Your loan payoff will happen automatically after you’ve made 12-months of payments. To get the full credit building benefit, we suggest you make the full 12-months of payments on time and that you do not pay off your loan early. If you must, you can pay your loan in full via the mobile app:
- Press the "Loans" tab
- Select "Active" and click on the active loan
- Select the "PAY OFF IN FULL" button
- Follow the steps to select a payment method
- Submit payment
There is no penalty or fee for early payoff. You may have various payment options when paying off your loan, and you will see the options applicable to your personal situation under the “Loans” tab noted above. These options may include but may not be limited to your Credit Reserve Account, your MoneyLion Investment Account, or an external bank account.
- To use a checking account, you need to first add the account as a payment method to your MoneyLion Wallet. Tap your profile picture in the top left hand side of the app to open the Main Menu and find your Wallet there. Open your MoneyLion Wallet and click on "+ Add Payment method" to add it to the list.
- To use a debit card, first ensure that the card is valid and not expired. You will have the option to select payoff via debit card once you click the “PAY IN FULL” button described above.
- You may only use your Credit Reserve Account to pay off your Credit Builder Plus if the accounts funds exceed the outstanding balance on your loan plus a $0.25 withdrawal fee to divest the account. This account may only be used to pay off a Credit Builder Plus loan and no other MoneyLion or third-party loans.
- Your MoneyLion Investment Account may be used if your “available balance” exceeds the outstanding loan amount plus any Instacash payments due, a $0.25 withdrawal fee, and a 5% buffer for market fluctuations. If you have recently made a withdrawal from your investment account, you may be prompted to wait three business days to ensure you have adequate funds.
If you are having any trouble arranging a full payoff on our app, please contact our customer support team here.
Note: Depending on your payment method, your payoff can take up to five business days to fully process. Once your final payment clears, we will release your Credit Reserve Account funds to your selected checking account. Please note, it can take up to 10-14 days to receive the Credit Reserve Account funds once your final payment is initiated.