What is the Credit Reserve Account?

Based on our review of your finances in your linked external checking account, we may split your loan funding between your checking account and a Credit Reserve Account. This can help you save while you help build your credit! 

If part of your Credit Builder Plus loan is deposited in a Credit Reserve Account, this account will be in your name, and you’ll be able to see it in the Finances tab of the MoneyLion app. When you pay off your full loan amount, you’ll get the money from your Credit Reserve Account! If you have an active MoneyLion bank 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 interest-bearing 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, and so long as your Credit Builder Plus membership payments are current. 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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