How Can I Get A $800 Loan?

Experiencing the financial hit from layoffs? Right when you’re finally starting to get ahead and bam, a financial emergency. You have no choice but to use some of your rent money just to cover a bill or unexpected expense. Seems like you can’t catch a break. If only you had a little bit of extra cash to give you some breathing room. There is a solution for you! 

A Credit Builder loan from MoneyLion can help. You can get approved for a credit builder loan up to $1000 in a pinch with no credit check. This style of loan is first and foremost a way to build credit and save, but it has the added benefit of helping you access some cash to cover near-term expenses too.

Apply For a Credit Builder Loan

Have poor credit? MoneyLion offers membership-based Credit Builder loans up to $1000 with no credit checks and competitive interest rates. For $19.99/month, Credit Builder Plus memberships come with additional perks such as 0% interest Instacash advances up to $250 and credit monitoring with weekly score updates.

You’ll start to see your credit increase with on-time payments because MoneyLion reports your payments to all three credit bureaus. Most MoneyLion members improve their score by 60 points within their first 60 days! When your credit score is healthy, you can unlock more opportunities with better interest rates in the future when purchasing a new car, getting a credit card, or renting an apartment. 

How Do I Qualify For a Credit Builder Loan?

To qualify, you need to sign up for a Credit Builder Plus membership.

STEP 1: Join Credit Builder Plus Membership

Sign up for a MoneyLion account and apply for a Credit Builder Plus membership. For $19.99/month, and you’ll have access to:

•  Competitive APR on loans up to $1000

•  Weekly credit score updates

•  Monthly credit monitoring on the user dashboard

•  Instacash Interest-free cash advances

•  Lion’s Share Rewards, a cashback loyalty program

Note: Loan payments and membership fees are billed separately.

There’s no credit check, just link your bank account and MoneyLion will review your account for a few 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

You’ll know if you have been approved for a membership within seconds. On furlough or laid off? Unemployment, child support, and alimony qualify as detectable income as well! If you get denied, try linking another account or make sure you correctly entered your personal information. If neither of those work, you might have to apply again later after you’ve established longer account history with your bank with consistent deposits. 

Credit Builder Loan Application

Take a few moments to find out how to unlock a loan up to $1000 while building up your credit. 

STEP 2:  Review Loan Details

Based on financial details from your linked bank account, you’ll get a credit builder loan offer with the funding released to you in two parts:

• Some funds that you will receive the same day

• Some funds that will be saved for you and that you’ll get when you pay off your loan in full

If you have a solid credit and banking history, the more you’ll receive upfront. Out of the total amount you are approved for, a portion is released to you the same day. The rest of the money is put into your Credit Reserve account while earning you interest. Think of it like instant savings!

Once you’ve paid your loan in full, the funds in your Credit Reserve account are released to you. This helps create healthy habits around borrowing and saving responsibly. 

Example of a Credit Builder Loan offer:

• Approved for a $800 loan

• Receive $300 of your loan today

• We save $500 of your loan for you in your Credit Reserve Account

• Continue to make 12 monthly payments on your full $800 loan 

• After you pay off the full $800 loan, you’ll get the $500 from your reserves within 10 days of payoff.

STEP 3: Track Progress and Boost Credit

On the MoneyLion app, you can track your progress and view loan details. The credit monitoring dashboard gives you all the details on your credit age, credit inquiries, utilization, and more!

Never forget a payment again. Managing your loans is seamless by syncing up payments with your pay cycle and deducting them automatically; this way you never miss a due date! Every month we will report your payments to all three credit bureaus.

Get A $800 Loan Fast And Build Your Credit!

Don’t waste your time with predatory payday loans and their high-interest rates, making it almost impossible for someone to pay back their loan plus interest by their next payday. This only creates a vicious circle of debt with no end in sight. 

With a Credit Builder Loan, affordable payments are stretched out over 12 months. Voted “One of the most innovative fintech companies in 2020” by Forbes, MoneyLion created banking with you in mind! 

Download the MoneyLion app to quickly apply and get the cash you need now!