Credit Strong offers credit builder loans facility to helps people with bad or no credit history, and saves them from the massive amount of loans they try to submerge themselves into.
The Credit Strong reviews here would let you know how it works and how you can benefit from it.
- Credit Strong reviews offer loan of $1000 to $18,000 with interest rates of 5.85% to 14.89%.
- In order to apply here, the applicant should be of 18 years or older and legal citizen in the US but not credit score requirement is set.
- You can apply for the loan here by Visiting official website > Apply Loan > Find loan of choice > Provide information > Wait for approval
…and Much More!
Credit Strong Reviews – In a Nutshell
Credit Strong indeed is a lifesaver for people who hold no or poor credit. It is accredited with FDIC, which means that your savings and available financial information is shielded.
- It is also a member of the prestigious “Inc. 5000 List” of the fastest-growing private companies in America for four years.
Credit Strong has built up its services over time and has met the needs of millions of people who had difficulties managing their financial setup and accounts. It offers them several secure loan options and provides them with a few account options they can opt for.
|Loan Amount||$1000 to $18,000||Interest Rates||5.83% to 14.89%|
|Loan Term||12 months to 10 years||Administration Fee||$8.95 to $25|
|Credit Check||None||Termination Fee||$0|
|Reports to Bureaus||Yes||Payment Penalty||$0|
Credit Strong Reviews and Key Features
Credit Strong has marked its name in the market with outstanding features and positive customer reviews all around the US. Below we have summarized some of the most prominent advantages and disadvantages that you should be aware of before opting for this loan program.
- It allows you to check your FICO credit free of cost once a month.
- You can know your current financial standings to track whether your credit score is improving or not.
- Credit Strong never checks your past credit history, unlike many other credit card providers.
- With Credit Strong, you can have bigger loans that can be paid back over a long period.
- It can help build your credit score better than smaller loans.
- In case of situations where you need access to your savings, you will have to terminate or prepay the loan with no penalty, though, as your savings are locked up.
- With Credit Strong, you lose out on the interest accrued.
- Most of the loans for people who have a poor credit score are generally expensive.
- Even though Credit Strong loans are much larger, but they are still costly.
Eligibility Criteria For Credit Strong
You need to meet particular sets of requirements to open up a Credit Strong account. However, they are not a big whack, just a few basic things, and no minimum income is required.
- It would help if you were a permanent US resident.
- Individual must be a minimum of 18 years’ old.
- You should have a valid social security number or taxpayer identification number Bank account.
- Personal contact information, mainly your contact number and an email address is required.
Quick Overview Of Credit Strong Application Process
The application process of Credit Strong is pretty fast and a piece of cake. You won’t have to spend hours surfing through the process as it is straightforward.
- Go to the official website.
- Click on the Apply Now tab.
- You will come across a product selector interface which will help you find the best one depending on your requirements.
- Once you have filled the application, Credit Strong uses a database of the previous bank records to do a little background check
- The authority would take some time to reach the decision whether you should be accepted or not.
- As soon as you are selected, you can start making the credit building payments instantly.
Credit Strong Fees To Watch Out For
It has several plans of which both the fees and interest rates are different depending on what you plan to choose.
Initial pricing of Credit Strong starts from $15 per month and goes all the way up to $110 per month.
|Plan||Administration Fee||Interest Rate||Term|
|Subscribe 1,000||$15||13.50%||10 Years|
|Subscribe 2,500||$15||7.75%||10 Years|
|Build & Save 1,000||$8.95||14.04%||10 Months|
|Build & Save 1,000||$8.95||14.89%||24 Months|
|Build & Save 2,000||$8.95||14.43%||24 Months|
|MAGNUM 4,500||$25||5.92%||10 Year|
|MAGNUM 9,000||$25||5.86%||10 Year|
|MAGNUM 18,000||$25||5.83%||10 Year|
- You can also cancel at any time, and no penalty fee will be charged.
However, before you sign up for Credit Strong, we highly recommend linking your checking account to avoid any convenience fee corresponding to your prepaid cards and debit cards.
It also offers you a flexible time limit to pay the due payment; however, in case of failure of timely submission, i.e., within 14 days, your account will usually be assessed a late fee.
How Does Credit Builder Loan Work
Credit builder loans offered by Credit Strong are the perfect option for people facing extensive loan issues. Instead of giving you traditional personal loans, Credit Strong loads your borrowed loan funds into the savings account.
It is favorable that the account gets locked when the loaned funds are entered into a savings account. It is only unlocked when you pay the amount in full. This helps build credit scores through installment loans.
- You make fixed payments every month and interest on the loan until you reach the total amount.
To earn interest on the balance available in your savings account, your loan payment history is reported to all three major credit bureaus, i.e., Equifax, Experian, and TransUnion.
As soon as the loan is paid in full, the lock on your savings account is removed, and you can have access to the available funds without any delay.
Can You Improve Your Credit Score With Credit Strong?
If you have a terrible history of credits for the last ten years, then you might have to hang on for a while until your score begins to increase.
- Credit Strong works tirelessly to help you build your credit score.
You can expect a quick increase in credit scores if you have a few or no mistakes on your credit report.
You cannot precisely know when and how much of your credit scores will start getting better, but if you are regular and consistent with your payments, that will definitely and only help you build up your credit score with Credit Strong.
The Bottom Line
To rebuild your credit, Credit Strong would be an acceptable option to go for. But before you make any such decisions, do educate yourself with all the pricing features that it has.
If you want to build your perfect credit score and pay off your loan penalty-free, Credit Strong might be worth an investment.
Frequently Asked Questions About Credit Strong Reviews
Is Credit Strong safe to use?
Yes. This platform is completely safe to use. It is also subjected to government regulations and it is one of the most reliable FDIC-insured banks.
Will Credit Strong check ruin my credit score?
Credit Strong does not carry out hard inquiry therefore it will not impact your credit score at all. You also do not need to have an outstanding score to apply here.
Is Credit Strong interest rate high?
Not at all. The interest rates are considerably low as compared to other loan options in the market.