Credit-builder loans, ranked by cost
A local credit union is usually the cheapest way in.
- National apps cost more — you pay for convenience and extra features.
- We rank by total 12-month cost, per our published rubric.
- The same on-time payments build the same history, whatever you pay.
- The catch: the cheapest option often pays us nothing. We say so anyway.
How we rank these
We rank by one number: what the loan costs you over a year. That's fees plus interest, all in. We don't rank by what a lender pays us. We rank by what you pay them.
The math is simple. Every lender reports the same on-time payments to the same bureaus. So the history you build is the same. The only real difference is the price. See how the cost breaks down →
Ranked by total 12-month cost
| # | Lender | Total cost (12 mo) | Monthly | Fits | |
|---|---|---|---|---|---|
| 01 | Local credit union | $48 | $25 | Lowest cost | Cheapest |
| 02 | Self | $87 | $25 | Easy approval | |
| 03 | MoneyLion | $110 | $30 | Bundled tools | |
| 04 | Example Bank | $144 | $40 | Larger amount |
The credit union at the top pays us nothing. It still ranks first, because it costs you least. Run your own numbers →
A closer look at two national picks
If a credit union isn't nearby, these are two known apps — costlier, but easy to start. Example cards.
Self — Credit-Builder Account
- Low $25/mo option
- Reports to all three bureaus
- No hard credit check
- Admin fee on top of interest
- Money locked till term ends
- Cheaper at a credit union
MoneyLion — Credit Builder Plus
- Funds some cash up front
- Extra app features
- Monthly membership fee
- Highest cost on our list
The cheapest option is often a local credit union. Credit unions pay us nothing. A page built to earn would bury them — we put them at the top.
Call two or three credit unions near you before you sign up for an app. Ask the total cost over the term. If one comes in near $48, that's the rung to take.