Credit Builder Loan
The best loan for building, or rebuilding, credit.
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.
The granting of a Credit Builder Loan does not guarantee future loans. Subject to credit approval. Your specific rate and term will be dependent upon your credit rating, relationship with us, and other factors. Rates and terms subject to change without notice. Some restrictions may apply.