What is the Credit Reserve Account?

Based on your financial history as detected in the checking account you linked when applying for Credit Builder Plus, we’ll split your loan funding into two parts: 

  1. Money that you’ll get right away
  2. Money that we’ll save for you in a Credit Reserve Account while you pay off your loan

By holding some funds in the Credit Reserve Account, we are able to give you the opportunity to build your credit with consistent payments over the 12-month term of the loan.

The Credit Reserve Account will be in your name, and you’ll be able to see it in the “Finances” tab of the MoneyLion app. Think of it like instant savings! When you pay off your full loan amount (which includes the amount given upfront, the amount in your credit reserve account and any interest accrued), it may take up to 10-14 days to get the money from your Credit Reserve Account distributed to you after you have initiated your final payment. 

If you have an active RoarMoney account and debit card, we’ll disburse the funds to that account. If not, we’ll disburse the funds to your external checking account that you use for your loan payments.

Your Credit Reserve Account is an account maintained by MoneyLion’s SEC-registered investment adviser, ML Wealth, LLC, and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles and may generate interest at prevailing market rates.

You will not be able to access the funds in your Credit Reserve Account until you have paid off your Credit Builder Plus loan. You may use it to pay off your loan in full, if you choose. Learn more here.

The Credit Reserve Account is not a transaction or trading account. If you default on your loan, your Credit Reserve Account may be liquidated to partially or fully pay off what you owe.

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