5 Apps to Help You Build Your Credit

The modern financial sector is based on credit. Our whole economy is dependent on the fact that you can successfully borrow money and build your credit score. It’s difficult to build wealth, invest in larger purchases, and receive any benefits if you don’t have credit. Whether you have a bad score or simply have never built a credit history, now is the time to start working on your credit. When you have a high credit score, so many doors open to you. With credit being central to building wealth, there have been many apps created to meet this demand. Below are some apps that can help you build credit.

Self

Self is an app with a unique design. It is a free service that offers small personal loans to those who download it. The goal is to build credit by paying back small loans through the app. It has proven itself as a great way to build credit when you don’t have a history or increase your score if it is low. However, it doesn’t work the way traditional loans do. The money will be kept in a secure bank account until you pay it off. Then the money is released to you. Basically, it is designed to never negatively impact your financial standing because you won’t be able to access the money until you pay it off. Still, if you fail to make payments it will harm your score. It isn’t the app to use if you need access to money in a bind, but it is a great way to increase your credit score.

Mint

Mint is another popular financial app that can help you build credit. Mint links your bank accounts and helps you manage your expenses, savings, and bills by providing clear numbers you can understand. They also offer personal loans. You can apply for a personal loan in a wide range of amounts. When you have a better understanding of your finances and can more effectively pay back the money that you owe, you will be able to pay off your debt and watch your credit score go up. Mint is a multi-faceted service that aims to put you in control of your finances. Owned by Intuit, the company that also owns TurboTax and Quicken Loans, they provide a user-friendly interface anyone can get a handle on.

MoneyLion

On the other hand, MoneyLion provides different services than Mint. You can bank digitally with this app, providing the ability to open a checking or savings account. MoneyLion offers an early paycheck feature and a cash advance. Furthermore, they have an investment service like Robinhood that provides information on stocks and what would be a good investment based on the person’s financial profile. MoneyLion has $1,000 credit builder starter loans that, like Self, you won’t receive right away. Still, if you are looking to build credit, MoneyLion is a good option.

Carvana

Do you need a car and to build your credit at the same time? Carvana is an auto loan app that can pre-qualify you in a matter of minutes. With a loan through Carvana, you can build the automotive section of credit that you may be missing. Credit is a multifaceted industry. You should get a Title loan or finance a car using credit if you want to build the other parts of your credit standing that are low.

Possible

Lastly, Possible is a finance app that is a great option for a credit builder loan. The app offers both payday loans and installment alternatives for consumers who don’t have a good credit score. Unlike other apps, Possible can approach your loan and put the money in your account in just minutes. They say that their loans have a very competitive APR that is easier to pay off, making it a great way to boost your credit score.

Whatever you have in mind, these apps can help you build your credit in several ways. Whether you want to take out a starter loan or need to buy a car and want to build credit while you’re at it, these apps can provide an easy, accessible way to take out a loan. Of course, it is important to pay the money back in good time to avoid high interest rates and negatively affecting your score.

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