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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.
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:
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 1000 | SUBSCRIBE 2500 |
| $1,000 installment account | $2,500 installment account |
| 120-month term | 120-month term |
| $15/month | $30/month |
Build & Save loans target those who want to improve their credit score and increase their savings.
| BUILD & SAVE 1000 | BUILD & SAVE 2000 |
| $1,000 installment account | $2,000 installment account |
| 24-month term | 12-month term | 24-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 4500 | MAGNUM 9000 | MAGNUM 1800 |
| $4,500 installment account | $9,000 installment account | $18,000 installment account |
| 120-month term | 120-month term | 120-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.
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