Credit Builder loan
At MENTA Money, we offer a quick and easy way for individuals in getting a personal loan for bad credit with less effort.
What are bad credits?
Whenever lenders receive applications for personal loans, they take overall creditworthiness and your credit card score into consideration. They require some specific minimum score to qualify which makes it quite difficult for poor credit to access these loans.
How credit builder loan works?
If the loan is approved then the amount you get for loan will stay into the bank account while you make payments. you can’t access the money until you pay
If the loan is approved then the amount you get for loan will stay into the bank account while you make payments. you can’t access the money until you pay full amount of the loan. Which means you are able to make your saving and also build your credits at the same time
You must connect to atlest one credit bureau for your payments reports. Your credit reports will build for the information in your credit report. Having your payments on time will help you to build your credit report
How to manage a Credit Builder loan
- Pick the right type of loan look for the loan you can easily afford. starching your budget will might rise a risk of missing some payments and effect your credit score
- Make your payments on time if your loan is approved now its time build a good data into the credit report , but the payments which are late more than 30 days will affect your credit report badly
- Monitor your credit report monitor the credit reports properly. your get our help though menta app for your credit status
Credit Builder loan is a good idea?
Credit builder is good idea is only depend on the borrower’s own financial situations. Credit builder loan are beneficial for those without credit score or those with no existing debit
consumer who have a debit might consider paying down other loans before opening credit builder loan or chose other loan or services that help to build credit score