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If you are trying to build your credit, sometimes its better to save money than to spend money. While most conventional “loan” products in Canada mean you are getting instant cash in your hands, in recent years, credit building loans have gained much popularity. Credit building loans work a little differently, and instead of short term cash in your account (which may result in more long term credit problems), you borrow money that is kept aside for you as savings. As you make payments towards your credit building loan, you are actually boosting your credit score. When the term of the loan is over, you will have a better credit score and access to the cash savings you’ve build up.
There are several leaders in Canada that offer credit building loans online. Take a look at the companies below and click “Apply Now” next to one of the listings to get started with a quick online application.