CreditStrong Review 2023: Is It the Right Credit-Building Option for You?
GOBankingRates Score
-
Fees
3.9
-
Rates
4.0
-
Plans
4.3
-
Security
4.2
Pros
- No credit check
- No termination fees
- Reports to the three major credit bureaus
Cons
- High administrative fees
- Cannot get it without a bank account or debit card
- No mobile app
CreditStrong Overview
The credit system can be tricky. How do you get approved for a credit line when you don’t have a high credit score, but to improve your credit score you need a credit line? The cycle continues, but it can be broken with CreditStrong as a CreditStrong account works for those with bad or nonexistent credit.
CreditStrong doesn’t do a hard pull credit check; in fact, it doesn’t require a credit check at all. This saves you from having to worry about affecting your credit score and information that you don’t have or that will not help you with your application.
Key Features
The consensus is CreditStrong is better for those trying to build their credit or those who have poor or no credit history. You can also secure the loan without getting a credit check. CreditStrong has competitive fees and rates, and it offers a wide variety of plan options.
Plans
CreditStrong offers several plans with different tiers, which can make securing the right loan for you more accessible. It also offers plan types for different needs, such as plans that will build your credit fast, build your payment history or build big credit. Here is a breakdown of the plans CreditStrong offers.
| Plan | Features |
|---|---|
| Revolv | – Best value of the plans and designed to build your credit quickly – Starts repairing poor credit right away |
| Instal | – Lowest-cost plan to get started and designed to build your payment history – Low fees |
| CS Max | – Largest credit amount designed to show that you can handle large amounts of credit – Good for those with more cash than credit |
Fees
Within CreditStrong’s separate plans, there are varying options, so the plan you select may depend on your financial situation when you are applying. Here’s a breakdown of the plans by tier, along with information on their fees.
| CreditStrong Plan | Fees |
|---|---|
| Revolv | – $99 annual fee for $500-$1,000 of revolving credit |
| Instal | – One-time administrative fee for all tiers: $15 – $28 monthly payment for $1,010 installment account, 48 months – $38 monthly payment for $1,100 installment account, 36 months – $48 monthly payment for $1,000 installment account, 24 months |
| CS Max | – One-time administrative fee for all tiers: $25 – $49 monthly payment for $2,500 installment account, up to 60 months – $99 monthly payment for $5,000 installment account, up to 60 months – $199 monthly payment for $10,000 installment account, up to 60 months – $449 monthly payment for $25,000 installment account, up to 60 months |
Rates
Depending on the plan and the loan amount, your interest rate will vary. CreditStrong’s interest rates are competitive when compared to similar alternatives. A benefit is many of the plans not only build your credit but also help you build a savings account. The interest you pay is determined by your loan amount and the length of the term in which you repay it.
| CreditStrong Plan | APR and Term |
|---|---|
| Revolv | – 0% APR for annual subscription |
| Instal | – 15.61% APR for $1,010 installment account, 48 months – 15.73% APR for $1,100 installment account, 36 months – 15.51% APR for $1,000 installment account, 24 months |
| CS Max | – 6.99% APR for $2,500 installment account, up to 60 months – 7.21% APR for $5,000 installment account, up to 60 months – 7.31% APR for $10,000 installment account, up to 60 months – 3.02% APR for $25,000 installment account, up to 60 months |
Security
All CreditStrong accounts are through Austin Capital Bank, which is FDIC-insured, so your money is safe. Because it is FDIC-insured, your deposited funds are protected up to $250,000 per account. You would only have to worry about loans over that amount, which are not offered through CreditStrong.
Comparable Options
When comparing credit-building options, it is important to do your research and find what company and plan best suit your needs. CreditStrong has a few companies it is often compared to, such as MoneyLion or Self.
MoneyLion
Like CreditStrong, MoneyLion offers a credit builder loan, but it also provides more financial products and services.
- Loan amount: Up to $1,000
- Credit check: Yes, soft credit pull
- APR: 5.99%-29.99%
- Monthly fee: $19.99
Self
Though Self and CreditStrong are very similar, Self does seem to generally offer lower costs on its credit builder loan plans.
- Loan amount: $600 to $3,600
- Credit check: Yes, soft credit pull
- APR: 12.44% to 15.97%
- Administrative fee: $9
How To Apply for CreditStrong
To create an account with CreditStrong, you can simply visit its website. In a matter of minutes, you can apply without affecting your credit. When applying, you will need to have an active checking account, debit card or prepaid card. The application doesn’t take long, but just in case you need to leave before you are done, you can just log back in at a later time and pick up where you left off as the information will have been saved under your login.
One minor inconvenience is that CreditStrong does not have a mobile app, which means all applications and subsequent transactions done online would have to be done through the website. This isn’t the end of the world, as you can still access the website through your phone, but it is somewhat less user-friendly.
Should You Use CreditStrong?
If you are not happy with your current credit situation or have no credit to speak of, CreditStrong may be the right decision and best for you. You can build your credit rather quickly, in addition to building savings from your payments. There are fees and interest rates to factor in, so make sure to research which plan and which loan would be best for you. If you do decide to go with CreditStrong, on-time payments will be the secret to building a successful credit history.
Final Take To GO
CreditStrong offers a good system with many benefits. Since it is FDIC-insured, you can rest easy knowing your money is safe. Plus, your monthly payments will be reported to all three major credit bureaus. If you are looking to get your credit back on track or start building your credit initially, CreditStrong might be worth checking out.
Information is accurate as of Aug. 15, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
