Bank account looking a little light on cash lately? Maybe you’re back in college and you needed new books, but you haven’t been getting many hours at work. Or your teen needs a new retainer because they accidentally threw theirs away – for the third time.
Whatever the reason is, having extra cash in your pocket would definitely come in handy. But if you have bad or no credit, it can be hard to borrow. We can help! Here’s how you can get a Credit Builder Loan almost instantly to help you get your hands on a little cash while building your credit!
Apply For a Credit Builder Loan
The Credit Builder Loan, part of our Credit Builder Plus membership, is perfect for anyone who wants to establish credit or needs to work on their damaged credit. It’s known that having great credit can open up the door to borrowing opportunities and save you thousands on interest.
We will work with you and report your monthly payments to all three credit bureaus. With a competitive interest rate and a 12-month term, you’ll have payments you can actually afford while improving your credit score. We’ve had the majority of members boost their credit score up 60 points in their first 60 days! All credit types are welcome and encouraged to apply.
See more details below on how to qualify today!
How Do I Qualify For a Credit Builder Loan?
First, to qualify for a Credit Builder Loan you must be a Credit Builder Plus member. The membership fee is $19.99/month and comes with perks, including 0% Instacash advances, Lion’s Share Rewards program, competitive APR loans, and credit monitoring with weekly credit score updates!
After you’ve set up your membership, you’re required to link your bank account in lieu of a credit check. MoneyLion will securely scan your account for the following factors to determine eligibility:
Correct current name and address (must match public record!)
Active account that is at least 60 days old
Detectable income with recurring deposits, and your account in good standing
Proof of acceptable account balance and active transaction history
Qualification only takes a few minutes, and once you’re approved, you’ll have access to a loan up to $1000, with a portion of the funding given to you today and the rest saved for you and given to you when you’ve paid off your loan. Unemployed right now? Even if you’re not employed at this time, unemployment, child support, and alimony income is considered as a qualifying factor as well.
If for some reason you get denied, try linking up a different checking account or apply again later after you’ve had your account longer with consistent deposits.
Credit Builder Loan Application
Here’s a recap on how to get a Credit Builder Loan today.
STEP 1: Apply for Membership
Download the MoneyLion app
Set up a MoneyLion account using your email address
Select Credit Builder Plus membership in-app
Link your bank account to apply and see your loan offer
Once you’ve linked your account, you’ll be notified if you have a loan offer.
Want to get your membership fee paid for? Every month you’ll have a chance to earn Lion’s Share Loyalty Program Rewards and you can recoup your monthly fee. You’ll need to also have our mobile banking account (RoarMoney) and our investment account to participate. Find out more here.
STEP 2: Review Loan breakdown
Once you accept the loan offer, funds will be dispersed into two parts:
Now money: The portion of your loan funding that you receive the day you’re approved
Later money: The remaining portion of your loan funding that is saved for you and then given to you when you pay off your loan in full
If you have an awesome credit score and you’re on top of your finances, the more you’ll get approved to receive up front. You’ll have a portion deposited into your bank account to use right away. The remaining funds will be held in an interest-earning Credit Reserve Account in your name and released to you when you pay off your loan in full. Think of this as a regimented new savings account!.
Example breakdown of loan offer:
Approved for a $900 loan
Receive $400 of your loan today
$500 saved in your Credit Reserve Account while earning interest
Make monthly loan payments on your full $900 loan (plus $19.99 membership fee)
Once you pay the $900 loan in full, $500 from your reserve is released to you!
STEP 3: Track Progress and Build Credit
An all-in-one product, Credit Builder Loans with a Plus membership comes with 24/7 credit monitoring. On the app dashboard, you can view your credit utilization, inquires, and watch your rating soar!
Each time you make a payment, we report it to the 3 major credit bureaus (which means late or missed payments can be detrimental to your credit; however, we can work with you to help you stay on track to building credit). Don’t worry yourself with another due date reminder.
MoneyLion will set you up with auto payments working around your pay schedule, this helps you never miss a payment.
Need $900 today?
No more scouring the house looking for things to sell to make a buck. In just a few minutes you could ease your burdens by simply applying for a Credit Builder Loan up to $1000, with a portion of your funds received today. Put yourself in the fast lane to financial stability and download the MoneyLion app today!
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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.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
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.