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I haven't personally used it, but seems pretty good actually if you have $250 to put in savings for 6 months. No credit check, and you will get the money after you pay the 6 payments. This will give you some positive payment history, and a good trade line on your reports which will help your scores if you don't have any installment accounts and are looking to build credit.
If you don't want to put up the money up front, you can look at something like selflender... You just pay your payment each month, no credit check, they report to the 3B, and you get your money +interest from the CD - intrest owed to SL at the end of your terms.
Do they only have it for 6 months? I will think at the minimum should be 12 months.
@empressj wrote:
Thanks! I actually made the deposit and plan to move forward today.
The maximum term depends on the amount borrowed. For example, it wouldn't make sense to have a $250 loan with a 36 month term, but it might make sense for a $10,000 loan.
The purpose of getting an installment loan is to add a positive trade line to your CR, create ontime payment history, and help improve your credit mix. If you are going to do $250.00, I would only do a 6 month term.
It looks like you're on the right track.