneysMyLife.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneysMyLife.com does not include all credit card and banking companies or all available credit card and banking offers. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. This site may be compensated through the bank advertiser Affiliate Program.

© 2022 MoneysMyLife. All rights reserved.

  • About
  • Advertiser Disclosure
  • Disclaimer
  • Privacy
  • Terms
  • Contact
No Result
View All Result
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure

© 2022 MoneysMyLife. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.