New Credit Builder Loan Offers Financial Relief for Wisconsin Families Amid Rising Back-to-School Costs

As summer draws to a close, families in Wisconsin face the annual challenge of back-to-school shopping, a task that has become increasingly expensive over the years. According to a recent Deloitte report, the cost of essential school items such as backpacks, electronics, and clothing has surged nearly 24 percent in the past three years, putting additional stress on family budgets. The average planned back-to-school spending per U.S. household was $890 in 2023, a figure that can be overwhelming for many families lacking substantial savings.

Nicole Horton, senior director of online services for online lender GoCredit.loans, acknowledges the financial stress that back-to-school shopping imposes on parents. "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 says. "But these are essential purchases that give your child the best chance of succeeding in the new school year."

In response to this growing financial burden, GoCredit.loans has introduced a Credit Builder Loan designed to provide immediate financial relief while also helping families build savings and improve their credit history. The loan offers funding of up to $2,500, with a portion of the funds deposited directly into the customer's bank account and another portion placed into a savings component. As customers make regular installment payments, they build their savings and their payment history is reported to one of the leading credit bureaus, offering an opportunity to enhance their credit scores.

"Unlike many lending solutions that take advantage of financially stressed consumers, the GoCredit.loans Credit Builder Loan is designed to put our customers in an improved financial state," Horton explains. The loan process is straightforward: customers complete a brief installment loan application online and can receive approval within minutes. Once approved, the funds are quickly distributed, and as payments are made, both savings and credit history are built. Upon full repayment, the customer can collect the accumulated savings, providing a financial cushion for future expenses.

GoCredit.loans emphasizes the dual benefits of this loan: financial support for immediate needs and long-term financial stability. "When the Credit Builder Loan is paid off in full, customers find they now have a reserve of savings that allows them to handle unexpected expenses," Horton notes. "Customers can continue down the path of increased savings and improved financial stability, so that when the next school year starts, they'll be able to afford back-to-school items without derailing the family budget."

This innovative lending solution also provides an opportunity for customers to build a positive credit history, a significant advantage for those who may have struggled with credit in the past. "As customers make regular payments on their loans, they're building savings and they're building a positive credit history," Horton adds.

Wisconsin families can apply for the GoCredit.loans Credit Builder Loan through the company's website. The application process is quick and easy, and same-day funding is available, making it a convenient option for those pressed for time and resources as the school year approaches. "Our Credit Builder Loan is an A-plus way to take the stress out of back-to-school shopping," Horton concludes. "And it sets customers down the path toward increased savings and enhanced financial stability."