Credit Builder License Services
Credit Builder License Services
Launching a credit builder product means dealing with state lending laws and multiple licensing requirements. We work with fintech lenders to handle credit builder licensing across the US.
Launching a credit builder product means dealing with state lending laws and multiple licensing requirements. We work with fintech lenders to handle credit builder licensing across the US.
As seen on:
As seen on:
As seen on:
Eligibility
Eligibility
Who Needs a Credit Builder License?
Companies that offer credit builder loans, even in small amounts, are usually considered consumer lenders under state law. If you’re not a bank, chances are you’ll need lending licenses in most states before you can offer these loans to the public.
Fintech Lenders
Startups offering credit builder loans through web or mobile platforms must apply for lending licenses in every state in which they operate.
Fintech Lenders
Startups offering credit builder loans through web or mobile platforms must apply for lending licenses in every state in which they operate.
Credit-Reporting Products
Products that promise to help users build credit by reporting payments to bureaus may trigger lending license requirements, even if the loan amount is small.
Credit-Reporting Products
Products that promise to help users build credit by reporting payments to bureaus may trigger lending license requirements, even if the loan amount is small.
Non-Bank Financial Companies
Businesses not chartered as banks or credit unions but offering consumer loans for credit building fall under state lending requirements.
Non-Bank Financial Companies
Businesses not chartered as banks or credit unions but offering consumer loans for credit building fall under state lending requirements.
Mobile App Providers
Apps that allow users to make fixed payments over time in exchange for credit score reporting are typically regulated as lenders.
Mobile App Providers
Apps that allow users to make fixed payments over time in exchange for credit score reporting are typically regulated as lenders.
Steps
Steps
Steps to Register as a Credit Builder Lender
01
Set Your Launch Plan
Identify which states you’ll launch in first and what your credit builder loan will look like, including how payments and reporting work.
01
Set Your Launch Plan
Identify which states you’ll launch in first and what your credit builder loan will look like, including how payments and reporting work.
02
Build Your Compliance Program
States often require detailed procedures, financial statements, background checks, compliance policies, sample agreements, privacy policies, and loan templates. These must reflect state lending laws and disclosures.
02
Build Your Compliance Program
States often require detailed procedures, financial statements, background checks, compliance policies, sample agreements, privacy policies, and loan templates. These must reflect state lending laws and disclosures.
03
File Through NMLS
Use the Nationwide Multistate Licensing System (NMLS) to file state-specific applications and upload supporting materials.
03
File Through NMLS
Use the Nationwide Multistate Licensing System (NMLS) to file state-specific applications and upload supporting materials.
04
Meet Bond and Net Worth Requirements
States may require you to post a surety bond or meet minimum capital thresholds, especially if you handle borrower funds.
04
Meet Bond and Net Worth Requirements
States may require you to post a surety bond or meet minimum capital thresholds, especially if you handle borrower funds.
05
Respond to Regulator Requests
State regulators often ask for clarification. The faster you respond, the faster the review process tends to go.
05
Respond to Regulator Requests
State regulators often ask for clarification. The faster you respond, the faster the review process tends to go.
06
Keep Track of Approvals
Once licensed, you’ll need to track renewal dates, reporting deadlines, and changes in state law.
06
Keep Track of Approvals
Once licensed, you’ll need to track renewal dates, reporting deadlines, and changes in state law.
Resources
Resources
Latest Content
Articles
Apr 22, 2025
·
16 min read
Articles
Apr 22, 2025
·
16 min read
FAQ
FAQ
Frequently Asked Questions
Frequently Asked Questions
Do I need a license to offer credit builder loans?
Do I need a license to offer credit builder loans?
Can credit builders partner with a bank to avoid state licensing?
Can credit builders partner with a bank to avoid state licensing?
Building a Credit Product? Start with Compliance
Building a Credit Product? Start with Compliance
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.