Mission Lane
Credit Builder Account

Build credit now. Save money for later.

Work to build your credit without a credit card. No hard inquiry required.

Get Started

4 easy steps to get closer to your goals

The Credit Builder Account is a loan that can help you build credit and savings. The money from your loan is deposited into a secured savings account. As you pay down your loan, each payment increases your savings. Your payment history is reported to all three major credit bureaus, which can help you build credit.

Open your Credit Builder Account in minutes

Applying online is quick and easy. Confirm your identity and start building credit today.

Set aside $25 each month

Every month, pay $25 toward your loan to save for future use.

Grow your credit

Pay on time for your payment history to be positively reported to all three major credit bureaus.

Unlock your savings

Complete your full 12-month plan to gain access to your $300.

Build your credit

Your payment history is reported to all three major credit bureaus every month. Making on-time payments can increase the chances of your credit score going up, while late or missed payments could lower your score.

Payment history has a significant impact on your overall credit score.
Making payments on time is an important factor in increasing your score.
Late or missed payments could lower your score.
Opening a new loan could negatively impact your credit score.
Get Started
Credit rating

Save over time

When you open your account, the money from your loan is deposited into a secured savings account. For 12 months, you repay your Credit Builder Account loan. Once you’ve fully repaid your loan, you can unlock your accrued savings!

Your savings are FDIC insured.
Unlock your account savings after successfully repaying your loan.
If you end your plan early by either choice or account closure, you’ll be able to access the funds you’ve repaid up to that point.
Get Started

Credit Builder Account

$25

monthly loan payment
Build $300 in total savings

Monthly Fee

$0

Interest Rate

0%

Plan Length

12 months

Total Payments

$300

Total Savings

12

Frequently asked questions

How much will my credit score increase by?

Since everybody’s credit profile is unique and credit score models vary, we can’t determine if or by how much the Credit Builder Account could increase your credit score. For example, even if you’re paying your account on time, any activity from other accounts (payment history, delinquencies, bankruptcies, public records) could impact your score.

Keep in mind that, if you already have a credit score, opening a new loan could negatively impact your score.

What if I can’t make a payment?

If you can’t make a payment, you can request for your Credit Builder Account to be closed. Since the account activity is reported as a loan, any missed or late payments may negatively impact your credit score. If we deem your account to be in default, then we’ll close your account.

Can I pay the account off early?

Yes. You can always pay your loan off early without penalty. Keep in mind that doing so will lower the number of payments reported to the credit bureaus. Since your payment history has a significant impact on your credit score, this could impact the positive effect that the Credit Builder Account could have on your score. Completely paying off your loan doesn’t automatically result in an approval for a Mission Lane credit card.

Can I access my funds early?

Yes, you can access your funds early by paying off your loan in full. However, to get the most out of your Credit Builder Account, we strongly recommend that you make on-time payments throughout the full 12 months of the plan. Keep in mind that this isn’t a credit card, and paying off your loan doesn’t result in a line of credit.

Note: since your payment history has a significant impact on your credit score, paying on time throughout the full length of the plan may increase the chances of positive impacts to your score.

How will you report my account to the credit bureaus?

We report your Credit Builder Account to all three major credit bureaus each month. This report is a summary of your account activity from the month before. Once we report to the bureau(s), it may take a few weeks to show on your credit profile. It may take even longer to appear on other credit monitoring sites.

Note: if you don’t have credit before opening the Credit Builder Account, or if you haven’t had an active credit account for some time, then you may not have an existing credit profile until you open your Credit Builder Account. 

Are there other plan options?
No, we don’t offer any additional Credit Builder Account plans right now.
What happens when I complete my full plan?

Once you’ve repaid your loan, we’ll close your Credit Builder Account and return your savings to the last bank account from which a successful payment was made. Before you make your final payment, please ensure that the bank account you're paying with is the account into which you’d like your savings returned. This offering isn't a credit card, and paying off or completing your full plan doesn’t result in a line of credit.