March 24, 2026
MoneyLion Credit Builder Review 2026: Pros, Cons & Verdict
What Is MoneyLion?
MoneyLion is a fintech company that started as a personal finance app and has expanded into credit building with their Credit Builder Plus product. Unlike companies like Self or Kikoff that focus solely on credit building, MoneyLion is a comprehensive financial platform.
Their Credit Builder Plus is one piece of a larger app that helps with budgeting, investing, and personal loans. If you're looking for an all-in-one financial tool that includes credit building, MoneyLion is worth considering.
How MoneyLion Credit Builder Plus Works
MoneyLion's credit builder product works similarly to traditional credit builder loans from companies like Self or Kikoff. You deposit money into a secured savings account, make monthly payments over your chosen term, and after the term ends, you get your money back.
The difference is that MoneyLion packages this within their broader app ecosystem. Your credit builder loan integrates with their budgeting tools, investment features, savings goals, and financial dashboard all in one place. This makes it appealing to people who want financial management consolidated.
The product philosophy is different too. While specialized credit builder companies focus entirely on credit building, MoneyLion sees the credit builder as one tool within a comprehensive financial health strategy. They encourage you to build savings habits, budgeting discipline, and investing knowledge alongside credit building.
Once approved, you select your loan amount ($500-$10,000+) and term length (typically 12 or 24 months, sometimes 36). Your monthly payments are reported to all three credit bureaus as an installment loan, which is essential for credit score improvement.
Your deposited funds sit in a savings account earning interest, typically at competitive rates. After you complete the loan term and pay off the full balance, you get your savings plus earned interest paid out to you. Some of that interest becomes part of your return, though part covers the lender's costs.
Key Features of MoneyLion Credit Builder Plus
Integration with their app is a major feature. Your credit builder loan appears alongside your budgeting, savings, and investment accounts in one dashboard. This makes it easy to track all your money in one place.
Flexible loan amounts range from small ($500) to substantial ($10,000+), letting you choose what fits your financial situation. You're not locked into a standard amount.
No hard credit check is standard for credit builder products, and MoneyLion follows this model. Approval doesn't depend on your credit score, making it accessible even with bad credit or no credit history.
Credit bureau reporting happens monthly across Equifax, Experian, and TransUnion. All three bureaus see your on-time payments, which is critical for comprehensive credit building.
Fees and Membership Costs
MoneyLion charges a monthly membership fee for their core features, which ranges from $0-$40+ per month depending on the plan you choose. Credit Builder Plus is sometimes available as part of Premium membership ($19.99/month) or sometimes as an add-on.
Interest rates on the credit builder product vary but are typically in the 3-8% range depending on your loan amount and term. This interest is deducted from your final payout.
Origination fees may apply when you open the loan. Some versions of MoneyLion's service are advertised as having no origination fees, while others may include them.
The overall cost depends on which MoneyLion membership tier you choose. The free version may have limited credit builder access, while paid tiers unlock more features.
Credit Reporting Details
MoneyLion reports to all three major credit bureaus monthly, which is exactly what you want for credit building. The account appears as an installment loan on your credit report.
Your payment history is the most important factor in your credit score, and MoneyLion contributes meaningfully to this. Monthly on-time payments compound quickly.
The credit builder loan stays on your report even after it's paid off, which helps your long-term credit history length. This is valuable for maintaining good credit once you've improved it.
MoneyLion
Compare personal loan offers from top providers in minutes with no credit score impact with the MoneyLion Marketplace.
Loan Amount
Varies
Term
Varies
APR
Varies
Admin Fee
Varies
Monthly Fee
Varies
Credit Check
Varies
Average Score Increase
Varies
MoneyLion vs. Self vs. Kikoff
Self is a dedicated credit builder company with one focus: helping you build credit. They offer flexible terms, no membership fees (just interest on the loan), and straightforward pricing. Self has been around longer and has more brand recognition. Read our Self Credit Builder review for a detailed look.
Kikoff focuses on building credit for immigrants and people with thin credit files. They offer similar products to Self with added educational resources. Kikoff's support is targeted at underserved populations. See our Kikoff review for more details.
MoneyLion's advantage is the all-in-one app experience. If you want budgeting, investing, and credit building in one place, MoneyLion is compelling. If you want pure credit building focus and simplicity, Self is better.
MoneyLion's membership fees can add up compared to dedicated credit builder companies. You're paying for access to multiple features, not just credit building. This is good if you use those features, wasteful if you don't.
Pros and Cons of MoneyLion Credit Builder Plus
Pros include the integrated app experience, legitimate credit building through monthly reporting, no credit check approval, flexible loan amounts, funds returned at the end, and multi-bureau reporting.
If you already use MoneyLion for budgeting or investing, adding Credit Builder Plus is seamless. Everything shows up in one dashboard.
Cons include the membership fees that stack on top of the product (unlike Self or Kikoff), potential complexity from having too many features in one app, and the fact that monthly costs are higher if you're only interested in credit building.
MoneyLion is a generalist app trying to do many things. If credit building is your only goal, a specialist like Self is more focused and potentially cheaper.
Some users find the app overwhelming with too many features they don't need. If you want simplicity, dedicated credit builders are cleaner.
Who Is MoneyLion Best For?
MoneyLion Credit Builder Plus works best if you're already a MoneyLion user or want to consolidate your financial tools into one app. Having your credit builder, budget, savings, and investments all in one place appeals to people who like one-stop solutions and hate switching between multiple apps.
People who want a full financial ecosystem rather than just a credit builder should consider MoneyLion. You're not just paying for credit building, you're getting access to their full budgeting platform, investment tools, and financial insights. This holistic approach appeals to people serious about financial improvement beyond just credit.
It's also good for people who benefit from behavioral nudges and gamification. The MoneyLion app nudges you to save and invest alongside your credit building, which can help develop better financial habits overall. Seeing your credit improve while your savings grow is motivating.
It's particularly good if you struggle with financial discipline. MoneyLion's integrated approach makes it harder to ignore other aspects of financial health while you focus on credit building.
It's less ideal if you're on a tight budget and want to avoid membership fees. Dedicated credit builder products like Self charge no membership fee and are significantly cheaper if you only need credit building and don't use their other features.
It's also less ideal if you prefer simplicity. MoneyLion's abundance of features can feel overwhelming if you just want a simple credit builder loan without all the extras.
How to Sign Up for MoneyLion Credit Builder Plus
Download the MoneyLion app from your phone's app store. Create an account with basic personal information. MoneyLion will verify your identity and income.
Browse the Credit Builder Plus option within the app. Select your loan amount and term. Apply for the credit builder product.
Once approved, set up your initial deposit and automatic monthly payments. Your first payment is typically due 30 days after the loan is funded.
Some users report the app experience is smooth and intuitive, while others find it complex with too many options. Try the free version first to see if you like the interface.
Building Credit Beyond MoneyLion
While the credit builder loan from MoneyLion is solid, supplement it with other credit-building strategies for faster improvement. Add a secured credit card like Self Visa® or Ava, use Experian Boost, or enroll in rent reporting.
Monitor your credit progress with Creditship to see exactly how MoneyLion's loan is affecting your score. This helps you understand what's working and what else you might add.
Keep the credit builder account open after it's paid off to maintain your credit history length. Closing it removes an account and ages, which hurts your score.
Building Toward Other Financial Goals
One advantage of MoneyLion is that it's designed to help with multiple financial goals. While building credit, you can start investing, saving for emergencies, or working toward other financial objectives.
The integration means you see your progress across all areas in one place. This comprehensive view can be motivating.
However, focus on credit building as your primary goal initially. Once you've achieved your credit score target, you can shift attention to other features.
Related: Best Credit Builder Loans in 2026
Related: 5 Best Credit Building Apps
FAQ
How much does MoneyLion Credit Builder Plus cost? Costs vary based on which MoneyLion membership tier you choose ($0-$40+/month) plus the interest on your credit builder loan (3-8% depending on amount and term). Total first-year cost ranges from $50-400+ depending on your choices.
Does MoneyLion report to all three credit bureaus? Yes. MoneyLion reports your credit builder loan monthly to Equifax, Experian, and TransUnion. All three bureaus see your on-time payments.
How much will my credit score improve with MoneyLion? Most people see 30-50 point improvements in the first 3-6 months, depending on their starting point and other credit activities. Larger improvements are possible over 12+ months.
Can I use MoneyLion if I have bad credit? Yes. MoneyLion doesn't do a hard credit check, so approval doesn't depend on your credit score. People with bad credit, no credit, or thin credit files can all get approved.
Is MoneyLion cheaper than Self or Kikoff? Not necessarily. Self and Kikoff typically have lower total costs if credit building is your only goal, since they don't charge membership fees. MoneyLion's costs are higher if you're just using the credit builder feature.
How long does it take to build credit with MoneyLion? Most people see meaningful credit improvement within 3-6 months of on-time payments. Complete credit rebuilding (moving from bad to good credit) typically takes 12-24 months depending on your starting point.
Should I use MoneyLion or a dedicated credit builder? If you want multiple financial services in one app, MoneyLion is good. If you only want credit building, a dedicated company like Self is more focused and potentially cheaper. Consider your other financial needs and budget.
What happens to my credit builder money after the loan ends? You get your full savings plus earned interest paid out to you. The account history remains on your credit report, helping your long-term credit profile.
Can I close my MoneyLion account after the credit builder loan is done? You can, but you shouldn't. Keeping the account open maintains your credit history length and account diversity. These both help your score long-term.
MoneyLion
Compare personal loan offers from top providers in minutes with no credit score impact with the MoneyLion Marketplace.
Loan Amount
Varies
Term
Varies
APR
Varies
Admin Fee
Varies
Monthly Fee
Varies
Credit Check
Varies
Average Score Increase
Varies
Firstcard Educational Content Team - March 24, 2026
