What is B9 Credit Builder?
Credit Builder is a new feature in the B9 app designed to help you build your credit history while making consistent loan payments. It's especially helpful if you're just starting your credit journey or looking to strengthen your credit profile.
How does it work?
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You take out a savings-secured loan issued by Cross River Bank (Member FDIC) through the B9 app.
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Instead of receiving the funds directly, they are held in a secured account opened in your name.
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You make fixed monthly payments (e.g., $25/month) for a period of 24 months. These payments include interest.
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Your payment activity is reported to all three major credit bureaus (Equifax, Experian, TransUnion), helping you build a positive credit history.
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At the end of the loan term, you get your funds back (minus any applicable fees), and your loan is marked as “Paid as Agreed.”
What’s included?
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Credit score monitoring to track your progress.
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Option to pay off early with no penalties.
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FDIC insurance up to $250,000 through Cross River Bank.
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Convenient access through the B9 app.
Example Loan Terms (24-Month Plan)
| Term | Details |
|---|---|
| Loan Amount | $552 |
| Term | 24 months |
| APR | 15.68% |
| Monthly Payment | $25 |
| Total of Payments | $600 |
| Finance Charges | $48 |
| Admin Fee | $9 (one-time) |
| Held in Account at | Cross River Bank |
How do I cancel or close out the loan early?
There are a few options to close out your loan early:
Early Payoff
You can pay off your remaining loan balance to close out the loan. This means we will initiate a payment for the total of your remaining payments to your bank account. Then, the vested loan amount minus the finance charges and interest will be transferred to your bank account. We will report the loan as paid off to the credit bureaus.
Voluntary Surrender
If you surrender your loan you will not need to make any additional payments towards your loan. However, the voluntary surrender of your loan will be indicated on your credit report. It is possible this will have a negative effect on your credit score. We will deposit any vested funds to your bank account minus finance charges. The $9 Admin Fee charged when accepting your loan cannot be refunded.
Are there any risks?
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Missed payments may negatively affect your credit history.
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The loan funds are not accessible until the loan is paid in full.
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If the loan terms aren’t met, the bank may use your secured funds to cover the remaining balance.
Credit Education
Want to better understand how credit works in the U.S. and how to manage it wisely? We’ve put together helpful resources and tips for you.
📘 Learn more: Consumer Credit Education