Improving household resilience to floods is an important policy challenge. In this paper, I study whether access to credit could achieve that goal. In particular, I examine the relationship between growth and resilience, the two primary motivators for increased access to credit. I do so by analyzing Pakistan’s largest women-led development program (SUCCESS), which mobilized and provided loans to landless and ultra-poor households based on a poverty score cutoff. I exploit the discontinuity in loan eligibility, resulting in otherwise similar households being ineligible for the loans. Among eligible households, the program increased loan takeup from 1% to 46%. The increased access to credit led to a 22 percentage point increase in investment in a riskier asset (livestock). However, this came at the cost of reduced housing quality, leading to higher house damages during floods. After the 2022 floods, in the high-flooded villages, the floods wiped out all the increase in livestock, reduced mental health, and increased loan defaults. In the low-flooded villages, households continued to accumulate more assets, and the gap widened over time.