Top Credit Builder Loans to Boost Your Credit Score

Whether your ambitions lie in securing a dream home mortgage, financing a sleek new car, or simply enjoying the security that comes with credit availability, your credit score paves the way. But if you’re starting out or starting over, then your score might not open many doors just yet. 

This is where credit builder loans come into play, offering a pathway to build or rebuild your credit profile. Each loan has its own set of offerings, terms, and conditions, making it clear that the journey to the right choice involves more than just comparing APRs. Our guide zeroes in on these top 3 credit builder loans of 2024, designed to help you understand what each can offer in your quest for financial empowerment and a healthier credit score.

Self Credit Builder Account

Loan Amount Range: $300 to $3,000 

APR: Variable, but may go up to 15.97%

Loan Terms: 24 months, with the option to pay early and close the account at any time

Associated Fees: $9 administrative fee

Reports to All Three Major Credit Bureaus: Yes 

 

Other Features:

☑ No hard inquiry

☑ Acess to VantageScore 3.0 credit score through the Self app or website

☑ Available in 50 states

☑ Borrowers become eligible for a Self VISA® Secured Credit Card

CreditStrong Instal Account

Loan Amount Range: up to $1,100

APR: Variable, but may go up to 15.61%

Loan Terms: 24, 36, 48 months

Associated Fees: $25 administrative fee

Reports to All Three Major Credit Bureaus: Yes 

 

Other Features:

☑ No hard inquiry

☑ Acess to FICO score

☑ No prepayment or early withdrawal penalties

 

Digital Federal Credit Union (DCU) 

Loan Amount Range: $500 to $3,000

APR: 5%

Loan Terms: 12 – 24 months

Associated Fees: Not specified

Reports to All Three Major Credit Bureaus: Yes 

 

Other Features:

☑ No hard inquiry

☑ No payments required for the first 60 days

☑ Money in the DCU Savings account earns dividends

☑ Borrower must be a member of Digital Credit Union to qualify