Your loan payoff will happen automatically after you’ve made 12-months of payments. You can pay off your loan early without any penalty or fees; however, to get the full credit building benefit, we suggest you make the full 12-months of on-time payments.
To pay your loan in full via the mobile app:
- Click on the "Loans" tab
- Select "Active" and click on the active loan
- Select "Make a payment"
- Select "Pay loan in full"
- Choose a payment method from the available options
- If you have funds in your credit reserve account to be released, you'll be informed of which account the funds will go to. Note that you will not be able to complete your payment if there is no account for the funds to go to.
- Click "Confirm" to complete your payment
- You will be able to request for another loan as soon as your current loan is fully paid off
The payment options available include: debit card and electronic transfer from an external bank account. Where applicable, you may also be able to use funds in your Credit Reserve Account or your MoneyLion Investment Account. Once your payment has been processed; the balance of your Credit Reserve Account will be disbursed to your RoarMoney account if you have an active account and debit card to expedite the distribution and get your funds to you sooner. If not, we’ll disburse the funds to your external checking account that you use for your loan payments.
- Debit Card - The fastest way to pay off your loan and receive your Credit Reserve Account funds is to make your final payment on the loan via debit card. To use a debit card, Select payoff via debit card once you click the “Pay loan in full” button described above. If you pay off your loan from your RoarMoney account or via debit card, your credit reserve account disbursement typically takes 2 to 4 days.
- Credit Reserve account - you may use the funds in your Credit Reserve account to pay off your Credit Builder Plus loan only if the funds available exceed the outstanding balance on your loan. Your Credit Reserve account may still be used to pay off your loan even if you have membership fees or Instacash outstanding. Note: The funds in the Credit Reserve Account may only be used to pay off a Credit Builder Plus loan and not for any other amounts you owe to MoneyLion, such as membership fees, Instacash payments or other charges. If you pay off your loan with your Credit Reserve account, any remaining balance will typically be disbursed to the account of your choosing within 4 to 6 days.
- ACH - To make a payment from a linked bank account (ACH), you must have the bank account linked in your MoneyLion Wallet. To add a new bank account, tap your profile picture in the top left hand side of the app to open the Main Menu select Wallet and click on "+ Add Payment method." If you pay off your loan using electronic transfer from an external bank account, your credit reserve account disbursement typically takes 9 to 11 days due to additional processing times.
- MoneyLion Investment Account - Your MoneyLion Investment Account may be used to pay off your loan if your “available balance” exceeds the outstanding loan amount plus any Instacash payments due, and a 10% 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 pay off your loan using your investment account, please be aware it may take up to 14 days for you to receive the funds in the credit reserve account.
If you are having any trouble arranging a full payoff on our app, please contact our customer support team here.
ACH, Credit Reserve Account and investment account payoff methods have longer processing times. Depending on your payment method, the payment made 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 account.