As summer draws to a close, Wisconsin families face the annual challenge of back-to-school shopping. The financial burden of purchasing school essentials has steadily increased, with Deloitte reporting a nearly 24 percent rise in costs over the past three years. In 2023, the average U.S. household planned to spend $890 on back-to-school items, a figure that strains many family budgets.
Nicole Horton, senior director of online services for online lender GoCredit.loans, acknowledges the difficulty many families face in affording these necessary purchases. "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," she stated.
In response, GoCredit.loans has introduced a Credit Builder Loan specifically designed to help Wisconsin families. The loan offers immediate funds, up to $2,500, and a unique savings component that helps customers build credit history. The application process is quick, with approvals within minutes and same-day funding available.
The loan works by distributing part of the funds directly to the customer while placing another portion into a savings account. As customers make installment payments, they build up their savings and improve their credit history, as payments are reported to one of the leading credit bureaus. Upon full repayment, customers receive the accumulated savings, providing a financial cushion for future expenses.
"Our Credit Builder Loan is designed to put our customers in an improved financial state," Horton explained. "When the loan is paid off in full, customers find they now have a reserve of savings that allows them to handle unexpected expenses." She added that this financial stability helps families manage future back-to-school shopping without derailing the family budget.
Beyond immediate financial relief, the Credit Builder Loan offers a significant advantage in helping customers build a positive credit history. Regular payments on the loan are reported to credit bureaus, which can enhance customers' credit profiles over time.
Wisconsin families can apply for the Credit Builder Loan through the GoCredit.loans website. Horton emphasized that this lending solution not only alleviates the stress of back-to-school shopping but also sets customers on a path toward increased savings and enhanced financial stability.
