MoneyLion Loans Review: Credit Score SOS
Boost your credit with MoneyLion Loans- This in-depth review unlocks the secrets of their credit builder loans, revealing rates, features, and everything you need to know. Dive in to learn more!
The company offers credit-builder loans without a hard inquiry
Need to improve your credit? This review will help you demystify the credit builder loans offered by MoneyLion Loans.
We mention rates, explore features, and answer all your burning questions about their membership. Ready to build credit? So, keep reading!
- APR: 5.99% to 29.99%;
- Loan Purpose: Credit-builder;
- Loan Amounts: Up to $10,000;
- Credit Needed: All credit types are considered;
- Origination Fee: N/A;
- Late Fee: N/A;
- Early Payoff Penalty: N/A.
MoneyLion Loans overview
If you want to enhance your credit score, then MoneyLionLoan can help. As a member, you can avail credit-builder loans of up to $1,000 in about 3 business days.
The best part is that by making timely payments, MoneyLion will report your payments to the main credit bureaus and then help you gradually improve your score.
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Credit Builder Plus membership
To improve your credit score, then you’ll have to sign up for a monthly membership called Credit Builder Plus. It costs $19.99 per month.
By acquiring the membership, you will have credit builder perks, as well as a checking account with no fees and an investment account.
This account also lets you borrow money with 0% interest rates up to $250.
The best thing about this membership is that they don’t do a credit check when you sign up, so anyone can join and start building their credit score.
Credit Builder Plus Loan
When you become a member, you are automatically eligible for a Credit Builder Plus loan.
MoneyLion Loans will review your profile and then make offers of up to $10,000 if approved for a loan.
They will run a soft pull without any impact on your score. Still, the loan APR varies from 5,99% to 29,99%, depending on your financial status.
MoneyLion Loans’ Selling Point
MoneyLion Loans’ selling point is that you may qualify for instant access to a portion or even the full amount of the $1,000 loan.
The best part is that any part of the loan not deposited into your checking account is put into a credit reserve account that earns interest until you pay off the entire loan.
MoneyLion Loans: pros and cons
A credit builder loan is a great option for people who want to improve their credit score but don’t want a hard credit inquiry.
However, there are other ways to build or rebuild a credit score, so make sure you review the MoneyLion Loans cons and pros before you decide.
- No prepayment penalty;
- Free credit monitoring;
- Reports your payments to the main bureaus;
- Membership perks: cash advance, investment accounts, etc.;
- Soft pull.
- Membership fee;
- APR can be high.
Minimum credit score
If you want to get a credit builder loan with MoneyLion Loans, then you won’t need to have a minimum credit score.
Want to apply for the MoneyLion Loans? We will help you!
Are you interested in a MoneyLion Loan? Then check out the post below to start your application process!
About the author / Suzana Brito
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