Credit Builder Loan
Our credit builder loan product is a unique way for Community LendingWorks to help people who need to rebuild or establish credit. This product is very different than a standard loan, and even differs from most 'credit builder' products on the market today.
These loans work like a savings account/loan hybrid. The borrower makes a small monthly payment for 1 year (12 months) to CLW. Each month that on- time payment is received, CLW reports this to 2/3 major credit bureaus. Once the 12 payments have been completed, we return the principal balance of the loan to the borrower.