How Can I Get a $600 Loan

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!

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!