If you want a car, a loan, or a place to live, you need credit. But building credit can feel like a catch-22: You need credit to get credit. If your credit history isn't where you'd like it to be, a credit builder loan might be a valuable tool to help you improve it. Here's a look at what credit builder loans are, how they work, and whether they're right for you.How does a credit builder loan work?A credit builder loan is specifically designed to help individuals with little or poor credit history build or improve their credit scores. Here are the basic steps involved to secure and use a credit builder loan:Loan application: You apply for a credit builder loan with a lender, such as a bank,
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