MoneyLion Credit Builder Plus

Improve Your Credit Score
The MoneyLion Credit Builder Plus membership provides access to a credit builder loan of up to $1,000 that gives you the opportunity to make on-time payments, which may help your credit score.
$1,000
Maximum Loan Amount
Up to12 months
Loan Payment Term
$19.99/month
Credit Builder Plus Membership

Details

Product Name
MoneyLion Credit Builder Loan Plus for people looking to improve or build credit score
Credit Builder Loan Description
You receive some of the loan proceeds soon after you are approved for a Credit Builder loan. The rest of the proceeds are held in a Credit Reserve Account. When you pay off your full loan amount (which includes the amount given upfront, the amount in your Credit Reserve Account, and any interest accrued), you will be able to withdraw your money saved in the Credit Reserve Account. (3)
Credit Reporting
Monthly reporting of loan payments to the three major credit bureaus (Experian, TransUnion, and Equifax)
Credit Monitoring
Credit monitoring tools provide weekly updates on key credit score factors such as credit utilization.
Lion’s Share Loyalty Program
Get rewarded for actions such as logging into your account. These rewards add up to $19.99/month, enough to pay back the monthly membership fee. (1)
Credit Score Impact
MoneyLion does a soft credit pull to see if you apply for the loan. This pull will not affect your credit score. More than half of MoneyLion members raise their score by 42+ points in 60 days. (2)

Video

Successfully paying off a MoneyLion Credit Builder loan is designed to help you improve your credit score, which could help you secure lower interest rates in the future.  We’ll share information about how the Credit Builder loan works.

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MoneyLion Credit Builder Plus

Improve Your Credit Score

What Is A MoneyLion Credit Builder Loan?

The MoneyLion Credit Builder loan is designed to help members build their credit history. The maximum loan amount is $1,000, and you will receive some of the funds soon after you are approved for the loan. The remaining funds get stored in a Credit Reserve Account. MoneyLion users must become Credit Builder Plus members to obtain this loan. The membership costs $19.99/month, with opportunities to claim rewards that will allow you to recoup the monthly fee. (1)

Why Apply For A MoneyLion Credit Builder Loan?

  • Help increase your credit score: Payment history makes up 35% of your credit score4. Making on-time payments may lead to a higher score. Everyone can benefit — even if you have a score of 750.
  • Get Financing Without a Hard Credit Check: Some loans come with a hard credit check, which will hurt your credit score. MoneyLion only does a soft pull on your credit — which doesn’t affect your score. (5)
  • Competitive APR on the Loan: The APR for a Credit builder loan ranges from 5.99% to 29.99%. When you apply, you will be able to review your loan amount and rate, as well as your loan Agreement, before deciding whether to accept the loan offer.
  • 0% APR Cash Advances: As a Credit Builder Plus member, you also may qualify for up to $300 in 0% APR cash advances via InstacashSM.

How Credit Builder Loan Programs Work

Credit builder programs can help people build credit over several months. These loans offer small amounts to be paid off over relatively short terms. Borrowers receive a portion of the loan amount after being approved for the loan. The other portion (which is often the larger amount) is deposited into a Credit Reserve Account where it may earn interest. The borrower gains access to that portion after the entire loan is paid off. Credit builder programs, by helping you take steps to increase your credit score, may help you qualify for credit cards, mortgages, and other opportunities.

Key Features Offered by MoneyLion

Monitor Your Credit

Credit affects so many areas of your life — from loans to insurance to housing — so establishing a good score is essential. You can monitor your credit score and key credit factors like your credit utilization Credit Builder Plus, and your information is updated weekly.

Track Your Progress

With a MoneyLion feature called Financial Heartbeat, you can monitor your personal finance steps and overall financial health and achieve new goals. 

0% APR Cash Advances

MoneyLion offers 0% APR cash advances through Instacash, and qualified Credit Builder Plus members can get a larger advance. Receive up to $300 to cover emergency expenses or other costs. 

Lion’s Share Loyalty Program

With the Lion’s Share Loyalty Program, the more you use your membership, the more you can get back. To be eligible, you must be a Credit Builder Plus member and have an active RoarMoney℠ account and MoneyLion Investment Account. The program has four tiers — Bronze, Silver, Gold, and Platinum. Your program tier is determined at the end of each month based on:

  • How many days you have logged into the MoneyLion app that month 
  • How many qualified purchases of $10 or more you made that month with your MoneyLion Debit Mastercard® and/or RoarMoney virtual card

The program has four tiers:

  • Bronze: Get $2 back
  • Silver: Get $5 back
  • Gold: Get $10 back
  • Platinum: Get $19.99 back

Each tier has two requirements:

  • Bronze: 1-4 purchases and 5-9 days of logins
  • Silver: 5-9 purchases and 10-14 days of logins
  • Gold: 10-19 purchases and 15-19 days of logins
  • Platinum: 20+ purchases and 20+ days of logins

You must fulfill both requirements to qualify for the tier. If you log in more than 20 times this month but only make seven purchases, you will qualify for the Silver tier. Lion’s Share Loyalty rewards will be deposited into a MoneyLion Investment Account, which requires additional qualifications.

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MoneyLion Credit Builder Plus

Improve Your Credit Score

MoneyLion Credit Builder Plus FAQs

We’ll answer some common questions about MoneyLion’s Credit Builder Plus membership.

How Do You Qualify For Credit Builder Plus?

MoneyLion has the following prerequisites for loan applicants. Applicants must:

  • Be 18 years or older with a social security number
  • Be a U.S. citizen or permanent resident
  • Have a checking or spending account
  • A checking or spending account in good standing (at MoneyLion’s discretion) with a detectable income stream (i.e. it’s where you deposit your paychecks/salary/benefits checks). 
  • The account has been open for at least 60 days.
  • The account demonstrates an acceptable balance and active transaction history (at MoneyLion’s discretion).

MoneyLion will do a soft pull on your credit5 if you fulfill those requirements. You don’t need a credit history to apply.

How Much Does Credit Builder Plus Cost?

The Credit Builder Plus Program costs $19.99/month. However, you can earn back the monthly fee with the Lion’s Share Loyalty Program.

What Is The Lion’s Share Loyalty Program?

The Lion’s Share Loyalty Program offers rewards to members based on their logins and purchases. With the Lion’s ShareSM Loyalty Program, the more you use your membership, the more you can get back. To be eligible, you must be a Credit Builder Plus member and have an active RoarMoney℠ account and MoneyLion Investment account. 

How To Explore MoneyLion Credit Builder Plus

You can download the MoneyLion mobile app on your favorite device and create an account today. In addition to being able to apply for a Credit Builder loan, Credit Builder Plus offers many more features:

  • Credit monitoring tools in the app to track your credit score and key credit factors.  You will also receive credit score updates directly to your email each month.
  • No-hassle lending for members in good standing — once you pay off your Credit Builder loan, you can apply for another installment loan of up to $1,000. All you have to do is log on, apply for the loan, sign your new loan agreement if you are approved, and you’ll typically receive your funds within 3 business days!
  • Higher limits for 0% APR Instacash advances.
  • Monthly Lion’s Share Loyalty Program payouts up to $19.99 / month.
  • If you’re a Credit Builder Plus member in good standing, MoneyLion will waive the $1/month administrative fee for access to a RoarMoney account or a MoneyLion Investment Account (or both), as applicable. (1)
  • Access to PerkSpot — a one-stop shop for personalized online discounts at your favorite brands. Use it to find must-have deals in over 25 categories like restaurants, entertainment, fitness, and more. Plus, you can browse thousands of discounts 24/7 on the device of your choice, enjoy new discounts updated daily, find local deals with an easy-to-navigate map, and request customized discounts if you can’t find the category you want.
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MoneyLion Credit Builder Plus

Improve Your Credit Score

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(1) Administrative Fees and Account Fees are not reimbursed if the Credit Builder Plus membership is deactivated or suspended at the time the fee is charged. The membership must be in good standing and an active state.

Lion’s Share℠ Loyalty Program and monthly payment are subject to terms and conditions, see here.

(2) 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 74,000 Credit Builder Plus members with an active loan between August 7, 2019, and February 18, 2021. 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.

(3) Funds may take 10-14 business days to be received after you initiate your final loan payment.

(4) myFICO; https://www.myfico.com/credit-education/credit-scores/payment-history

(5) When you apply for CreditBuilder Plus, we will perform a soft credit pull to review certain financial information. This soft inquiry has no impact to your credit score and may or may not be recorded in your credit reports depending on the bureau. This is unlike a hard credit pull which affects your credit score and can appear on your credit report for two (2) years.

This optional offer is not a MetaBank® 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, and until your Credit Builder Plus membership payments are current. 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.  

The Financial Heartbeat® financial tracker is intended to provide financial insight based on accounts you have linked to your MoneyLion account and other information you provide to MoneyLion. MoneyLion does not track your non-linked bank accounts, credit cards, spending or other financial activity, so your Financial Heartbeat score and insights may not reflect your complete financial picture. The Financial Heartbeat analysis is for educational purposes only and does not represent tax, investment or other financial advice. You should consider consulting with a financial or tax advisor with complete knowledge of your financial situation before implementing any financial planning strategy.

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. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.

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 is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion.  Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

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