What type of bank accounts can I use to pay off my loan in full?

Currently, you can use a checking account, savings account, debit card, MoneyLion investment account, or your MoneyLion Credit Reserve Account to pay off your loan in full. Please read below for details on each method.

  • To use a checking account, you need to first add the account as a payment method to your MoneyLion Wallet. You can do that from Wallet or by clicking on "+ Add Payment method" to add it to the list. 
  • To use a debit card, simply first ensure that the card is valid and not expired.
  • To use your Credit Reserve Account, you may only use it to pay off your Credit Build Plus loan (and no other loans) in full. And you must have enough funds in your Credit Reserve Account to cover your outstanding loan balance plus a $0.25 withdrawal fee (withdrawing from your Credit Reserve Account).
  • To use your investment account, note that your “available” balance must be enough to pay your loan in full plus cover any Instacash payments due, a $0.25 withdrawal fee, and a 5% buffer for market fluctuations. Learn more here. If you made a recent investment withdrawal, you may be prompted to wait until three business days have passed to ensure adequate funds.

 

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