Credit Builder acts like a reverse-loan, with 12 monthly repayments that Monese locks away when you initiate the loan, meaning there’s no risk of the borrower defaulting.
At the end of the period, all the money is returned to the customer, leading some to dub it a ‘savings-loan’.
As Monese is reporting these repayments back to the credit bureaus, they have the effect of improving a customer’s credit score.
After running a waiting list throughout 2021 for Credit Builder, Monese is now introducing it to selected accounts via an early access programme, with the aim of making it widely available in the coming months.
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