Need Money? Tired of Rejections? Check Our Advice

If you need money and are tired of facing rejections, we’ve got some advice for you. Today, we are going to introduce four different options to help you build credit and improve your finances. Even if you are starting from scratch, have a limited credit history, or have poor credit, these credit builder programs will help you boost your credit score and save money. 

How can they help you save money?

Well, if you have a good credit score you will get better interest rates on loans, credit cards with lower APRs and top-notch rewards, and the best deals on insurance. All in all, it’s worth working to improve your credit score and there are tons of companies out there who make it easy to do just that. 

So let’s dive in and explore the latest credit builder options on the market.

1. Brigit Credit Builder

Brigit is an app that is equipped with budgeting tools, cash advances up to $250, automatic advances to prevent overdrafts, and the subject of our post: a credit-builder loan. 

The amount of money and length of time (12-24 months) of your credit builder loan depends on your “Brigit Score.” This score is separate from your credit score – Brigit does not check your credit – instead, it is based on your bank account activity. 

Once you’re approved for the loan, which can happen instantly, the money will be set aside in a deposit account under your name with Coastal Community Bank. You decide how much you would like to contribute toward the monthly payment and the rest is paid from your Coastal Community Bank account. You can contribute anything from $1 to $50 a month.

Brigit then reports your monthly payments to all three major credit bureaus. If you make all your payments on time this will boost your credit score. After the loan is fully repaid, you get all your contributions back. 

To qualify for the credit builder loan your bank account:

• Must be open for at least 60 days
• Connected to Brigit
• Active for 2 out of every 10 days

This means that checking accounts work best.

Brigit does charge a monthly fee of $9.99. But this fee lets you access all the app’s services like cash advance and budgeting tools. So if you’re going to use them it’s very much worth it.

I initially got Brigit for its cash advances, and I was iffy about the $10/mo subscription, but they don’t have extra fees on repayment or forced “optional” tips like a lot of these apps do. What I really love is the credit builder. You choose what you pay monthly and it only affects what you get back at the end. This is a great way to passively build my credit without having to deal with high APRs and interest from loans or more credit cards. This saves me a lot in the long run. Worth it. Haley Smith
Google Play Review

2. Cleo Credit Builder Card

You may have heard of Cleo as the sassy chatbot that roasts you when you go over budget. That’s her! But did you know that the app also offers a secured credit card? Yup, you can build credit with your favorite budgeting app! 

To access the Cleo Credit Builder Card you will need a Cleo Credit Builder subscription which is $14.99 a month. The subscription unlocks additional features including cash advances up to $250, cashback rewards, and priority support. Subscribe then apply in three minutes and get a credit card with no credit checks or interest charges!

It’s an easy and affordable way for people with limited or no credit history to build their credit score.

There are no fees other than the subscription fee, which makes it affordable compared to other credit cards with endless high fees. And if you’re going to take advantage of Cleo’s other features then the subscription is definitely worth considering.

To use the card, you have to add money to your security deposit. The security deposit acts as your credit limit, it’s the amount you’re allowed to spend. Add at least $1 to activate your card. You cannot spend more than what’s in your security deposit – so it’s hard, if not impossible to go into debt. 

Cleo reports your payment history to the credit bureaus. Pay on time and you’ll build credit. Your credit utilization is not reported, so you’re free to spend as much of your security deposit as you’d like. Just remember, you do have to use your card to build credit.

I absolutely LOVE my Cleo app. The credit builder card, the insights, the cash advancr👏👏and cleo is funny!

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Trustpilot Review

3. GO2bank Secured Credit Card

GO2bank’s Secured Visa Credit Card is your classic secured credit card designed to build your credit with no annual fee and no pesky credit check. 

To apply for the GO2bank Secured Visa Credit Card, you must have a GO2bank checking account into which you receive direct deposits and your direct deposits should total at least $100 in the past 30 days. Once you have your card, you will need to transfer a minimum of $100 from your GO2bank account to act as a security deposit. Most secured credit cards require at least $200, so this is ideal if you don’t want to tie up a lot of funds.

The card does have a fixed-rate APR of around 23%, but this can be managed with on-time payments.  

GO2bank reports your payment history and credit utilization ratio to all three major credit bureaus monthly. So pay your bills on time and keep your credit utilization below 30% and watch your score soar.

Try to put down a higher security deposit so you can spend more while keeping your utilization low. You can increase your credit limit at any time, so if your financial situation changes, take advantage of that.

A good credit score can help you get lower interest rates from creditors, reduce security deposit requirements on new loans or services, and prepare for a brighter future. GO2bank website

What’s more, GO2bank’s mobile app comes with various features, including balance checking, payment management, and credit monitoring. So if you like online banking and don’t want to pay annual fees, GO2bank’s Secured Visa Credit Card is for you.

4. Extra Card Debit Card

Extra Card is a debit card designed to improve your credit score. Pretty inventive, right? No security deposit, no interest payments, no credit check, and you get to build your credit!

The Extra Card works like a charge card, where balances must be paid in full each day. Cardholders make purchases, and Extra pays off the merchant right away, then deducts the amount from the connected checking account the next business day. At the end of the month, Extra reports card transactions to two of the three major credit bureaus and so improves your credit score.

You can’t just spend however much you want though. Extra will give you a Spend Power based on your bank balance. Your Spend Power works like your credit limit. 

With the Extra Card, you don’t have to worry about your credit utilization ratio, interest charges, or accruing debt since your balance is paid off daily.

You don’t have to have a credit score to qualify but you do need to be over 18, live in the U.S. and have a checking account at one of over 10,000 U.S. banks.

Extra does charge an annual fee for its credit-building services. You can choose to pay the base rate of $149 or an extra $50 and earn rewards too. If you go with the rewards program, you’ll earn 1% back on all purchases, rare for a debit card. The reward redemption options are limited to the Extra Rewards Store, but you can get some fun gifts like Apple AirPods.

If you want to build your credit and don’t want to put down a security deposit, Extra’s debit card is a good option.

EXTRA has completely changed my portfolio, allowing for better money management, savings, and credit progression. The fact that all my debit transactions count successfully towards my score is beyond incredible, plus, staying within my spend power limit has allowed me to save so much more money! For someone whose background included never-ending money woes, EXTRA has been an absolute game changer. 10/10, yes – highly recommend. Sabrina Renée
Trustpilot Review

The Bottom Line

Ready to improve your credit? No matter if your credit score is low, your credit history is blank, or you’re just not satisfied with your score there’s a world of tools out there waiting to help you boost your credit. Choose from credit builder loans, secured credit cards, and credit building debit cards. There’s an option for everyone.