Our Credit Builder Loan Account is a credit builder installment loan that is held in an FDIC insured deposit account at our partner bank Coastal Community Bank, Member FDIC.
The main purpose of this account is to help you build positive payment history, which makes up 35% of your credit score.
How does it work?
When you open a Credit Builder Loan Account:
- Brigit arranges a credit builder installment loan for you and deposits the loan proceeds into a FDIC insured deposit account with Coastal Community Bank, Member FDIC.
- You do NOT have access to the money from your Credit Builder installment loan. Brigit reserves the funds for you in the secured deposit account.
- Brigit reports your Credit Builder installment loan to the three major credit bureaus (Experian, Equifax and TransUnion).
- You decide how much you want to save on a monthly basis. Each month you save, Brigit treats it as a payment to the credit bureaus on the reported loan.
- Plus, every time you save that amount is available for you to access.
- At the end of your term, the loan is reported as paid in full and any remaining savings you’ve accumulated throughout the term is accessible to you.