How Can I Get a $1000 Loan?

Need help paying for an unexpected expense this month? Maybe your car needs a repair or you need to pay a forgotten medical bill. Whatever the reason is, a little extra money in your pocket would help in a major way. 

Stop borrowing money from your parents – trust us, they’re over it too! If you have bad or no credit, it can be hard to borrow. But with a Credit Builder Loan from MoneyLion, we can help you get your hands on a little cash at a competitive interest rate while building your credit. No matter what type of credit score you have, we want to help you. Keep reading to find out more. 

Apply For a Credit Builder Loan

Our 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 (with a portion of the funding provided today and the rest saved in a Credit Reserve Account until you’ve paid off your loan), credit monitoring, and access to 0% interest Instacash advances and rewards – all for $19.99/month! 

Banks look at your credit score when determining eligibility, interest rates, and terms. 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 up to $1000.

How Do I Qualify For a Credit Builder Loan?

The first step to qualify is signing up for a MoneyLion membership and applying for Credit Builder Plus. There’s no credit check required to apply. Just link your primary checking account and MoneyLion securely scans 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 for healthy financial habits, you’ll know if you have been approved for the Credit Builder plus membership in seconds. From there you’ll be able to view your loan offer in the user dashboard.

Unemployed, laid off or furloughed? Not to worry, unemployment compensation, child support, and alimony all qualify as verifiable income. 

Credit Builder Loan Application

Follow these steps to effortlessly build credit and access loans up to $1000.

STEP 1: Membership Application

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

Once you’ve linked your account, your loan offer is displayed on the user dashboard giving you access to members-only tools for only $19.99/month including:

  •  Loan up to $1000 with competitive APR
  •  Credit monitoring with weekly credit score updates
  •  Monthly credit reporting to all three bureaus 
  •  Interest-free Instacash advances up to $250
  •  Lion’s Share Rewards Cashback Loyalty Program
  •  Credit Reserve Accounts- 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 with 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
  • The remainder of your loan funds will be saved and given to when you pay off the loan in full 

If you have good credit and 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 get saved in an interest-earning Credit Reserve Account in your name. Think of this as an investment into building smart habits of saving and building credit while getting the money you need now. Once you’ve paid off the loan in full, you’ll get the remaining funds from your reserves within 10 days.

 Example of a Credit Builder Loan offer:

  • Approved for a $1000 loan
  • Receive $600 of your loan same-day
  • We save the remaining $400 in your Credit Reserve Account
  • You’ll make monthly payments on your full $1000 loan over the 12-month term
  • After you pay off the full $1000 loan and build credit, you’ll get the $400 from your reserves within 10 days of payoff.

STEP 3: Building Credit and Monitor 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 reporting of late payments can decrease your credit score. We’ll work with you to help ensure you optimize your on-time payments and avoid any hit from late or missed payments.

Our members-exclusive dashboard gives you monthly credit reporting, weekly updates and you can track your progress. In the dashboard, you can find the details of your loan, credit age, inquiries, utilization, and much more.

Up to $1000 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 to achieve your goals when it comes to banking, investing, and building financial success.  

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

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!