Does MoneyLion Report Credit Payments to Bureaus

MoneyLion reports credit payments to bureaus, but it's essential to understand the specifics of how this process works. MoneyLion reports payments made through their Credit Builder Plus and Credit Builder loans.

According to the terms of these loans, payments are reported to the three major credit bureaus: Equifax, Experian, and TransUnion. This reporting can help you build credit over time.

MoneyLion also reports on-time payments to the credit bureaus, which can positively impact your credit score. However, late payments are also reported, so it's crucial to make timely payments to avoid negative marks on your credit report.

On a similar theme: When Do Credit Bureaus Report

MoneyLion's Credit Builder loan is available in 42 states and Washington, D.C, but not in Colorado, Indiana, Iowa, Maryland, Montana, Nebraska, Nevada, and Vermont. You must be at least 18 years old and a United States citizen or permanent resident with a Social Security number to qualify.

Applying for a MoneyLion Credit Builder loan doesn't require good credit or any credit history for approval. It also won't result in a hard inquiry on your credit report. Instead, MoneyLion confirms that you have a checking or spending account that has been open for at least 60 days.

MoneyLion has a Trustpilot rating of 4.6 stars out of five based on feedback from over 28,000 reviews, with 91% of reviewers leaving four or five stars. However, nearly 1,300 complaints have been filed in the past three years, citing issues like unresponsive customer service and unexpected costs.

MoneyLion reports on-time payments to all three major credit bureaus (Experian, Equifax, and TransUnion) every month. This is crucial, as payment history makes up 35% of your credit score according to FICO, and 40% for VantageScore.

To further improve your credit, you can take additional steps before, during, and after the loan, including:

MoneyLion's Credit Builder Plus loan has a 12-month term and a maximum loan amount of $1,000. This loan structure is designed to help you pay off the loan in a manageable timeframe.

The APR on a Credit Builder Plus loan ranges from 5.99% to 29.99%, which is significantly lower than the average rates for personal loans. However, it's worth noting that the maximum interest rate is higher than some competing credit builder loans.

As you make payments on your loan, MoneyLion reports your on-time payments to the three major credit bureaus. This can be a huge help in building a positive payment history.

However, MoneyLion doesn't guarantee that paying off a Credit Builder Plus loan will improve your credit score. This is an important consideration if you're relying on the loan to boost your credit.

After 10-14 business days of your final loan payment, you can access the money in your Credit Reserve Account. This is a convenient feature that allows you to get back to using the funds once your loan is paid off.

MoneyLion reports your payments to all three major credit bureaus, including Equifax, Experian, and TransUnion. This can help improve your credit score over time.

However, there are some potential downsides to consider. For example, MoneyLion's Credit Builder Plus loan comes with a $19.99 monthly membership fee, on top of interest payments.

This fee can add up quickly, especially if you're not paying off your loan as quickly as possible. In fact, if you borrow $1,000 from MoneyLion for 12 months at 29.99% APR, you'll end up repaying $1,409.67, which equates to about 68.7% APR.

It's worth noting that MoneyLion's Credit Builder Plus loans are not available in all states, so you'll need to check if they're available in your area before applying.

Here are some key facts to keep in mind when it comes to the credit impact of MoneyLion:

It's also worth noting that some users have reported issues with MoneyLion's credit reporting, including incorrect late payments being reported. If you experience any issues, it's a good idea to file a complaint with the CFPB.

A fresh viewpoint: How Long Can Debt Be Reported to Credit Bureau

MoneyLion reports your payments to all three major credit bureaus, including Equifax, Experian, and TransUnion, which can help improve your credit score.

This is a big plus for those looking to build or repair their credit. You'll be able to see your progress and work towards a better credit score.

MoneyLion's Credit Builder Plus loans come with additional benefits, such as credit monitoring services and 0% APR cash advances. These services are not typically offered by other credit builder loans.

However, there is a $19.99 monthly membership fee on top of interest payments, which can add up quickly. This fee is in addition to the interest and fees you'll pay on your loan.

To put this into perspective, let's say you borrow $1,000 from MoneyLion for 12 months at 29.99% APR. You'll end up repaying $1,169.79, but if you include 12 months of membership fees, it comes out to $1,409.67, which equates to about 68.7% APR.

Here's a breakdown of the pros and cons of MoneyLion's Credit Builder Plus loans:

Overall, MoneyLion's Credit Builder Plus loans can be a good option for those looking to build or repair their credit, but it's essential to carefully consider the costs and fees involved.

To be eligible for a MoneyLion loan, you must be at least 18 years old and have a valid Social Security number.

MoneyLion reports to two major credit bureaus, TransUnion and Equifax.

You can apply for a MoneyLion loan online or through their mobile app, and the process typically takes a few minutes.

To apply, you'll need to provide some basic personal and financial information, including your income, employment history, and bank account details.

MoneyLion offers two types of loans: Cash Plus and Credit Builder Plus, each with its own set of eligibility requirements.