• Loan Amounts Funding Time: $1,000 to $18,000
  • Loan Terms: 12 months to 10 years
  • APR Range: 5.83% to 14.89%
  • Repayment Terms: 14-day grace period
  • Income Threshold : No income requirement
  • Fees: Administrative fee from $8.95 to $25

Credit Strong Reviews: Should You Use It In 2021?

  • Loan Amounts Funding Time: $1,000 to $18,000
  • Loan Terms: 12 months to 10 years
  • APR Range: 5.83% to 14.89%
  • Repayment Terms: 14-day grace period
  • Income Threshold : No income requirement
  • Fees: Administrative fee from $8.95 to $25

Best For

Building a Healthy Credit History

STRENGTHS

  • Reasonable fees and rates
  • No previous credit history is needed
  • Straightforward online application form
  • Quick approval

WEAKNESSES

  • Not a credit repair service
  • Higher fees than compared to traditional loan

It can be challenging to get a loan or open a credit card account if you have low or no credit history. Using responsible financial services to help you change that situation might be your best option.

Credit Strong is part of Austin Capital Bank, founded in January 2006. According to many Credit Strong reviews, it is an excellent opportunity to build a good credit score.

In our Credit Strong review, we’ll focus on the following:

  • Eligibility Criteria and How to Apply
  • Pros & Cons
  • Credit Strong Loans Reviews
  • Alternatives

What Do You Need To Know About Credit Strong?

Credit Strong offers a secured loan and savings account that will help you build a healthy credit history. It is currently available in all states except North Carolina, Wisconsin, and Vermont.

Here’s how a Credit Strong loan works. While you’re growing a favorable credit record, one part of your monthly payments goes to your savings account. Credit Strong reflects each of your payments within 30 to 60 days after it is made. It is crucial to pay on time for this to work.

Credit Strong offers loan rates from 5.83% to 14.89%, with a credit amount from $1,000 to $18,000. Each of the seven plans comes with a certain administrative fee.

  1. The Subscribe plans come with low monthly payments. This option is a chance to build up to 120 months of payment history for $15 to $30 a month. However, if you cancel your Credit Strong service, you will not get all the funds you paid in. The two available plans are Subscribe 1,000 and Subscribe 2,500, with a $15 administration fee.
  2. Build & Save is more of a traditional loan option and offers three plans: Build & Save 1,000 (12 months), Build & Save 1,000 (24 months) and Build & Save 2,000 (24 months). Each option has a one-time admin fee of $8.95 and offers loans of $1,000 or $2,000. This makes a monthly payment of $48 for the first, $89 for the second, and $96 for the third option.
  3. Credit Strong loans reviews mention that the Magnum plans are similar to the Subscribe plans but they offer larger credit limits.
  • Magnum 5,000 is $55.00 a month
  • Magnum 10,000 costs $110 a month

They are available for terms up to 120 months and have a one-time fee of $25. These plans bear the lowest APRs, and you can cancel them anytime penalty-free.

You can apply quickly online for these Credit Strong services, and as mentioned in many reviews, the application gets approved within minutes. It is described as a fusion of the installment loan and FDIC insured bank savings account. That means you automatically get the loan and savings account in your name once you apply for the Credit Strong service and open the account. The money from your loan is deposited on your saving account every month. Once the mortgage is repaid in full, your money is unlocked, and you can use it. You can continue to make regular deposits into your savings account.

What Are The Credit Strong Eligibility Criteria?

The company needs information to identify you correctly. To open a Credit Strong account, you need to match the below criteria:

  1. Be at least 18 years old and a permanent US resident currently residing in the US.
  2. Have a valid Social Security number.
  3. Have a checking account, debit, or prepaid card in good standing.
  4. Have a legitimate mobile number and an email address.

The upfront security deposit is not necessary, and there’s no hard credit inquiry. You don’t need to have a previous credit score to opt for a Credit Strong loan. And there is no minimum income required as well.

How To Apply For A Credit Strong Account? 

Before you apply, prepare your prepaid or debit card, as well as your Social Security number. By opening the account, you consent to submit the necessary information, such as your name, address, and date of birth. The login looks like this:

CreditStrong-StartBuilding

  • Enter your email address and your full name

CreditStrong-Hello!

  • Enter your date of birth

CreditStrong-DateOfBirth

  • Enter your mobile number

CreditStrong-MobilePhone

  • Enter your home address (Credit Strong accounts are only available to US residents)

CreditStrong-Home Address

  • Generate a unique password to secure your account

CreditStrong-UniquePassword

 

  • Enter your Social Security number and create your account.

Pros and Cons

Pros

  1. Straightforward online application form
  2. Quick approval
  3. Reasonable fees and rates
  4. No previous credit history is needed

Cons

  1. Higher fees than compared to traditional loan
  2. Not a credit repair service

Is Credit Strong the Best Choice for You?

According to many Credit Strong reviews, it’s an excellent deal for people with no credit. They will benefit the most from the tools that this company provides. Customers with a solid credit record that want to improve it can also use Credit Strong.

It allows you to make loan payments to yourself and reports them to the three major credit bureaus. By the end of your repayment term, you should also have a nice amount of savings that you can use for yourself or your loved ones.

Important Considerations

If you choose Credit Strong, these are the things you need to take into consideration:

  1. Credit Strong does not provide a credit repair service according to Credit Strong customer reviews. It doesn’t help remove any negative marks on one’s credit report, although it reports your payment history to the three major credit bureaus.
  2. If you are building a credit history, Credit Strong will increase your overall credit score.
  3. Monthly payments need to be made on time for this to work.
  4. You build credit and set aside some savings at the same time.

Credit Strong Customer Reviews

There are many positive online Credit Strong reviews. People know it as a reliable option because it is part of a famous bank. Most reviews praise the fact that there is a chance to pay off your loan early without penalty and establish a good credit score with the three credit bureaus. Furthermore, you will receive the interest that you build up each month at the end of the loan term.

Another awesome thing is that you can choose from a couple of different personal loan options, depending on your needs.

It’s not a good option for people who cannot pay on time, because failing to do so will affect your credit score negatively. There is, however, a 14-day grace period for late payments.

Privacy & Security Policy

When it comes to privacy protection, the company collects your information only when you open the account, pay your bills, make deposits, or when you decide to withdraw the money from your savings account. To protect your info from unauthorized access and use, the company uses secure encryption and protects the files and buildings where the information is held. To know the specifics, read more about its Privacy & Security Policy.

Alternatives

While Credit Strong can help you fix a bad credit score, there are some other solutions.

Credit Strong vs. Self Credit Builder

Although both companies offer similar services, there are some significant differences. Credit Strong utilizes a savings account, while Self Credit Builder uses a certificate of deposit (CD). There is a one-time administrative fee of $9 for each of the options Self Credit Builder offers. Credit Strong’s costs depend on the option you choose. Bottom line, Credit Strong loan builder offers advantages for a wide range of customers and is a part of a trusted bank.

Credit Strong vs. Republic Bank Credit Builder Loan & Savings Program

As well as Credit Strong, the Republic Bank Credit Builder program offers loans that will improve your credit score. Term lengths are 12, 18, and 24 months with loan amounts from $500 to $1,500. The money you borrow will earn you interest. Credit Strong features loan terms of up to 120 months and credit amounts from $1,000 to $18,000. Both options are part of respected banks.

Wrap Up

Credit Strong is part of a well-known bank that many people trust. It comes as no surprise that many new customers decide to choose this service. Another great thing about Credit Strong is that you can track your progress on the credit dashboard or see when your next payment is due, as well as monitor your accumulated savings.

It is perfect for customers looking to build credit or improve their credit history by making savings. Low monthly payments are another feature that makes Credit Strong’s offer a good deal.

FAQ

Is Credit strong legit?

Credit Strong will keep your credit history and all your other information safe according to many Credit Strong reviews. Customers trust the company mainly because the accounts are held in Austin Capital Bank, which provides FDIC insurance with up to $250,000 of deposit protection per account.

How does Credit Strong work?

Credit Strong helps you build credit through installment loans. It deposits the money into your account instead of giving you the money upfront. By making the payments on the loans, you have a chance to increase your credit score. Credit Strong will report all your payments to the credit bureaus. If you don’t have a credit history, six months is enough to build a solid credit score. However, you will increase your score after only a couple of payments if your credit score is already substantial.

Does Credit Strong have an app?

Currently, there is no Credit Strong app as mentioned in a couple of Credit Strong reviews.

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