New Credit Builder Option?

[vaca_loca]

I spent some time doing a bit of searching on Kikoff. They do seem to be legit, but other than the website and a few reviews on their Facebook page and the company's responses to the reviews, there isn't much to go with. Looks like they're pretty new, perhaps started operating as of last month (March 2020).

While I agree with another poster that mentioned the utility of an installment loan of such a low balance would be something that a loan officer would perhaps disregard as any sort of meaningful credit usage, as far as the scoring model goes, I believe it would make a difference as far as automated approvals for other credit (card) products once scores update from their reporting.

From the point of view of a completely underbanked/paycheck to paycheck user wanting to rebuild their credit, I can see the appeal, as it requires no up-front costs like Credit Strong and Self. Curious to see if any others have tried.

[Azuieldrago]

Another thing I can see is that you are paying for their reporting. Yeah its $12, but imagine if 100,000 do it a yr. That is $1.2M in a yr. Minus whatever operating costs they have. Then they report that you "borrowed" on a "loan" of lets say $3000 divided by 12 months at $250 a month payment. Or they just take your money and info and sell it too. Who knows. 

[FireMedic1]

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@Anonymous wrote:

I tried it so far it shows up on EQ waiting to see where else.

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@Anonymous wrote:

I recently saw a link in a Facebook group for a YouTube video of some young kid (couldn't be more than 21) talking about something by the name of KikOff.  I found the website and just seems too good to be true.

In short, it's a 12 month installment loan for......$1 a month.  $12 total.

Anyone heard of this?  If it's real, it'll catch on like wild-fire.  I'm a fan of Credit Strong, but think this would be a good short-term rebuilder option in lieu of Self-Lender.

Thanks.

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Burn a HP for a $12 loan? I understand the concept. But man thats a hard pill to swallow. For $12.

[vaca_loca]

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@FireMedic1 wrote:

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@Anonymous wrote:

I tried it so far it shows up on EQ waiting to see where else.

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@Anonymous wrote:

I recently saw a link in a Facebook group for a YouTube video of some young kid (couldn't be more than 21) talking about something by the name of KikOff.  I found the website and just seems too good to be true.

In short, it's a 12 month installment loan for......$1 a month.  $12 total.

Anyone heard of this?  If it's real, it'll catch on like wild-fire.  I'm a fan of Credit Strong, but think this would be a good short-term rebuilder option in lieu of Self-Lender.

Thanks.

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Burn a HP for a $12 loan? I understand the concept. But man thats a hard pill to swallow. For $12.

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No credit check needed according to their site. They also claim on their privacy policy that they will continue to share information even after you're not their customer unless you tell them otherwise. 

[Anonymous]

Personally, when I read about companies ike this, for some strange reason, the movie "Boiler Room," comes to mind. 

I literally get that sick feelin in my stomach, as if I'm "Seth Davis," played by Giovanni Ribisi, sitting alone in his condo, after being slapped by "Abbie Halpert," by Nia Long, who storms out to go find "Chris Varick," played by Vin Diesel, whose sitting in a late-night bar, spewing homophic jokes, all while the F.B.I. goes through each of their office-paperwork in the middle of the night.

Trust me, watch the movie, you'd get the gist of the reference, as it relates to these type of companies.

They might be legit, but i know many Wall Street Crooks, who were legit at one time, too.