Generate credit in 12 months

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Pros and cons

Annual Percentage Yield (APY)


Minimum deposit amount


Annual Percentage Yield (APY)


Minimum deposit amount



  • No monthly service fees
  • No minimum opening deposit
  • Pay off loan at 0% in $25 increments over 12 months ($300 total)


  • To withdraw funds earlier, you will need to finalize the $300 payment earlier
  • The account is closed after 12 months.

More information

  • Paying off a $300 loan using a secured savings account
  • Make a $25 payment to your account each month for 12 consecutive months
  • Mission Lane will report your Credit Builder account to a credit bureau each month so you can improve your credit score
  • If you miss a payment, you’ll have access to what you’ve made in payments so far.
  • FDIC insured through TAB Bank

Mission Lane’s Credit Builder Account offers a great way for people with little or bad credit history to improve their credit score.

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

Over 12 months, you will deposit 12 consecutive payments of $25 toward your loan (a total of $300). In the meantime, Mission Lane will report your Credit Builder account to a credit bureau on a monthly basis.

Once you have completed all 12 monthly payments, the $300 you deposited into your Credit Builder account will be returned to you and your account will be closed.

Mission Lane’s Credit Builder Account may be ideal if you’ve had trouble applying 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 account, the fintech company also has a Mission Money debit card, a Mission Lane credit card, and personal finance education.

You can reach Mission Lane customer service by phone from 9 am to 8 pm ET, Monday through Friday.

Mission Lane has a mobile app just for your credit card.

The Mission Lane Credit Builder account is FDIC-insured through TAB Bank, and the lending tools are provided by the fintech loan management platform Peach Finance.

Mission Lane Reliability and BBB Score

The Better Business Bureau rates companies based on responses to customer complaints, honesty in advertising, and transparency about business practices.

Mission Lane received a B- rating from the BBB because it has received a high volume of customer complaints.

A strong BBB rating does not necessarily mean that you will have a smooth relationship with a company. Talk to customers or read customer reviews online as well.

Mission Lane Credit Builder Account vs. Experian Go

There are several different banking products and tools that you can use to build your banking and credit history.

Earlier this year, Experian launched Experian Go as a resource for people with no credit histories. Here’s how the two shows compare below.

Mission Lane and Experian Go provide different tools to boost your credit score. Your preference may depend on which method stands out to you the most.

With Mission Lane, you will open a $300 loan. To receive your loan funds, you will need to make 12 consecutive payments of $25. For every month you make a payment, your Credit Builder account will be reported to a credit bureau so you can improve your credit score.

Experian Go might be a better option if you’re not ready to apply for a loan. The free program guides you through ways to improve your credit score.

For example, you can link your bank account to Experian and use monthly payments on


services or utility payments to improve your credit score. You can also apply for credit cards or become an authorized user of someone else’s card.

Mission Lane Credit Builder Account vs. Dora Financial

If you haven’t used personal finance tools like bank accounts and loans due to poor banking history, you might also consider looking into Dora Financial. Here’s how the companies compare below:

Mission Lane is likely to be a better choice if you’re looking for a way to build credit over time.

The Mission Lane Credit Builder account allows you to pay off a $300 loan over 12 months by depositing money into a insured savings account. While you can access your funds sooner if you complete payments early, ideally you’ll want to stick to 12 monthly payments to maximize your credit score.

If you prefer to open a permanent bank account with easy access to your money, you may be more inclined towards Dora Financial. Dora Financial offers a Second Chance Checking account that may be a good option if you have had trouble opening a checking account due to your previous banking history.

Everyday Checking requires a $0 initial deposit and has an application fully in English and Spanish. It also charges zero monthly service fees, zero overdraft fees, and no credit check required.

Frequent questions

What happens if you miss a payment on your Mission Lane Credit Builder account?

You will be able to close your account and access the funds you have paid on your loan. However, if you miss consecutive payments, it can negatively affect your credit score.

How much will my credit score increase with the Mission Lane Credit Builder Account?

Mission Lane states that your credit score results will vary based on your credit profile. You’ll need to be aware that late payments could negatively affect your score. Making early payments may also prevent you from taking full advantage of Mission Lane’s credit builder account.

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