2022 Credit Strong Review

If you need to build a better credit score or build credit from scratch and can’t get approved for any, a credit builder loan may help.

Credit Strong offers credit builder loans, which aren’t actually loans since you don’t receive the loan proceeds until after the loan’s term ends and you pay the loan as agreed.

What is Credit Strong?

Credit Strong provides credit builder loans. They don’t check your credit to qualify you for the loan, and they use the loan proceeds as collateral, which is why the requirements are so simple.

Credit Strong’s mission is to help consumers rebuild their credit score. Their studies show that the average borrower increases their credit score 25 points in three months and 70 points in 12 months with on time payments.

How Does it Work?

A credit builder loan isn’t a loan in the traditional sense. Yes, you borrow money, but you don’t receive the funds like you would if you took out a personal loan or car loan. 

Instead, you borrow the money, but it’s placed in a separate account that no one touches. The loan proceeds are Credit Strong’s collateral if you default on the loan. When you pay the loan off in full, you receive the principal back, like you would have in the beginning if it was a traditional loan.

Where a credit builder loan is like a traditional loan is in the payments. You make principal and interest payments on the same day each month. Every payment knocks the principal balance down and you pay interest on the remaining balance.

When you make your payments (or don’t), Credit Strong reports them to all three credit bureaus. This is the point of the loan. If you make your payments on time, it can help your payment history and your credit score increase. 

How to Sign up for Credit Strong

The good news is that it’s easy to sign up for Credit Strong. It’s a lot less intimidating than a loan application. They aren’t checking your credit since it’s a credit builder loan, so you can take that worry off your back.

To qualify, you must:

  • Be at least 18 years old
  • Have a valid phone number and email address
  • Have a valid social security number
  • Have a checking account in good standing

Can you Cancel Credit Strong?

Credit Strong can be a decent alternative to a traditional loan. At any rate, it's at least worth looking into.

Since Credit Strong isn’t a traditional loan, you have the luxury of canceling it at any time. The point of the program is to build your credit score but if you suddenly cannot afford the payment, it wouldn’t do your credit any good to keep the loan.

You don’t have to pay any early cancellation fees and you’ll receive the portion of the loan that you paid back when you cancel. 

To cancel your Credit Strong account, call 833-850-0850.

What’s the Cost?

The pricing for Credit Strong varies depending on the type of account you want. There are one-time fees ranging from $15 – $25 and monthly fees ranging from $15 – $110. 

Most consumers pay between $15 – $96 per month for the service. The more money you borrow, the more it costs. Loans with lower APRs typically have higher monthly fees and vice versa.

Credit Strong Pros and Cons


  • Most people qualify
  • You can build your credit score up
  • It’s like an automatic savings account since you don’t get access to the funds until the end
  • They offer many account options


  • The fees are pretty high compared to credit cards
  • It’s another payment you have to manage and if you miss can hurt your credit

Final Thoughts

Credit Strong can be a great way to build credit when you don’t have any credit or have bad credit. As long as you take a loan that you can afford and will make the payments on time, it can work to your benefit.

Keep in mind, there are fees, though. The less you borrow, the less it may cost, but everyone pays a fee for the service. If you’ve exhausted all other options including a secured credit card, though, it can be a great way to get the credit you need.