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Credit Builder/Savings Loan

Many people want to build credit and they also want to save money. When they are first establishing credit it can be hard to put away $500 for a secured card or secured loan. Create a credit builder/savings loan; how it works: Member applies for a loan (ie $1000) it funds similar to a personal loan but is then put on a hold in the savings account or a CD (just like a secured loan) and the member makes payments towards that $1000 once the loan term is up they have built their credit by making a monthly payment that has been reported to the credit bureaus and they now have $1000 in their savings account. It helps members save money and build their credit at the same time!