McBurberod Financial, Inc. dba Credit Karma Credit Builder (“we” “us”) is a Delaware corporation with its principal place of business located at 1100 Broadway, STE 1800, Oakland, CA 94607, accessible online at creditkarma.com and through the Credit Karma mobile app. We display products offered by our partner bank that can help customers build credit. The general structure of our partner bank’s credit building products involves establishing a loan for a relatively low balance amount, depositing those loan proceeds into a deposit account, and collecting payments of that loan from the customer. The customer’s activity is reported to the credit bureaus so that positive payment activity may enhance their credit scores. Our partner bank’s credit building product does not have annual rates in excess of thirty-six percent, including all charges for any ancillary products or services and any other charge or fee incident to the extension of credit.
We do not make credit decisions, fund loans, or offer any other similar loan services. We do not and cannot issue approvals or commitments on our partner bank’s behalf. Our partner bank collects the information they need in order to open an account and/or complete loan applications. We do not enter into loan brokerage contracts with members, and we do not charge members any fee for our services. Once a member obtains a credit building product from our partner bank, we report related activity to credit bureaus, may allow the member to interact with the product through our website and app, (including scheduling related deposits and/or payments), and may address past due accounts.
Licenses
Arizona
Collection Agency License #1021496
Arizona Consumer Lender License #CL-1045789
Arkansas
Collection Agency License #5806
California
Debt Collection License #10553-99
Georgia
Installment Lender License, NMLS ID 2057952
Hawaii
Exempt Out of State Collection Agency License #COLAX-1158
Idaho
Regulated Lender License #RRL-11048
Illinois
Collection Agency License #17.022544
Illinois – Chicago
Collection Agency License #2911727
Indiana
SOS Collection Agency License #2057952
Iowa
Debt Collector Notification
Louisiana
Collection Agency Registration WEBID: 441426531
Loan Broker License #001374
LOAN BROKERAGE AGREEMENT AND DISCLOSURE STATEMENT
DISCLOSURE REQUIRED BY LOUISIANA LAW
The state of Louisiana does not approve or disapprove any loan brokerage contract. The information contained in this disclosure has not been verified by the state. If you have any questions see an attorney before you sign a contract agreement.
MCBURBEROD FINANCIAL, INC.
1100 Broadway, STE 1800
Oakland, CA 94607
McBurberod Financial, Inc. is a Delaware corporation and was incorporated on March 11, 2019. McBurberod Financial, Inc. is a wholly owned subsidiary of Credit Karma, LLC and an affiliate of Credit Karma Offers, Inc.; Credit Karma Mortgage, Inc.; CK Progress, Inc.; Credit Karma Real Estate, Inc.; Credit Karma Technologies, Ltd.; Credit Karma UK, Ltd.; Karma Platform Services, Inc. (f/k/a Global Karma, Inc.); Karma Insurance Services, LLC; Maple Leaf Meerkat, LLC; Seed Financial Intermediate SPV, LLC; Seed Financial SPV 1, LLC; and Seed Financial SPV 2, LLC; Karma Rating Solutions, Inc.. McBurberod Financial, Inc. is doing business under Credit Karma Credit Builder.
McBurberod Financial, Inc. began operations as a loan broker on September 21, 2023.
SERVICES WHICH MAY BE PERFORMED:
- (a) taking information from the borrower and filling out the application;
- (b) transmitting the application to potential lender(s) and transmitting application status or decision back to the borrower.
As required by Louisiana law, this loan broker has secured a bond by Platte River Insurance Company, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in this state. A certified copy of this bond is filed with the commissioner of financial institutions. Before signing a contract with this loan broker you should check with the surety company to determine the bond’s current status.
Maine
Maine Loan Broker License #2057952
As required by Maine law, McBurberod Financial, Inc. has secured a bond by Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in Maine.
Maryland
Collection Agency License #2057952
Credit Services Business License #2057952
Massachusetts
Third Party Loan Servicer Registration #LS2057952
Minnesota
Collection Agency License #40745709
Nevada
Nevada Installment Loan License #IL11203
Nevada Installment Loan License #IL11204
New Jersey
Collection Agency Bond
New Mexico
New Mexico Small Loan Company License #02316 – Expiration June 30, 2026
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL:
Compliance Counsel
PO Box 30963
Oakland, CA 94604
415.510.5272
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504.
To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website www.rld.state.nm.us/financialinstitutions/.
IMPORTANT CONSUMER INFORMATION
This website contains some common terms and definitions, which are intended to help you better understand your credit transaction. Credit costs money, so it is important that you fully understand the terms of your credit transaction. If you come across terms you do not understand, look up the terms or ask our personnel to explain the terms to you. Ask questions. Make certain the questions that you ask are answered. Make certain you understand the terms and costs of your loan.
Common Terms and Definitions
Equal Credit Opportunity Act (ECOA): A federal regulation which requires lenders to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to whether all or part of the applicant’s income derives from a public assistance program; or to whether the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation prohibits creditor practices that discriminate on the basis of any of these factors.
Contract: A written binding document, describing terms of an agreement between two or more persons. (Keep all paperwork. Later, if there are any questions, you will have your agreement in writing.)
Annual Percentage Rate (APR): The cost of your credit as a yearly rate. APR is a combination of the interest rate plus the fees charged on your loan. APR is higher than the interest rate because it includes both fees and interest as finance charges. The calculation of APR is mandated pursuant to Federal Law ( 12 CFR Part 1026 – Truth in Lending Act (“TIL-APR”)). It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another. Under New Mexico law, an additional type of annual percentage rate (“NM-APR”) must be disclosed, which may include additional charges that are not included in the TIL-APR. The NM-APR for a loan in an amount of more than $500 and up to $10,000 made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed thirty-six percent. The NM-APR for a loan in an amount of $500 or less made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed thirty-six percent plus a fee that shall not exceed five percent of the total principal of the loan and shall not be imposed on any borrower more than once per 12-month period.
Finance Charge: The dollar amount the credit will cost you. Finance charges include interest, and may also include transaction fees and service fees.
Principal: The amount of money owed on a debt, on which interest is calculated.
Interest: The cost of borrowing money, generally a percentage of the amount owed.
Balance: The total amount of money owed to a lender.
Default: Failure to pay a debt as agreed to on a contract. When a loan is in default, the lender may demand full payment of the remaining debt.
Collateral: Security pledged by a borrower to protect the interests of the lender; in case of default, the lender may take ownership of the security, if any, pledged by the borrower.
Credit Bureau: A private company that keeps a record of your credit history for distribution upon request by authorized parties. When you apply for credit, a lender may request a credit report to review when considering your application.
Credit History: A record containing information about you, including your payment history on previous debts.
Credit Report: A report of the credit history and other information about you that is kept by credit bureaus, which may include: your name, address, social security number, payment history (good and bad), current and previous debts, employers, income, etc. Accurate information on a credit report may not be legally removed. Incorrect information may be removed by disputing the information to the credit bureau involved.
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website: www.rld.nm.gov/financial-institutions/.
| LOAN RATES AND FEES |
BELOW IS GENERAL INFORMATION REGARDING ALL RATES AND FEES THAT WILL ASSIST YOU IN MAKING YOUR LOAN DECISION. IF YOU HAVE ANY QUESTIONS, OR WOULD LIKE MORE INFORMATION, PLEASE ASK. MAKE CERTAIN THE QUESTIONS THAT YOU ASK ARE ANSWERED. MAKE CERTAIN YOU UNDERSTAND THE TERMS AND COSTS OF YOUR LOAN.
| ANNUAL PERCENTAGE RATE (APR) |
The cost of your credit as a yearly rate. APR is a combination of the interest rate plus the fees charged on your loan. APR is higher than the interest rate because it includes both fees and interest as finance charges.
Your actual terms and the Annual Percentage Rate (APR) will be determined at the time your application is submitted and will be based upon your application and credit information. Not all applicants will qualify for the lowest rate.
The calculation of APR is mandated pursuant to Federal Law (12 CFR Part 1026 – Truth in Lending Act (“TIL-APR”)). It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another. Under New Mexico law, an additional type of annual percentage rate (“NM-APR”) must be disclosed, which may include additional charges that are not included in the TIL-APR. The NM-APR for a loan in an amount of more than $500 and up to $10,000 made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed thirty-six percent. The NM-APR for a loan in an amount of $500 or less made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed thirty-six percent plus a fee that shall not exceed five percent of the total principal of the loan and shall not be imposed on any borrower more than once per twelve-month period.
| FEES A list of all additional fees that you may be charged. |
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| Fee Name: N/A | Amount: N/A |
NEW MEXICO ONLY: TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL:
Compliance Counsel
PO Box 30963
Oakland, CA 94604
415.510.5272
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504
To report any unresolved problems or complaints, contact the Division by telephone number (505) 476 – 4885 or visit the website: www.rld.nm.gov/financial-institutions/.
New York
New York- Buffalo
Collection Agency License #CAG20-10058715
New York- New York City
Debt Collection Agency License #2111182-DCA
New York- Yonkers
Collection Agency License #10704
North Carolina
North Carolina Loan Broker Registration #979
As required by North Carolina law, McBurberod Financial, Inc. has secured a bond by Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in North Carolina.
North Dakota
Debt Collection Agency #CA104210
Money Broker License #MB104209
Oklahoma
Oklahoma Credit Service Organization #CSO00579
As required by Oklahoma law, McBurberod Financial, Inc. has secured a bond by Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in Oklahoma.
Oregon
Oregon Collection Agency Registration #2057952
Oregon Consumer Finance License #2057952
McBurberod Financial, Inc. is subject to the regulations and oversight of the Division of Financial Regulation of the Department of Consumer and Business Services.
Pennsylvania
Pennsylvania Credit Services Loan Broker License #104049
South Dakota
Money Lender License #2057952.MYL
Texas
Third Party Debt Collector Bond
Utah
Consumer Credit Notification, January 2021
Vermont
Lender License #LL-2057952
Lender License Other Trade Name #1 License #LL-2057952-1
Washington
Out of State Collection Agency License UBI: 604 650 679
Wisconsin
Consumer Act Registration, March 2021
West Virginia
Business Franchise Registration Certificate #2442-2048
Credit Services Organization Registration #506290