Brigit opens a credit builder installment loan for you and puts the funds into a brand new FDIC-insured deposit account with Coastal Community Bank, Member FDIC.
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Each month, the minimum loan payment is split in two: you choose an amount of your choice to contribute (any amount between $1 and $50 for a 12-month loan term, or $1 and $25 for a 24-month loan term), and the rest is paid from your new deposit account, which holds the loan proceeds.
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Each successful monthly payment is reported to the three major credit bureaus, building positive payment history. The portion of the payment that you contribute each month also adds to your savings, which you can access once your loan is repaid.
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Once the loan is repaid in full, you’ll have built positive credit history! You will also get back all the monthly payments you put in!
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