You may have noticed that online lenders are everywhere nowadays. If you’re doing your research before applying for a loan, you may have loved online lenders’ rates. Online fintech lenders offer better rates to borrowers at all credit levels. But are they safe and secure? We’ll answer this question and walk you through the steps of applying for a loan online below.
Is it safe to apply for a loan online?
The short answer is it depends on where you are getting your loans online. Just like any type of website, there are safe and unsafe people online. So, make sure you do your due diligence and look into lenders before you give them any information. There are many questions you should ask before deciding if an online loan is right for you!
Do you need a fast approval process? If so, online lenders tend to be much faster than traditional banks.
Do you prefer to talk to someone in person? If this is the case, a traditional lender may be right for you.
Do you have a preexisting relationship with a bank? This might help expedite the approval process.
Do you prefer to have the lowest rates possible? Often, the operating costs are high for traditional banks, and you are paying for these in the rates for your loan. On the other hand, online lenders have lower operating costs and often charge lower rates as well.
Are you comfortable with submitting secure loan documents online? This is a requirement if you are applying for a loan online.
Applying for a loan online is safe with MoneyLion. We offer zero-liability loans that are safe and secure. Our safety features—notably our transport layer security (TLS) technology—meaning you won’t have to worry about your money or personal data’s safety.
How can I get a loan online instantly?
The loan approval process is lightning fast with MoneyLion. We have the technological resources to get your loan process moving quickly.
Apply for a Credit Builder Loan in 5 steps
We’ve detailed the steps to get things moving with our Credit Builder Loan Membership Program.
Step 1: Apply for a Credit Builder Loan.
You can apply for a loan up to $1,000 with a Credit Builder Loan membership. You’ll receive a portion of your loan upfront, and we’ll deposit the rest of the money into your Credit Reserve Account.
Step 2: Pay off your loan over 12 months.
You can set up flexible automatic loan payments that fit your paycheck schedule.
Step 3: Build credit as you pay off your loan.
We report to all three credit bureaus when you pay your loan payments each month. This boosts your credit score over time!
Step 4: Receive your money after you build credit.
When you pay off your loan, you’ll receive access to your Credit Reserve Account. The money in your account is yours to spend in whichever ways you like!
Step 5: Enjoy the opportunities of your higher credit score.
Not only do you get the money in your Credit Reserve Account, but if you pay back your loan on time, you would benefit from a higher credit score. It’s the perfect time to make more significant financial moves like financing a car or a home.
MoneyLion Credit Builder Plus membership perks
There are so many reasons you should apply for a MoneyLion Credit Builder loan. Our membership comes with so many more benefits beyond just a loan. You will get to enjoy these perks while you accomplish your goals of building or establishing credit.
Fast cash
Are your bills stacking up? Do you find yourself not knowing what to do? Do you need fast cash but don’t want to do anything too drastic? MoneyLion can help.
Sometimes, all you need is a last-minute loan for a new computer or to fix your car. That’s where a MoneyLion Credit Builder Plus membership comes into play! It allows you to get a fast cash loan. Our Credit Builder Loan will enable you to borrow $1,000 when you need it, and the majority of the loan is available upfront.
When you sign up for the MoneyLion Credit Builder loan, you will receive a portion of your loan money when you sign the agreement. The remainder of your loan will remain in your Credit Reserve Account. You will receive the remaining portion after you finish paying off your loan.
Build credit
There are many reasons a person might need to build credit, but there isn’t always a quick way to do so. MoneyLion has created an excellent option for those with no credit or bad credit. As you pay off your MoneyLion Credit Builder loan on time, we report your payments to the three major credit reporting bureaus: Experian, TransUnion, and Equifax.
So, you will see your credit build over time. It’s that easy! With your membership, you will get access to our credit monitoring tools. In addition, we update your credit information weekly on our MoneyLion app so you can stay focused on bigger goals.
Access to cash advances
As a member, you will now have access to cash advances of up to $300 per period for those times you need a little extra money. Our process makes it easy for you to access fast cash when you need it.
Get exclusive rewards
Members get exclusive monthly Lion’s Share Loyalty Program rewards, with payouts up to $19.99 per month. Read more about our Lion’s Share Program.
Experience life with better credit
It’s not too late to experience a life where you don’t have to worry about your credit. MoneyLion can help. We help people realize their financial future with our MoneyLion Credit Builder loan. It’s a safe and secure way to apply for a loan online.
We pair our financial industry knowledge with advanced safety measures to keep your money and personal information safe. MoneyLion is here to assist you in establishing your credit or rebuilding your existing credit. Sign-up for MoneyLion’s Credit Builder Plus Membership today to get the loan process started!
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Disclosures
Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $0.00 if you notify us promptly upon becoming aware of the loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit transactions not processed by Mastercard or to unregistered cards.
This optional offer is not a Pathward® product or service. Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. 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 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.
Funds may take 10-14 business days to be received after you initiate your final loan payment.
Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 147,500 Credit Builder Plus members with an active loan between January 1, 2020, and March 15, 2023. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.
Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 147,500 Credit Builder Plus members with an active loan between January 1, 2020, and March 15, 2023. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.
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.
Lion’s Share℠ Loyalty Program and monthly payment are subject to terms and conditions, see here.