This report presents the results of a Consumer Financial Protection Bureau (CFPB) funded evaluation of a Credit Builder Loan (CBL) product. CBLs are designed for consumers looking to establish a credit score or improve an existing one, while at the same time giving them a chance to build their savings.

The study used random assignment to explore four research questions:

• How does the CBL affect participants’ likelihood of having a credit score?
• For participants who already had a credit score, how does the CBL affect their score?
• How likely are CBL borrowers to make late payments on the CBL and other loans?
• Does the CBL affect participants’ savings balances?