Brooklyn Coop offers three ways for you to build your credit history and increase your score. Note that we report our loans to all three credit bureaus every month.

Credit Builder Loans

A credit builder loan sets up a payment plan with monthly payments you can easily afford. Brooklyn Coop reports each payment, month by month, to the credit bureaus. After 6 months of on-time payments, your score begins to rise. At the same time, the amount you pay in builds up in your  Brooklyn Coop savings account. Once you complete the plan, not only do you have a higher credit score, but you also have the loan amount available in your account as savings.

Secured Loans

Secured loans also establish positive credit history through regular payments. The difference is that you deposit an initial amount into your savings account and we create the payment plan based on that same amount. Once all the payments are complete, your deposit is unfrozen. Because you are using your own funds for a secured loan versus the credit builder, the interest rate is lower.

Secured Credit Cards

Secured credit cards are available with a minimum of $500 deposited into your savings account and a minimum credit score of 650. We freeze those funds and issue a card with a $500 limit. You may make purchases or take cash advances with the card, and each month your statement will indicate the minimum payment you must make.

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