What's the best credit building product?

That depends on each person! Credit products are not one size fits all, but designed to benefit specific groups of people. There are loans for those seeking home improvements and loans for anyone consolidating debt. There are student credit cards that reward good grades and retail credit cards for someone who likes shopping at certain stores. 

If you're unsure what products might work best for you, our partner organizations can coach you through the process to find a safe and affordable product. If a product you want is offered by local financial institutions like credit unions or a bank, you can also visit them for more information. If you would rather compare credit products online, NerdWallet has useful tools to help.

Credit Builder Loans

Designed for anyone with no history or poor credit and can't qualify for other products. An installment loan, usually from $300 - $1000 with no or low interest rates.

There's no loan money upfront. Instead, monthly payments are put into a savings account and reported to credit bureaus. It's just savings that build good credit!

When the loan is paid off at term end, the person gets the full amount from the account. Find out which partner organizations offer credit builder loans. 

Secured Credit Cards

Secured credit cards are like typical credit cards, but require a security deposit. A person deposits a chosen amount of money into an account held by a credit card company. The person then gets a card with a credit limit equal to or more than the deposit amount. With enough good history on this card, a person can get higher limits or even an unsecured card and be refunded the deposit. You can visit local credit unions which often have secured credit card options, or see comparisons of some at Nerdwallet

For small business owners:

Boston is home to many small businesses, started by Boston residents and loved by community members and visitors. For businesses to grow, loans are often needed to cover many costs. 

But getting these loans the traditional way can be hard without good credit. Fortunately, there are Boston nonprofits and financial institutions that offer affordable loans for owners.

Check out LISC Impact Lending. There are options small and large amounts, and even crowdfunded loans - all with no or low interest rates. And for other small business support, try your local Main Streets.