Perfect for someone who wants to save money for a specific need while also building or rebuilding their credit history. Obtaining a loan, whether it’s for a car or home, or even applying for a credit card, starts with the same first step: a good credit score. Your credit score is going to play a big role in the approval process. The higher your credit score, the more opportunities you’ll have to get a loan…and at a lower rate.
But what happens when you’re just starting out and have no credit history, or have had troubles in the past and need to rebuild your credit?
The Credit Builder Loan from Diamond is designed to show financial responsibility, build or improve your credit history, and help you reach your goals. The money you borrow is secured in your Diamond savings account for the term of the loan. The balance in the savings account earns dividends, while at the same time, you make loan payments and establish your credit. Maintaining scheduled payments for a minimum of six months will allow the payment history to be reflected on your credit report and may improve your score. Funds become available as the loan balance is paid.
Speak with a Diamond Representative to discuss whether a Credit Builder Loan from Diamond is a good solution for you.