No, Credit Builder is not a cash loan.
With Credit Builder, we report your monthly payments to Equifax Canada, helping you build your credit history. This is a 36-month (equivalent to 3 years) secured installment loan, and it will be reported as such to Equifax. You will receive your savings only at the end of the 36-month term.
This product is designed for members looking to enhance their credit history and is particularly popular among those seeking to qualify for better offers and interest rates on credit cards, mortgages, car loans, and more.
If you’re interested in Credit Builder, you can sign up here.