We have all had those “oh no!” moments when opening your banking app. Whether your dog eats something out of the trash and now he’s at the vet, or you’ve locked yourself out of the house and now you need a locksmith. Yes, we’ve all been there!
You may have seen the advertisements for payday loans, but you know you’ll end up paying an arm or a leg in interest.
Don’t you wish that there was a type of loan that you could get quickly, help your credit, and doesn’t have a ton of hidden fees? Look no further!
Credit Builder Loans with MoneyLion are meant to work for you. We can help you get some of the cash you need now without running your credit — while actually improving your credit score and helping you save!
Apply For a Credit Builder Loan
In the past, applying for a loan was daunting and required hours spent at the bank. Not anymore! A Credit Builder loan with Moneylion is a membership-based loan geared toward helping you improve your credit and only takes a few minutes to apply.
Our loans come with competitive interest rates and an interest-earning Credit Reserve account that helps you save. You also get access to 0% interest Instacash advances and credit monitoring with weekly score updates in the app. All this for a $19.99/month membership. You’ll have access to all of these tools plus a credit builder loan up to $1000!
Looking at a beautiful apartment you’d love to rent? Plans to buy your dream home in a few years? Improving your credit score is a must when making big purchases or qualifying for a rental.
Having a great credit score will not only increase your odds of approval, but you’ll get better interest rates. But don’t worry, you no longer have to pay someone hundreds of dollars to help you improve your credit. With a Credit Builder Loan, you can borrow, save, and boost up your credit.
How Do I Qualify For a Credit Builder Loan?
To qualify for a Credit Builder Loan, you must have a Credit Builder Plus membership. We won’t run your credit, but we do require you to link your primary bank account. After you’ve provided your bank information, MoneyLion will securely scan your account and review the following:
Account open and active for at least 60 days
Consistent and detectable income with recurring deposits
Account in good standing
Acceptable account balance and transaction history
After we’ve reviewed your account for healthy financial patterns, you’ll be notified if you’ve been approved for a Credit Builder Plus membership in seconds.
Once approved for a membership, you can get approved for a loan up to $1000.
Credit Builder Loan Application
Follow our easy steps below to unlock loans up to $1000 today.
STEP 1: Get the Membership
Download the MoneyLion app and apply for a Credit Builder Plus membership. The membership fee is $19.99/month and you’ll have an all-access pass to our credit building tools including:
Loans up to $1000 with competitive APR
Weekly credit score updates
Monthly credit monitoring on the MoneyLion app
0% Interest Instacash cash advances
Lion’s Share Loyalty Program with exclusive rewards
Credit Reserve Account to help you save while you build credit
STEP 2: Loan Details
Based on financial details from your linked bank account, your Credit Builder loan will be released to you in two parts:
Funds you’ll receive the day you’re approved
Funds that you’ll receive from your total loan amount is paid off in full
Many credit builder loans don’t give you any money up front. You have to pay the whole loan off before you get cash. With MoneyLion, you can always get some funds on the day you’re approved. With better credit and healthy banking history, the more money you’ll likely be approved to receive the day you’re approved.
The rest of your loan funding will be saved for you in a Credit Reserve account in your name while earning interest. That money will be released to you within 10 days of paying off the loan in full.
Credit Builder Loan example offer:
Approved for a $700 loan
Receive $300 of your loan today
We save $400 of your loan for you in your Credit Reserve Account
You’ll make monthly payments on your full $700 loan
After you pay off the full $700 loan, you’ll get the $400 from your reserves within 10 days of payoff
STEP 3: Monitor and Track Progress
Since 35% of your overall credit score is determined by on-time payments, avoid missing a due date. We will keep you on track with automatic electronic payments withdrawn on your pay schedule.
This way you can set it and forget it! As you pay off your loan, we’ll report your payments to all three credit bureaus. Simply log into the MoneyLion app and track your progress and loan details right from your phone.
Improve Credit While You Borrow
Emergencies are overwhelming and oftentimes unavoidable. In stressful times, finding a bank you can trust is a challenge. Getting a Credit Builder loan up to $1000 is simple, quick, and stress-free.
Whatever your needs may be, from loans, cash advances to investment guidance, MoneyLion is the financial support system you can count on!
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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.