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
- Apply. Whether you have bad credit or no credit, you may be approved.
- 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.
- Watch your credit improve! If you pay the loan as agreed, Magnify promises to send this payment history to the credit bureaus each month.
- At the end of the loan term, the money is yours! Use these funds for a down payment on a car, or anything else.