RICHMOND, Va.--(BUSINESS WIRE)--Mission Lane, a purpose-driven financial technology company, today announced the launch of the Mission Lane® Credit Builder Account, a new credit builder loan program aimed at setting consumers on the path to establishing strong credit.
Mission Lane, working with bank lending institutions, provides high quality, transparent and data-driven products and experiences for people trying to build or rebuild their credit and improve their financial lives. The Mission Lane Credit Builder Account is a program offered through Transportation Alliance Bank, Inc. dba TAB Bank that can help customers who may have difficulty qualifying for traditional credit products build credit and savings.
According to a recent survey by NerdWallet, ten percent of Americans had a credit card application denied during the pandemic. But coming up on hard times or having a lack of credit history shouldn’t preclude them from beginning their credit journey. Through the Mission Lane program, consumers can apply for the Credit Builder Account in minutes, without experiencing a hard credit pull. Once the account is opened, TAB Bank deposits the loan proceeds into a secured savings account. Throughout a yearlong period, borrowers repay their Credit Builder Account loan in increments of $25 per month. This payment history is reported to at least one major credit bureau, enabling account holders making on time payments to increase the chances of improving their credit score and building positive credit history.
“Establishing good credit can unlock important financial opportunities for Americans, but it can often be difficult for those who are starting at square one or who have experienced financial setbacks in the past,” said Lisa Fischer, Chief Lending and Growth Officer at Mission Lane. “Not everyone is going to be accepted for a credit card, so we’re excited to launch the Mission Lane Credit Builder Account program that can give people a first, second, or third chance.”
Once borrowers have fully repaid their loan, they can unlock their savings (including accrued interest) in full, with no fees involved.
“With the Mission Lane Credit Builder Account program, we wanted to create a clear and transparent product offering that helps people achieve their goals safely, without being caught in a web of confusing terms and hidden fees,” said Fischer. “We’re rightly adding this to our expanding suite of offerings to address the needs of the 100 million Americans who don’t have access to quality financial products.”
The Mission Lane Credit Builder Account is issued by TAB Bank and launched through a partnership with Peach, a modern and configurable lending technology platform that helps lenders efficiently launch, grow and scale new lending products through a streamlined loan management system, servicing tools and compliance monitoring.
This new offering is one of several products and services Mission Lane offers to serve this multifaceted group of consumers. Mission Lane currently serves two million customers with its market-leading credit card franchise. It also recently launched a debit account offering, Mission Money®, and has begun to roll out Earn, an income management tool.
More information about the Mission Lane Credit Builder Account can be found here.
About Mission Lane
Mission Lane is a purpose-driven fintech that leverages advanced technology, data analytics, and machine learning to provide a dignified customer experience to people who are working hard to build or rebuild their credit and improve their financial lives. Mission Lane branded products have terms that are better and easier to understand than most of the alternatives available to people with less-than-pristine credit or limited credit history. The company's digital self-service tools also make it easier for customers to stay on top of their accounts, further helping them succeed in improving their credit scores. To date, over two million consumers have chosen Mission Lane credit cards, earning top customer ratings on CreditKarma for their market segment, and also offers Mission Money, a debit product, Earn, an income management tool, as well as the newly launched Credit Builder Account.
