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MoneyLion Credit Builder Loan Review

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Credit Builder Plus pros and cons

regulatory action

The Consumer Protection Financial Bureau (CFPB) is suing

Credit Builder Plus requirements

To get a

How to get a Credit Builder Plus loan

How compares to other personal loan companies

Even if you believe

Lender Credit Builder LoanFirst Tech Credit Union savings secured personal loanDiscover personal loan
Minimum credit score
APRs plus savings rate6.70% – 35.99%
Loan amount$1,000 – $50,000
Repayment terms monthsUp to months36 to 60 months
Origination fee
Funding timelineMay receive funds as soon as three business days (if you qualify for upfront cash)May receive funds as soon as the same day. May receive funds as soon as one business day. 
Bottom line charges a steep monthly membership fee. However, you might qualify for upfront cash. You must join First Tech Credit Union to qualify for its savings-secured loan, another type of credit builder loan. However, membership is free, and you’ll get your money up front.  Discover offers online personal loans (not credit builder loans). It accepts low credit scores but rates are also competitive rates if you have excellent credit. 

Frequently asked questions

Credit Builder Plus membership costs $19.99 a month.

You can get money right away with some credit builder loans, but it depends on the lender. With up front when you start your credit builder loan. You’ll pay this back (plus interest) on top of membership fees.

Yes, you can be denied a credit builder loan. Although these loans are designed to help you build or improve your score, the lender may still have a minimum credit score requirement. If it doesn’t it could still deny you based on your soft credit report, bank account activity, citizenship status and more.

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