If I Take a Loan and Interest Is 700% Can I Pay the$400 Back Without Paying the Interest?

We have all had those "oh no!" moments when opening your banking app. Whether your dog eats something out of the trash and now he's at the vet, or you've locked yourself out of the house and now you need a locksmith. Yes, we've all been there!

You may have seen the advertisements for payday loans, but you know you'll end up paying an arm or a leg in interest.

Don't you wish that there was a type of loan that you could get quickly, help your credit, and doesn't have a ton of hidden fees? Look no further!

Credit Builder Loans with MoneyLion are meant to work for you. We can help you get some of the cash you need now without running your credit — while actually improving your credit score and helping you save!

Apply For a Credit Builder Loan

In the past, applying for a loan was daunting and required hours spent at the bank. Not anymore! A Credit Builder loan with Moneylion is a membership-based loan geared toward helping you improve your credit and only takes a few minutes to apply.

Our loans come with competitive interest rates and an interest-earning Credit Reserve account that helps you save. You also get access to 0% interest Instacash advances and credit monitoring with weekly score updates in the app. All this for a $19.99/month membership. You'll have access to all of these tools plus a credit builder loan up to $1000!

Looking at a beautiful apartment you'd love to rent? Plans to buy your dream home in a few years? Improving your credit score is a must when making big purchases or qualifying for a rental.

Having a great credit score will not only increase your odds of approval, but you'll get better interest rates. But don't worry, you no longer have to pay someone hundreds of dollars to help you improve your credit. With a Credit Builder Loan, you can borrow, save, and boost up your credit.

How Do I Qualify For a Credit Builder Loan?

To qualify for a Credit Builder Loan, you must have a Credit Builder Plus membership. We won't run your credit, but we do require you to link your primary bank account. After you've provided your bank information, MoneyLion will securely scan your account and review the following:

• Account open and active for at least 60 days
• Consistent and detectable income with recurring deposits
• Account in good standing
• Acceptable account balance and transaction history

After we've reviewed your account for healthy financial patterns, you'll be notified if you've been approved for a Credit Builder Plus membership in seconds.

Once approved for a membership, you can get approved for a loan up to $1000.

Credit Builder Loan Application

Follow our easy steps below to unlock loans up to $1000 today.

STEP 1: Get the Membership

Download the MoneyLion app and apply for a Credit Builder Plus membership. The membership fee is $19.99/month and you'll have an all-access pass to our credit building tools including:

•  Loans  up to $1000 with competitive APR
•  Weekly credit score updates
•  Monthly credit monitoring on the MoneyLion app
•  0% Interest Instacash cash advances
•  Lion's Share Loyalty Program with exclusive rewards
•  Credit Reserve Account to help you save while you build credit

STEP 2: Loan Details

Based on financial details from your linked bank account, your Credit Builder loan will be released to you in two parts:

• Funds you'll receive the day you're approved
• Funds that you'll receive from your total loan amount is paid off in full

Many credit builder loans don't give you any money up front. You have to pay the whole loan off before you get cash. With MoneyLion, you can always get some funds on the day you're approved. With better credit and healthy banking history, the more money you'll likely be approved to receive the day you're approved.

The rest of your loan funding will be saved for you in a Credit Reserve account in your name while earning interest. That money will be released to you within 10 days of paying off the loan in full.

Credit Builder Loan example offer:

• Approved for a $700 loan
• Receive $300 of your loan today
• We save $400 of your loan for you in your Credit Reserve Account
• You'll make monthly payments on your full $700 loan
• After you pay off the full $700 loan, you'll get the $400 from your reserves within 10 days of payoff

STEP 3: Monitor and Track Progress

Since 35% of your overall credit score is determined by on-time payments, avoid missing a due date. We will keep you on track with automatic electronic payments withdrawn on your pay schedule.

This way you can set it and forget it! As you pay off your loan, we'll report your payments to all three credit bureaus. Simply log into the MoneyLion app and track your progress and loan details right from your phone.

Improve Credit While You Borrow

Emergencies are overwhelming and oftentimes unavoidable. In stressful times, finding a bank you can trust is a challenge. Getting a Credit Builder loan up to $1000 is simple, quick, and stress-free.

Whatever your needs may be, from loans, cash advances to investment guidance, MoneyLion is the financial support system you can count on!

Grace Kilander Grace Kilander is a freelance content writer based out of Las Vegas, Nevada. After 15 years she left the hospitality industry, started multiple businesses and launched her writing career. Her passions including all things health, wellness and sustainability. In her free time, you'll find her enjoying hot pilates classes and spending time outdoors with her husband, son and two dogs.

If I Take a Loan and Interest Is 700% Can I Pay the$400 Back Without Paying the Interest?

Source: https://www.moneylion.com/learn/how-can-i-get-a-700-loan/

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