Emergencies can strike and require financial attention. Unfortunately, people are not always prepared. Sometimes you won’t have a chunk of cash in the bank to throw at a crisis, and you might not have enough time to wait for the next paycheck.
Could you come up with $1,000 within a few days? MoneyLion offers a solution that could give you access to a low APR loan of up to $1,000 while building your credit for the future. We will outline other alternatives as well.
Personal Loans
Borrowers often apply for personal loans. Typically, borrowers repay these loans through fixed monthly payments. Banks, credit unions, and several other lenders offer personal loans.
Lenders may assign an APR based on your credit score and other factors. A higher credit score could secure a lower APR and help you qualify for a loan. Personal loan APRs vary, but you may get a personal loan with a lower interest than a credit card.
Where Can You Get A 1,000 Loan?
You can apply for a $1,000 loan from several places and at varying APRs. We’ll share the ways you could obtain a small loan even if you are worried about your credit score.
Banks and Credit Unions
Banks and credit unions will assess your credit score before giving you a loan. Even if you don’t believe you have a satisfactory credit score, it could still be worth applying. Personal loans are usually paid off with monthly payments and help you avoid predatory loans.
Online Lenders
You can also reach out to online lenders. Some online lenders can give you attractive loans, but others may charge high rates. It would help to research each lender before contacting them so that you understand the terms. Online lenders may check your credit score along with other information, but it might be possible to get a more attractive loan from one of these lenders if you get approved.
Financial Mobile Apps
You can find attractive loans on apps but again it’s best to shop around. MoneyLion is a personalized financial app that helps users take control of their money. With a Credit Builder Plus membership (5) , you can get access to a loan of up to $1,000 while giving you the opportunity to increase your credit score.
Can You Get a fast Loan With A Bad Credit Score?
You don’t need a good credit score to get a loan of up to $1,000. MoneyLion offers credit-building loans up to $1,000, (but it’s important to note that their primary objective is to build your credit not to cover emergency expenses).
Here’s How Moneylion’s Credit Builder Loan Works:
MoneyLion reports the payment history of the Credit Builder loan to the three major credit bureaus. Repaying loans on time may strengthen your payment history, a factor that makes up 35% of your credit score. Unlike some credit builder loans, MoneyLion gives you some of the funds upfront. The remaining funds get stored in a Credit Reserve Account (4)
. Once you pay off the loan, you will receive the remaining funds in the Credit Reserve Account. (1)
MoneyLion conducts a soft pull on your credit before giving you a loan (2) . The soft pull will not impact your credit score. Download the MoneyLion app today to get started.
The Benefits Of MoneyLion’sCredit Builder Loan
The Credit Builder loan has several benefits.
- Borrow Up to $1,000: Loans are typically funded within three business days after you sign your Credit Builder loan documents. Business days are Mondays through Fridays, excluding bank holidays.
- Helps Build Your Credit: More than half our members raise their score by 42+ points within 60 days (3) .
- Access To Members-Only Tools: In order to gain access to a Credit Builder loan, you have to become a Credit Builder Plus member for only $19.99 a month, and the Credit Builder Plus membership comes with a bunch of awesome perks:
- Your Lion’s Share of cashback — up to $19.99 every month
- Savings on everyday purchases with PerkSpot — a one-stop-shop for personalized online discounts in 25 categories at your favorite brands
- Weekly credit monitoring
- Up to $300 in Instacash
- Personalized credit-building insights and tips sent right to your inbox
How to Get Started With a Credit Builder Loan
A Credit Builder loan can help you get on track toward your financial goals. Follow these steps to get started:
- Step 1: Visit the MoneyLion’s website to download the app
- Step 2: Select Credit Builder Plus from our menu of products and follow the steps to apply
- Step 3: Sign up for Credit Builder Plus and apply for a Credit Builder loan
- Step 4: Start the process of building your credit and monitor your progress
After downloading the MoneyLion app and signing up for Credit Builder Plus, make sure you check out the other products and features. MoneyLion makes it easy to bank, borrow, invest, and grow all in one place.
