Sometimes life throws us an unexpected curveball. Like a broken AC in the summertime or a busted refrigerator. Not only are you not prepared, but neither is your bank account. Having a little extra cash would help lighten the load and bring you peace of mind. But finding a loan with bad or no credit seems impossible. We are here to help!
With a MoneyLion Credit Builder Loan, we can quickly help you borrow some of the money you need and increase your credit score!
Apply For a Credit Builder Loan
If you find yourself needing a small loan, look no further! A membership-based Credit Builder Plus loan is perfect for individuals who need improvements on their credit. Upon approval, our membership is only $19.99/month, giving you exclusive access to a competitive APR loan with some of your loan funds saved in an interest-earning Credit Reserve account, credit monitoring, and zero interest Instacash advances.
These types of loans are perfect for anyone wanting to build or rebuild credit with a loan up to $1000. Our loans have affordable payments spread out over 12 months.
Thinking about buying a new car or purchasing a home in the future? Having great credit is going to increase your odds of loan approvals and better interest rates. With our proven system, we’ve had the majority of members improve their score by 60 points in their first 60 days!
How Do I Qualify For a Credit Builder Loan?
The first step to qualify for a Credit Builder Plus Loan, you must download the MoneyLion app. We won’t run your credit, but you’ll need to link your primary checking account. After you’ve linked a bank account, MoneyLion will securely scan your account for the following details:
Account open for at least 60 days
Consistent income stream (recurring deposits), with your account being in good standing
Proof of active transaction history
Acceptable account balance
Once MoneyLion has reviewed your account for responsible financial patterns, within seconds you’ll find out if you’ve been approved for our membership.
If you didn’t qualify this time, don’t sweat it! Double-check that you didn’t use a nickname or old address, the information you provide needs to match the public record. Or you can try to link another checking account or apply again later when you’ve had your account longer with positive banking history.
Credit Builder Loan Application
Let’s recap our fool-proof guide to unlocking a loan up to $1000 while increasing your credit score!
STEP 1: Apply for Membership
Sign up for a MoneyLion account and qualify for Credit Builder Plus by linking your primary account. The membership fee is $19.99/month with an all-access pass to our 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 Details
Based on financial details from your linked bank account, your Credit Builder loan offer will show you how your funding will be released to you in two parts:
A portion of the funding that you’ll receive the same day you’re approved
A portion of the funding that will be saved for you in a Credit Reserve Account, which you’ll get when you pay off your loan in full
The healthier your credit and account history, the more you’ll be approved to receive today. You’ll get a certain amount the day you’re approved (aka “now money”). And the “later money” gets saved for you in an interest-earning Credit Reserve account in your name. You’ll receive the remainder of your loan from your reserve account about 10 days after you pay off the loan in full.
Example of a Credit Builder Loan offer:
Approved for a $600 loan
Receive $300 of your loan today
We save $300 of your loan in your Credit Reserve Account
You’ll make small monthly payments on your full $600 loan over 12 months.
After you pay off the full $600 loan, you’ll get the $300 from your reserves within 10 days of payoff.
STEP 3: Watch your progress
Did you know that 35% of your credit score is determined by on-time payments? We make paying back your loan easy. Your automatic monthly loan payments will be synced with your pay schedule. As you pay off your loan, we report your payments to all three credit bureaus every month. Keep in mind that missed or late payments may negatively reflect your score.
Along with weekly and monthly credit reporting, you have access to view your credit score on our credit monitoring dashboard. You can track your progress, credit age, inquiries, and much more!
Quick Loans with Benefits
Say bye-bye to those predatory loans and apply for a Credit Builder Loan and get approved for up to $1000 today! Credit Builder loans with MoneyLion are quick, affordable, and help you improve your credit score. Paid off your loan but, need a little cash for the weekend? Our members get 0% Instacash advances instantly right from their phones.
Whatever your financial needs are, we are here for you!
You may like
Community Posts
Similar Posts
Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.