Grace Enfield, Content Writer
@grace_enfield
The best credit-builder loans in Florida are from Alive Credit Union because it offers low APRs, loan amounts from $2,000 and monthly credit-bureau reporting. Alive Credit Union will also put the money into an interest-bearing account, which could make up for the cost of your APR slightly. If you make on-time payments with an Alive Credit Union credit-builder loan, your credit score will increase.
Best Credit-Builder Loans in Florida
Alive Credit Union
Alive Credit Union offers credit-builder loans with an APR of 12% and term lengths of 12 months. Alive Credit Union does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Alive Credit Union if you are at least 18 years old, have a bank account, have enough income to make monthly payments and are a member of Alive Credit Union. To qualify for a membership, you must be living or working in Duval, Clay, Nassau, Baker or St. Johns Counties, affiliated with or working in healthcare services, real estate professional.
Self
Self offers credit-builder loans with an APR of about 16% and term lengths of 12 to 24 months. Self does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Self if you are at least 18 years old, have a bank account and have enough income to make monthly payments.
Sunrise Banks
Sunrise Banks offers credit-builder loans with an APR range of 15% to 21% and term lengths of 12 to 18 months. Sunrise Banks does put your money in an interest-bearing account.
You can apply for a credit-builder loan from Sunrise Banks if you are at least 18 years old, have a bank account, have enough income to make monthly payments.
Final Thoughts
You aren't guaranteed to get all of your money back when your credit-builder loan term ends, due to interest payments and fees. But the improvement in your credit is worth it.
2022 Best Personal Loans in Florida
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What are the best credit unions for credit-builder loans?
The best credit unions for credit-builder loans are Alltru Credit Union and Digital Federal Credit Union because of their low APRs and affordable monthly payments. Alltru offers 50% of all the interest paid on the loan back, while an account through Digital Federal earns dividends. You must be a member… read full answer
show lessWhat are the best credit-builder loans with no credit check?
The best credit-builder loans with no credit check are from Self and MoneyLion. Both companies perform only a soft pull of your credit to determine eligibility, which will not damage your credit score or affect it in any way. There is no hard inquiry.
Best Credit-Builder Loans with No Credit… read full answer
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