Mission Lane is a fintech company with credit building products.

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The bottom line: The Mission Lane Credit Builder Account might be ideal if you’ve been denied from taking out a loan due to a poor or lack of credit history, or if you’re looking for a tool to help you increase your credit score.

Pros and cons

Pros
Cons

Build credit by paying off a loan that’s connected to a secured savings account
No hard pull is required to apply
No monthly service fees
No interest on the loan

 

No customer support on weekends
Only one plan is available

Mission Lane Credit Builder Account

The Mission Lane Credit Builder Account offers a good way for people with little or negative credit history to improve their credit score. 

The way it works is money from a $300 loan will be deposited into a secured savings account.

For 12 months, you’ll deposit 12 consecutive payments of $25 toward your loan (a total of $300). Meanwhile, Mission Lane will report your Credit Builder Account to a credit bureau monthly. 

After you’ve completed all 12 monthly payments, the $300 you’ve deposited into your Credit Builder Account will be returned to you, and your account will be closed. 

The Mission Lane Credit Builder Account may be an ideal fit if you’ve struggled to apply for a loan or don’t want to deal with potential fees or interest. 

How Mission Lane works

Mission Lane is a fintech company with financial tools to help you improve your credit score. 

In addition to the Mission Lane Credit Builder …read more

Source:: Business Insider

      

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