Some prepaid cards provide credit builder which is a loan, which is repaid with 12 monthly payments. When you have successfully satisfied the loan, it will be reported to two Credit Reference Agencies, your credit history will be adapted accordingly
Will credit builder improve my credit rating?
yes creditbuilder will improve your credit rating.
You pay NO interest on the loan and there are NO administration charges, you just keep paying the regular monthly fee for 12 months.
No. The monthly fee is effectively a loan, the monthly fee is calculated for the whole year and divided by 12 equal payments this is an additional service to your card provider for paying the monthly fee. You will need to contact your prepaid card provider and as soon as your credit booster agreement is approved they will credit your prepaid card account with 12 monthly payments and then use this to pay your next 12 months fees. For each of the following 12 months they will then deduct the normal monthly fee from your prepaid card account and use it to repay your credit builder loan.
What does APR mean?
APR is the Annual Percentage Rate. It is an expression of the effective interest rate that the borrower will pay on a loan, taking into account one-time fees and standardising the way the rate is expressed. In other words the APR is the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted. As the APR for creditbuilder is 0.0%, when you are loaned amount for creditbuilder, you only pay back the annual amount by monthly
What is the APR on the loan?
The APR on the creditbuilding loan is 0.0%. You do not pay any interest on the loan. Rebuild your credit rating today and get a prepaid credit card.
Start using credit builder and increase your credit rating by up to 40%
You don’t need to have a bad credit history any more, use credit builder and start improving or rebuilding your credit ratiing today. Just choose which prepaid credit card provider you want to use to improve your credit rating.
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