How Can I Get a $500 Loan?

The end of the month is coming, and we all know what that means – bills. You may find yourself in a sticky situation needing more cash than you have in your bank account. Or your tire blew out on the highway and you need to buy a new one. We have all been there! 

Getting a personal loan to hold you over until your next paycheck might sound easy enough. But for those with bad or no credit, it’s a little bit trickier. 

With a MoneyLion Credit Builder Loan, you can have the best of both worlds. It’s a loan for those needing to build or rebuild their credit that can help you save and access a little cash at the same time. 

Apply For a Credit Builder Loan

Our powerhouse Credit Builder Loan with MoneyLion is a membership-based loan that is proven to improve credit and help you save. For only $19.99/month, you’ll have access to a competitive APR loan (with some saved in an interest-earning Credit Reserve Account), credit monitoring and advice, and 0% interest Instacash advances. 

These types of installment loans are perfect for anyone with little or no credit to build credit and get a loan up to $1000. Improving your credit score is essential if you plan on renting an apartment, buying a car, or qualifying for a mortgage. 

Banks will look at your credit history to determine whether you’re a risk they are willing to take on. Without credit, there’s no history for them to base their decision on. And with a bad credit history or missed payments, you’d be considered a liability and they may not want to take a chance on you. With help from MoneyLion, we can help you build a healthy financial foundation. 

How Do I Qualify For a Credit Builder Loan?

The first step to qualify for a Credit Builder Plus Loan is to download the MoneyLion App. There’s no credit check required to apply or qualify for a loan, but you will need to link your checking account information. MoneyLion will securely scan your account for the following details:

  • Detectable income with recurring deposits, and your account in good standing
  • Account open for at least 60 days
  • Proof of acceptable account balance and active transaction history

After we review your linked account for responsible financial history, you’ll know if you have been approved for a membership to access loans in seconds! If you don’t qualify, you can try linking another checking account or apply again at a later time once you’ve had your account open longer, make consistent deposits, and keep your account balance positive.

Tip: Make sure you enter your personal information correctly! It needs to match your public records. Using nicknames or mistyping your address might get you unnecessarily denied.

Credit Builder Loan Application

Follow our simple instructions below to unlock up to $1000 while building up your credit. 

STEP 1: Join Credit Builder Plus Membership

Sign up for a MoneyLion account and apply for a Credit Builder Plus membership. The membership fee is $19.99/month and you’ll have access to credit-building tools, including:

  •  Credit builder loans up to $1000 with Competitive APR
  •  Weekly credit score updates and monthly credit monitoring
  •  0% Interest Instacash cash advances
  •  Lion’s Share Rewards, a members-only cashback loyalty program
  • Credit Reserve Account to help you save while you borrow

STEP 2: Review Your Loan Offer 

Based on financial details provided from your linked account, your credit builder loan offer will be broken into two parts:

  •  A portion of the funds that you’ll receive the day you’re approved
  •  A portion of the funds that will be saved for you in a Credit Reserve Account and that you’ll get when you pay off your loan in full. 

The healthier your account history, the higher amount you’ll get the day you’re approved. The remainder of your loan not deposited the day you’re approved will be held in an interest-earning Credit Reserve Account in your name, and you’ll get it about 10 days after you pay off your loan. 

Here’s an example of a Credit Builder Loan offer:

  • Approved for a $1000 loan
  • Receive $300 of your loan today
  • We save the remaining $700 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, you’ll get the $700 from your reserves within 10 days of payoff.

STEP 3: Build and Track Your Credit

On-time payments are crucial when improving your credit score, and MoneyLion can help you!

Every month your payments are reported to all three credit bureaus. And we will schedule your automatic payments to sync with your pay schedule, so you’ll never miss a due date. With our proven system, most members improve their score by 60 points within the first 60 days. 

Along with monthly credit reporting, you can view your credit score on the custom dashboard and track your progress. The credit monitoring dashboard gives you all the details on your credit age, credit inquiries, utilization, and more!

Loans Built For You

A Credit Builder Loan with MoneyLion is a loan that works for you! Quick, affordable, and built to improve your credit score. Skip the headaches of predatory loans and apply for a Credit Builder Loan and qualify for up to $1000 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!