Credit Building App | Credit Builder Program | MoneyLion (2024)

FAQs

Do credit builder apps really work? ›

Credit builder apps that offer short-term loans and alternative data reporting can certainly improve your credit score. How well a credit-building app will work for you depends on many factors including your current score, why you have a low score, the app you choose to work with and the program you choose.

If you make regular on-time monthly payments, credit-builder loans are a good opportunity to improve your credit scores. Higher credit scores mean you'll have a better chance of being approved to take on important future debt, such as mortgages and auto loans.

While MoneyLion doesn't run credit checks on applicants, you'll still need to meet certain criteria to be approved for a loan. For instance, if you have a negative balance or your bank account is less than 60 days old, you may not qualify for a loan.

Loans are typically funded within 3 business days after you sign your Credit Builder Loan documents.

While following these guidelines is crucial, it's important to remember that the length of time it takes to reach a 700 credit score varies from person to person. Some individuals may see significant improvements within a few months, while others may take a year or more to achieve their desired score.

1. Pay on time, every time. One of the fastest ways to build good credit is by paying your bills on time. Creditors like to see a solid track record of responsibility.

A credit builder loan is worth it if:

You're not in a rush to establish credit or build or raise your credit score. You do not have existing debt. You have reliable income and can make on-time monthly payments.

According to our research, Payactiv and MoneyLion each offer the highest maximum loan amount, at $1,000. Payactiv requires you to set up a direct deposit with it in order to qualify for a $1,000 cash advance. Similarly, MoneyLion requires you to connect a RoarMoney account to qualify for the maximum amount.

Get up to $1,000

Once you've joined MoneyLion's Credit Builder Plus program, you can immediately submit a loan request for up to $1,000 through the app. Upon approval, you'll see a portion of your funds deposited into your account on the same day!

MoneyLion is not only a really convenient and easy to use app, but it also helps you boost your credit score as long as you keep up on-time payments!

Can I cancel my MoneyLion credit builder loan? ›

In order for you to cancel your membership, your loan balance must be paid in full. But don't worry! You can pay your Credit Builder Plus loan off at any time without penalty. Learn how to pay off your loan and repay Instacash.

To stop any future repayment attempts, you can revoke your payment authorization either by removing the payment method in your MoneyLion App or by contacting Customer Care at customercare@moneylion.com, 1-844-224-0087, or at ML Plus LLC, Attn Customer Service, P.O. Box 1547, Sandy, UT 84091-1547.

A credit builder loan is worth it if:

You're not in a rush to establish credit or build or raise your credit score. You do not have existing debt. You have reliable income and can make on-time monthly payments.

Most credit scoring apps don't create or determine the score they show you, so they might not be more or less "accurate" than others. Apps that show you a FICO^® Score or VantageScore based on one of your credit reports may purchase or be given your report and score and then share them with you.

Building credit takes time, so it's normal to not see any movement at first. Once we start reporting your on-time payments to the credit bureaus, you may see a positive impact in as little as two weeks from your first payment due date, however, it can take up to 3-6 months.