Affordable 12 Month Loans for Bad Credit

12 month loans bad credit

According to Experian, you have bad credit if your FICO score is below 579, or if your VantageScore is below 600. And if you have poor credit, it can be difficult to find a lender who will give you a personal loan or even an emergency loan.

Fortunately, there are 12 month loans for bad credit out there to help you out in a bind. The key is to avoid predatory loans that dig you deeper into the hole rather than helping you climb out. 

What is a 12-month loan?

12-month loans are personal loans that you repay in installments over one year or 12 months. While some lend cash at a reasonable price, many bad credit 12-month personal loans are actually “payday loans” offered by predatory lenders. 

These loans may come with major downsides such as high-interest rates and tons of added fees. These can greatly add to your loan costs – and if you can’t pay up, you may find your credit score drop even more. 

Where can I find affordable 12-month loans for bad credit?

If you’re looking for an alternative to payday loans with bad credit, a MoneyLion Credit Builder Loan may be the answer. With a $19.99/month membership, you can take out a loan up to $1,000, get monthly credit reporting to boost your score, and so much more! 


Qualifying for a Credit Builder Loan is easy – so easy, in fact, that you don’t need a good credit score or a credit history at all to be accepted! Simply:

  • Be at least 18 years old
  • Have U.S. citizenship or permanent residency status
  • Have a Social Security Number
  • Link a primary checking or spending account that meets these criteria:
    • The account must be in good standing and open at least 60 days
    • You must have a detectable income stream, such as paycheck or benefit check deposits
    • The account must have an acceptable balance and transaction history (determined at our discretion)

How to apply

Applying for a Credit Builder loan is almost as simple as qualifying. Just follow these steps:

  1. Create a MoneyLion account via our website portal or mobile app
  2. Sign up for a Credit Builder Plus membership for just $19.99 per month 
  3. Select “Borrow” and fill out the application
  4. Submit to a soft credit pull with no impact on your credit score
  5. If you’re approved, see a portion of your funds deposited right away! 

Get the cash you need–fast!

If you ever find yourself in need of bad credit 12-month personal loans, MoneyLion can help you get money now and build credit at the same time. And best of all, it’s easy! Once you have your RoarMoney account set up and virtual card in-app, you can get same-day funding from a MoneyLion Credit Builder Loan. 

No hard credit checks

MoneyLion doesn’t do a hard credit check to approve your loan. Instead, we conduct a soft credit check and examine your banking history to see if you qualify. If you have regular income – including paychecks, government benefit checks, alimony, child support, or even unemployment checks – you can qualify! 

No collateral needed

Unlike secured personal loans and title loans, MoneyLion doesn’t require you to put down your car, house, jewelry, or anything else to secure your loan. 

Competitive rates

Predatory payday loans may charge up to a whopping 400% APR on your loan, which can cost you hundreds of dollars a year in interest and fees. But MoneyLion charges competitive interest rates as low as just 5.99% APR.  

What happens after the loan is granted?

Credit Builder loans don’t work like regular loans. We’ll cover the differences here. 

Credit reserve account

When you take out your loan, a portion of the funds goes to you the same day you’re approved. This amount usually comes out to 50% or less of the total loan amount, or around $500 for a $1,000 loan. 

The remaining amount goes into a high-interest reserve account that stays locked up until you pay off your loan. Once you do, the loan amount (plus interest) is paid to you to do as you wish. This helps you save, borrow, and earn interest at the same time! 

Auto repayment 

MoneyLion Credit Builder Loans come with automatic loan repayments timed to your pay cycle. By paying off your loan in a set installment, you can easily plan the cost into your budget. And we report every on-time payment you make to the three major credit bureaus to help boost your credit score. 

We get repaid, and your credit score goes up – everybody wins!   

Membership perks

A Credit Builder Plus membership comes with plenty of perks aside from the loan itself. For instance, our members enjoy:

  • Credit monitoring and progress tracking right in the MoneyLion app
  • Monthly credit reporting to boost your score up to 60 points in 60 days
  • Access to 0% Instacash advances 
  • Lion’s Share Cashback rewards up to $19.99 per month
  • Waived administration fees for RoarMoneySM and MoneyLion Investing accounts

A credit-building loan is just clicks away! 

Getting a personal loan that builds credit and offers same-day funding is rarely this simple. If you’re on the hunt for 12-month loans for bad credit, look no further than MoneyLion’s Credit Builder Plus membership

The chance to take charge of your financial future is just a few clicks away. What are you waiting for?


Can you get a loan with a 500 credit score?

Yes, you can, but most likely you’ll pay a high-interest rate. But a MoneyLion Credit Builder Loan, you’ll pay a competitive interest rate plus just $19.99 per month.

Where can I borrow money ASAP?

If you need an emergency loan, MoneyLion’s Credit Builder membership can get you money as fast as the same day.

Where can I get a loan no credit check?

Few places lend money with no hard credit check – but MoneyLion does. Instead, we conduct a soft credit pull that won’t drop your score.

Who will lend me money with bad credit?

Credit builder loans, like the ones offered by MoneyLion are designed for people with bad credit. Check out our membership today!

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Build your credit and save

Join Credit Builder Plus to get a loan up to $1,000, credit monitoring, exclusive rewards, access to 0% APR cash advances, and more. Over half of members raise their credit over 60 points within 60 days!

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