Build: Credit Building

The Build app is a useful tool for managing your finances and building your credit. With this app, you can apply for a Build Secured Credit Card, monitor your savings progress, and track your credit score. The best part is that there is no hard credit pull and no credit history is needed to get started. This makes it a great option for those who are just starting to build their credit or for those who have had credit issues in the past.

To get started, all you need to do is download the app and create an account. From there, you can apply for the Build Secured Credit Card by making on-time payments on your Credit Builder Account. This will help you become eligible for the card and start building your credit history with all three major credit bureaus. And the best part is that you can do all of this for as little as $25 per month.

It's important to note that the loan proceeds from the Credit Builder Account are deposited into a secured savings account with WebBank, Member FDIC. This account does not earn interest and will not be accessible until your loan is paid in full or closed. However, your accumulated savings will be available to you once your loan is paid off or closed. Keep in mind that interest and fees do apply to the loan product.

The Build app offers four different loan options, each with different loan amounts, monthly payments, and administration fees. These loans have an Annual Percentage Rate (APR) ranging from 15.65% to 15.97%. By the end of your loan term, you will have paid off the loan amount plus the cost associated with it. It's important to carefully consider which loan option is best for your financial situation.

It's also important to note that Build is not a bank and does not originate any loans or credit card accounts. They are a third-party marketing vendor and servicer. All loan products are issued by WebBank, Member FDIC, and all loan proceeds are deposited into a secured savings account with WebBank. The Build Secured Credit Card is also issued by WebBank and is subject to approval based on qualifications and credit terms determined by WebBank.

To be eligible for a loan or credit card through Build, you must be a U.S. citizen, permanent resident, or non-resident U.S. alien and at least 18 years old. You will also need a valid bank account and Social Security Number. Keep in mind that all loans and credit card accounts are subject to ID verification and results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. This product will not remove negative credit history from your credit report.

Overall, the Build app is a great option for those looking to build their credit and manage their finances. It's important to carefully review the terms and conditions and consider your financial situation before applying for a loan or credit card through Build. The app is not available in all states, so be sure to check if it is available in your state before downloading.