MoneyLion Loan: How to Get a $1000 Loan From MoneyLion

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In today’s fast-paced and unpredictable world, unexpected expenses can arise at any moment, leaving you scrambling to find additional funds. Whether it’s a medical emergency, car repair, or a sudden job loss, having access to extra cash can be a lifesaver. MoneyLion, a widely recognized and comprehensive financial platform, provides a convenient solution to help you navigate these challenging financial situations. Offering a range of loan options tailored to various needs, MoneyLion ensures that you can find the right solution to address your financial concerns.

In this article, we will guide you through the process of applying for and securing a $1000 loan from MoneyLion through the Credit Builder Plus Membership, empowering you to overcome unforeseen expenses and regain control of your financial life.

Step 1: Sign up for a MoneyLion account

Begin by downloading and installing the MoneyLion App from either the App Store or Google Play. Alternatively, you can sign up for an account using a mobile or desktop web browser. Once installed, tap “Join Now” and enter your personal information to create your account. On the following page, you’ll find a section to input a Referral Code or $RoarTag. If a friend or family member has provided you with a referral code, enter it in the specified field. If you don’t have one, feel free to use our MoneyLion Referral Code: $TastyReferrals.

After completing the sign-up process, link a bank account or debit card to your new MoneyLion account. Upon successful registration, you’ll receive a $10 bonus, without needing to send money to another user or fund your account. However, to unlock an additional $50 bonus, remember to make a qualifying direct deposit of at least $100. With your MoneyLion account set up and bonuses secured, you’re now on your way to accessing a $1000 loan and effectively managing your financial needs. Read more about the MoneyLion referral program to make sure of the guidelines.

Step 2: Apply for a Credit Builder Plus Membership

Once you’ve successfully signed up for a MoneyLion account, the next step is to apply for a Credit Builder Plus membership. This membership unlocks a variety of financial tools and benefits designed to help you improve your credit score and overall financial health.

To apply for a Credit Builder Plus membership, navigate to the product menu and select Credit Builder Plus. Follow the steps provided to apply for the membership. There is no credit check required – simply link your primary checking account. MoneyLion will securely scan your account to ensure it meets the following minimum requirements:

Consistent income with recurring deposits
Account open for a minimum of 60 days
Positive account balance and active transaction history

Upon approval of your membership, you will gain access to a variety of benefits for $19.99 per month, including:

A personal loan of up to $1,000 with a competitive APR
Credit reporting to all three credit bureaus to build your positive payment history
Credit monitoring and weekly updates on your credit score and credit factors
0% APR Instacash cash advances
Lion’s Share Rewards: an exclusive cashback loyalty program for members only

How much money can I borrow?

If you’re in need of extra cash, a Credit Builder Plus membership with MoneyLion could provide you with a loan ranging from $75 to $500, depending on your qualifications and how long you’ve had an active account. With a Credit Reserve Account, a portion of the loan is immediately available for use while the remaining portion is secured, earning interest until it’s needed.

But getting a loan isn’t the only benefit of a Credit Builder Plus membership. By making timely payments, you can build your credit history and potentially see an increase in your credit score. In fact, 70% of Plus users have seen an increase of 30 points in just 60 days. This is because every payment you make is reported to all three major credit bureaus, helping to establish a positive payment history and boost your credit score in a shorter amount of time.

Will This Help Improve My Credit Score?

Your payment history makes up about 30% of your credit score, making it a crucial factor to consider. MoneyLion takes the stress out of remembering your payments by automatically deducting your loan payment, ensuring that you’re always on time. With a Credit Builder Plus membership, you can not only receive a loan to meet your financial needs, but also take advantage of a great opportunity to build credit and improve your finances.

Step 3: Review and Accept Your Loan Offer

After evaluating the financial details from your linked account, MoneyLion will present an online personal loan offer, which will be divided into two segments:

Funds that will be disbursed to you on the day your loan is approved
Funds that will become available to you upon successful repayment of your loan in full

The better your account history, the larger the portion of your personal loan you will receive upfront. The remaining amount will be set aside in an interest-earning Credit Reserve Account under your name, which you can access approximately 10 days after fully repaying your loan.

For instance, if you are approved for a $1,000 loan, you may receive $600 immediately and have $400 reserved for you until you’ve made 12 months of payments and fully repaid the $1,000 loan. This innovative approach allows you to obtain cash and save with an online personal loan designed to help build your credit.

Step 4: Receive Your Funds

Once you have accepted the loan offer, MoneyLion will promptly transfer the approved funds to your linked bank account. In contrast to most credit builder loans, which typically don’t provide any funds upfront, MoneyLion offers a portion of your loan amount immediately, as well as access to 0% APR cash advances. This feature sets MoneyLion apart from other credit builder loans, providing you with greater financial flexibility and convenience.

The time it takes for the funds to become available in your account will vary depending on your bank’s processing times, which can range from a few hours to several business days. It’s essential to monitor your account and be aware of your bank’s processing policies to ensure you have timely access to the funds. In some cases, you may want to contact your bank’s customer service to inquire about the expected arrival of the transferred funds, as this can help you better plan for any upcoming financial needs or obligations.

Step 5: Repay Your Loan

Making timely payments on your loan is crucial to avoid late fees and maintain a healthy credit score. MoneyLion will supply you with a repayment schedule, and you can usually make payments directly via the app. To ensure you meet the repayment terms, it’s important to budget accordingly.

With MoneyLion, you have the option to repay your loan over 12 months. To make the process more manageable, you can set up automatic loan repayments aligned with your pay cycle, which can help you stay on top of your payments with ease.

Tips for Loan Repayments:

Create a budget: A well-structured budget can help you manage your expenses effectively and allocate funds for your loan repayments. This will make it easier to meet your monthly obligations without causing financial strain.

Prioritize payments: Make your loan repayment a priority in your monthly expenses. Ensure you allocate the required amount for the loan repayment before spending on non-essential items.

Set up reminders: Use calendar alerts or mobile app notifications to remind you of your upcoming loan payments. This will help you avoid missed payments and potential late fees.

Extra payments: If you have extra cash, consider making additional payments towards your loan principal. This will help you pay off the loan faster and reduce the overall interest paid.

Build an emergency fund: Having an emergency fund can provide a financial cushion in case of unexpected expenses. This will help you avoid borrowing more money or falling behind on your loan repayments.

With every timely payment you make, you can build your credit history. Each month, your punctual payments will be reported to all three major credit bureaus, which can contribute to improving your credit score over time. If you’re having a hard time with your finances and you want to discover ways to earn extra money, check out our article about passive income strategies.

Step 6: Monitor Your Credit Score and Progress

The Credit Builder Plus membership not only includes monthly credit reporting but also credit monitoring. This enables you to access your credit score in the MoneyLion app at any time and keep track of your progress. The credit monitoring dashboard provides essential information on your credit age, credit inquiries, credit utilization, and other contributing factors.

As a Credit Builder Plus member, you’ll also receive summary emails containing insights and valuable advice on maintaining and improving your credit health and progress.

As your credit score improves, you’ll potentially save more on interest when borrowing, making it easier to achieve your financial goals, such as purchasing a car, securing an apartment, or affording other significant expenses. By consistently keeping an eye on your credit score and tracking your progress, you’ll be well-prepared to make knowledgeable financial choices and maintain a course towards a more secure and prosperous financial future.

Step 7: Access Your Savings After Improving Your Credit

MoneyLion splits your loan funding into two parts based on your financial history as detected in the checking account you linked when applying for Credit Builder Plus. The first part is the money that you will receive right away, and the second part is the money that they will save for you in a Credit Reserve Account while you pay off your loan.

Once you have successfully repaid your entire loan amount, you’ll be able to access the funds from your Credit Reserve Account. By holding some funds in the Credit Reserve Account, MoneyLion provides you with an opportunity to build your credit with consistent payments over the 12-month term of the loan.

You can find the Credit Reserve Account in your name in the “Finances” tab of the MoneyLion app. It is like instant savings for you! Once you pay off your full loan amount, it may take up to 10-14 days for the money from your Credit Reserve Account to be distributed to you after you have initiated your final payment.

If you have an active RoarMoney account and debit card, MoneyLion will disburse the funds to that account. Otherwise, they will disburse the funds to your external checking account that you use for your loan payments. This process is designed to make sure that you get the funds you need quickly and efficiently.

Use these savings however you see fit, whether it’s for an emergency fund, a future investment, or a well-deserved treat. By consistently working on building your credit, you’ll unlock financial benefits and enjoy greater financial flexibility.

There are also other reputable apps that offer loans. You may want to check out Cash App loans as well.

Conclusion on MoneyLion Loan

MoneyLion offers a convenient and straightforward process for securing a $1000 loan to help you manage unexpected expenses or financial needs. By following the steps outlined above, you can navigate the application process with ease and get access to the funds you need. Always remember to borrow responsibly and prioritize repaying your loan on time to maintain your financial health.

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