 TITLE: How Do I Get a Credit-Builder Loan? CONTENT: When you take out a credit-builder loan, you're approved for a certain amount—usually $300 to $1,000—and you make payments on that amount for six to 24 months, depending on your specific loan's terms. You'll pay principal and interest on the loan, but you may get some of that interest back once you've completed your payments.\nThe longer the loan term, the more you'll pay in interest. However, you may decide that a longer term is worth it because you'll have a more affordable monthly payment. Remember that the point of a credit-builder loan is to build credit history, and you won't be able to do that if you set payments you can't afford.\nOnce you've repaid the loan, the lender will release the loan amount to you. That money is yours to use as you wish. You could use it to finance a big purchase, pay down other debt or build up your savings account. END