GoCredit.loans Introduces Credit Builder Loan to Aid Wisconsin Families with Back-to-School Expenses

As back-to-school shopping season approaches, Wisconsin families face the challenge of affording increasingly expensive school supplies and essentials. GoCredit.loans, an online lender based in suburban Chicago, has introduced a new Credit Builder Loan designed to assist families with these costs while also improving their financial stability.

The average planned back-to-school spending per U.S. household reached $890 in 2023, reflecting a nearly 24 percent increase in the cost of school essentials over the past three years, according to recent studies. This significant expense can strain many family budgets, especially for those without substantial savings.

Nicole Horton, senior director of online services for GoCredit.loans, explained the rationale behind the new loan product: "If you don't have a reserve of savings—and millions of American families do not—it's going to be quite a challenge to afford all the items on your kids' back-to-school lists. But these are essential purchases that give your child the best chance of succeeding in the new school year."

The Credit Builder Loan offers Wisconsin customers loans up to $2,500, with a portion of the funds deposited directly into the customer's bank account and the remainder placed into a customer savings component. As borrowers make installment payments, their customer savings component grows, and payment history is reported to a major credit bureau, potentially helping to build their credit history.

Unlike traditional small-money loans that may be difficult to obtain from banks or credit unions, or alternative lending options that could lead to debt cycles, the GoCredit.loans Credit Builder Loan aims to improve customers' financial situations. "GoCredit.loans offers Wisconsin families a better solution," Horton stated. "One that's stacked in the consumer's favor. Our Credit Builder Loan gets families the money they need right now while helping them move to a better, more stable financial situation."

The loan process involves a brief online application with potential approval within minutes. Customers can receive same-day funding, and once the loan is fully repaid, they collect all the funds accumulated in the savings component. This feature allows families to build a reserve for future expenses, potentially alleviating financial stress in subsequent school years.

Horton emphasized the dual benefits of the loan: "As customers make regular payments on their loans, they're building savings and they're building a positive credit history." This aspect of the Credit Builder Loan could be particularly valuable for families looking to improve their overall financial health.

The introduction of this loan product comes at a time when many families are struggling with the rising costs of education-related expenses. By offering a solution that addresses immediate financial needs while also promoting long-term financial stability, GoCredit.loans aims to provide a more sustainable approach to managing back-to-school expenses.

Wisconsin residents can apply for the Credit Builder Loan through the GoCredit.loans website, with a streamlined application process designed for convenience. As families prepare for the upcoming school year, this new financial tool may offer a way to manage expenses while working towards improved financial health.