CRYPTOCREDIT Personal Policy
When you make a CryptoCredit purchas:
- CryptoCredit gives you an installment loan and places the borrowed funds in a savings account in your name
- You do not receive the funds on day one, they are instantly deposited into the savings account
- A lock is placed on the funds in the savings account to secure the loan
Each month you make a single, fixed monthly payment of principal and interest on the loan - The principal portion of your loan payment is credited towards the lock on your savings account and the interest portion of your payment is how we cover the costs of providing the service to you
- During the term of your account we report your loan payment history to all three major credit bureaus and you earn interest on your savings account balance
- When the loan is paid in-full, the lock is removed from the savings account and the funds become available to you
You end up with payment history for an installment loan on your credit report, which accounts for 35% of your FICO credit score, and the money you’ve saved up in your savings account.
When you have paid your loan off in-full, you will receive a notice that your loan has been paid off and the lock related to the loan is removed from your savings account. You can leave your money in your savings account earning interest or request a transfer of the funds.
Yes. There is no prepayment or early withdrawal penalty for paying down, or paying off, your CreditStrong account loan early.
You should be aware that payment history is the most important factor for your FICO credit score and by paying off your loan early you will reduce the number of payments reported to the credit bureaus, potentially reducing the positive impact of the CreditStrong account loan on your credit score.
No. The installment loan and deposit account that combine to create your CreditStrong account are individual personal accounts. You may not have a co-signer or co-owner of either account. Additionally, you may not transfer ownership of either account while your CreditStrong account is active.