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There are a lot of credit builder loans on the market, so we had to do a lot of research to stack Credit Strong against its competitors.
Our verdict: Credit Strong has the best credit-builder loan on the market today. Their accounts either match or outclass the competition in just about every meaningful way.
They’re also incredibly flexible and allow customers to choose from a whopping seven different credit account types. This Credit Strong review will explain how their loans work, discuss their pros and cons, and help you decide whether they’re right for you.
Credit Strong Pricing and Plans
| Subscribe Options | Subscribe Options | Build and Save Options | Build and Save Options | Build and Save Options | MAGNUM Options | MAGNUM Options | |
| Monthly Payment | $15 | $15 | $48 | $89 | $96 | $55 | $110 |
| Annual Percentage Rate | 13.5% | 7.25% | 14.04% | 14.89% | 14.43% | 5.907% | 5.851% |
| One-Time Admin Fee | $15 | $15 | $8.95 | $8.95 | $8.95 | $25 | $25 |
| Amount Reported/ Saved | $1,000 | $2,500 | $1,000 | $1,000 | $2,000 | $5,000 | $10,000 |
| Max Repayment Term | Up to 10 Years | Up to 10 Years | 12 months | 24 months | 24 months | Up to 10 Years | Up to 10 Years |
How Does Credit Strong work?
As you can see in the table above, Credit Strong offers three types of credit-builder accounts. Each of them has a different focus: minimizing your monthly payment, maximizing your monthly savings, and improving your credit as much as possible.
Their credit-builder loans function similarly to others in the market. Here’s how they work:
- You select a preferred account type and apply online
- Upon approval, Credit Strong sets aside a lump sum in a locked savings account
- You make a monthly payment that includes both principal and interest
- Credit Strong reports your payment history to each major credit bureau
- At the end of the term, you get access to the money in the savings account
If all goes well, you can end up with a higher personal credit score (note the difference between personal and business credit) and more money in the bank.
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