- The Basics
We understand that things happen — and sometimes they affect your credit score. That's why we offer our Credit-Builder Loan — a way for you to repair or build credit while establishing a good repayment history with Magnify. This can make you more eligible for approval for a traditional loan, and more. Plus, at the end of your loan term, you get to keep the money! Apply today, and let's work together to build your credit.
- Build or repair your credit
- Establish a good repayment history with Magnify
- Increase your chances of approval for a traditional loan
- Money is held in your account until the end of the loan term
- At the end of the loan term, the money is yours!
- Use funds for a down payment on a car, or anything else
What is a Credit-Builder Loan?
A Credit-Builder Loan holds the amount borrowed in your account while you make payments, building credit. When the loan is paid off, the money is released to you.
How Credit-Builder Loans work
1. Apply. Whether you have bad credit or no credit, you may be approved.
2. If approved, your money is deposited. The money is deposited into your (share) savings account — one that you cannot access until you have fully repaid the loan.
3. Watch your credit improve! If you pay the loan as agreed, Magnify promises to send this payment history to the credit bureaus each month.
4. At the end of the loan term, the money is yours! Use these funds for a down payment on a car, or anything else.