How much does it cost in interest?
Here is a list of credit builder accounts offered by one of our bank partners, Sunrise Banks, N.A., Lead Bank or Atlantic Capital Bank, NA:
|Monthly payment||How many months?||Amount1||Activation cost2||Loan interest rate||APR3|
So, in simple terms, what does the credit builder account actually cost?
|Monthly payment||How many months?||Activation cost2||Your total cost5||You get at end6|
|$25/month||24 months||$9||$609||$525 plus CD interest|
|$48/month||12 months||$15||$591||$545 plus CD interest|
|$89/month||12 months||$12||$1080||$1000 plus CD interest|
|$150/month||12 months||$12||$1812||$1700 plus CD interest|
2By "activation cost," we mean a non-refundable administrative fee to open the credit builder account. In other words, you pay it one-time to open the account.
3 APR is annual percentage rate
5 By "your total cost," we mean: if you successfully pay on-time during the course of the term, and you include your one-time non-refundable administrative fee ("activation fee")
6 By “you get at the end”, we mean if you make on-time payments, then it’s the amount of money that you get at the end of your term. This amount does not include interest that you earn on the CD, which is less than the interest you pay on the loan.
Pricing Details: https://www.selflender.com/pricing