MoneyLife

How Can I Get a $1000 Loan?

By Grace Kilander

Are you in need of a $1,000 loan? Are you looking for help when it comes to paying for an unexpected expense this month? 

Maybe your car needs a repair or you have to cover a forgotten medical bill. Whatever the reason is, it sounds like a little extra money in your pocket would help you out in a major way. 

Don’t worry about having to borrow money from your parents or friends. There are better ways to access low-cost loans. A traditional bank is one option, but the approval process can take weeks or even months. Plus, it’s hard to secure a bank loan if you have poor credit. 

A Credit Builder Loan from MoneyLion is another option. There are no credit checks or hidden fees. 

Plus, it’s designed to help you boost your credit! Keep reading to find out more about how to get a $1,000 loan from MoneyLion.

What is a credit builder loan? 

A credit builder loan is an installment loan designed to help people who have little to no credit history start building credit. It’s a safer and less expensive financing alternative to credit cards and payday loans. 

With most credit builder loans, the amount you borrow is kept in a bank account while you make payments. You typically won’t be able to access the money until you have fully repaid the loan. 

MoneyLion’s Credit Builder loan works differently. You’ll gain access to a portion of your loan funds right away, and then you’ll unlock more as you continue to make regular payments. 

Apply for a Credit Builder loan with MoneyLion

MoneyLion’s Credit Builder Loan is a membership-based loan to help those with poor or no credit build credit while saving money at the same time. Our membership comes with access to a competitive interest rate loan.

A portion of the funding is made accessible to you right away. The rest of it will be saved in a Credit Reserve Account until you’ve paid off your loan. 

You’ll receive the perk of credit monitoring as well access to 0% interest Instacash advances and rewards. The best part of all is that it only costs $19.99 per month! 

Banks look at your credit score when determining eligibility, interest rates, and the terms of your loans. When planning for the future, MoneyLion understands how important great credit is and we want to help everyone get started. 

That’s why Credit Builder Plus is available with no credit check. Our installment-type loans are ideal for anyone looking to build or rebuild credit with a loan of up to $1,000.

How do I qualify for a MoneyLion Credit Builder loan? 

When you’re looking to qualify for a $1,000 loan, the first step is to sign up for a MoneyLion membership. From there, apply for a Credit Builder Plus membership through MoneyLion. 

There’s no credit check required to apply! Just link your primary checking account. After that, MoneyLion will securely scan your account for the following details: 

  • Detectable income with recurring deposits and transactions
  • Acceptable account balance
  • Account in good standing
  • Account open for at least 60 days

After MoneyLion reviews your account and analyzes your financial habits, you’ll know whether or not you have been approved for a Credit Builder Plus membership within seconds. You’ll also be able to view your loan offer directly from your user dashboard.

Unemployed, laid off, or furloughed? Not to worry! With MoneyLion, income also includes unemployment compensation, child support, and alimony. 

Credit Builder loan application

Follow these steps to effortlessly build credit and access loans up to $1,000.

Step 1: Complete the membership application

Download the MoneyLion app and sign up for a MoneyLion account. Select the Credit Builder Plus membership button and link your checking account. 

Once you’ve linked your account, your loan offer will be displayed on the user dashboard, which gives you access to members-only tools. For only $19.99 per month, you can seek out the following benefits: 

  • Loans up to $1,000 with competitive APRs
  • Credit monitoring with weekly credit score updates
  • Monthly credit reporting to all three major bureaus 
  • Interest-free Instacash advances up to $250
  • MoneyLion’s Share Rewards Cashback Loyalty Program
  • Credit Reserve Accounts to help you save while you borrow

Denied membership? Try linking another checking account or make sure your personal information is correct and matches public records. If neither of those remedies works, apply again at a later time once you’ve established longer account history and consistent deposits with your bank.

Step 2: Review loan details 

After you’ve accepted your loan offer, the funds will be released to you in two parts. A portion of your loan funds will be given to you the day you’re approved, while the remainder of your loan funds will be saved until you pay off the loan in full. 

If you have good credit and a healthy banking history, you’re more likely to receive a larger portion of your loan funds the same day. The remaining funds from your loan will be saved in an interest-earning Credit Reserve Account in your name. 

Think of this as an investment into building smart financial habits like saving and building credit while still gaining access to the money you need now. Once you’ve paid off the loan in full, you’ll receive the remainder of your funds from your Reserve account within 10 days.

Example of a Credit Builder Loan offer:

  • Approved for a $1,000 loan
  • Receive $600 of your total loan on the same day 
  • Remaining $400 will be placed into your Credit Reserve Account
  • Monthly payments on your full $1,000 loan over the 12-month term
  • Receive remaining $400 from your reserves within 10 days

Step 3: Build your credit and monitor your progress

FICO says that 35% of your credit score is based on timely payments. We can’t stress enough how important it is to never miss a due date. That’s why we’ve made processing payments a breeze by syncing up your automatic payments with your pay schedule. 

As you pay down your loan, we’ll report every payment to all 3 credit bureaus. Keep in mind that late payments can decrease your credit score. We’ll work with you and ensure that you optimize your on-time payments as well as avoid any hits from late or missed payments.

Our members-exclusive dashboard offers monthly credit reporting, weekly updates, and the ability to track your progress. From the dashboard, you can find the details of your loan, credit age, inquiries, utilization, and so much more information. 

Up to $1,000 loan with same-day cash 

A Credit Builder loan is one of the fastest ways to get same-day cash in your hands while increasing your credit rating over time. But the perks don’t stop there! 

MoneyLion can assist you in achieving your goals when it comes to banking, investing, and building financial success. You can also build up an emergency savings account, earn cash back rewards on debit card spending, and even access 0% APR cash advances

Want to increase your credit score by 60 points in 60 days? Apply for a Credit Builder loan today!

How does a credit builder loan work?

Credit builder loans are designed to help you boost your credit score with a low-cost installment loan. Most credit loans keep your loan amount in a locked bank account until you’ve made all of your payments. MoneyLion will grant you a portion of your loan amount right away, too.

Do credit builder loans require a hard credit pull?

MoneyLion’s Credit Builder loan doesn’t require a credit check.

Are credit builder loans cheaper than credit cards?

It depends. But usually, credit builder loans are less expensive than credit cards.

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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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