Summary
Credit builder loans up to $1,000 at 5.99%-29.99% APR
0% APR Instacash cash advances up to $500
Credit Builder Plus costs $19.99 /month
No hard credit check required to apply
Banking with early direct deposit, no overdraft fees
Available in 42 states plus Washington, D.C.
What Is MoneyLion?
MoneyLion is a mobile-first financial platform that bundles credit building, cash advances, banking, investing, and rewards into a single app.
Founded in 2013 and headquartered in New York City, MoneyLion is a publicly traded company on the NYSE (ticker: ML). The platform has grown to serve millions of users across the U.S.
The core offering is Credit Builder Plus, a $19.99/month membership that gives you access to credit builder loans up to $1,000, 0% APR cash advances through Instacash, credit monitoring, and cashback rewards.
MoneyLion also offers a separate WOW membership at $9.99/month for users who want banking perks and exclusive offers without the credit building component.
MoneyLion Products and Features
MoneyLion organizes its services into four main categories: Borrow, Earn, Win, and Save. Here is a breakdown of each product.
Credit Builder Plus
Credit Builder Plus is MoneyLion's flagship product. For $19.99 per month, you get:
- Credit builder loans from $500 to $1,000
- APR ranging from 5.99% to 29.99%
- 12-month repayment terms
- Monthly payment reporting to all three credit bureaus (Experian, Equifax, TransUnion)
- Credit monitoring directly in the app
- Access to 0% APR Instacash cash advances
- Lion's Share cashback rewards (earn back up to $19.99/month)
A portion of your loan funds goes into a Credit Reserve Account held in your name. You get the rest upfront, either instantly or within 48 hours depending on your funding method. Once you pay off the loan in full, you receive the reserved funds.
MoneyLion reports that 50% of members increase their credit score by 42 points within 60 days of joining Credit Builder Plus. No hard credit check is required to apply.
Instacash Cash Advances
Instacash lets you borrow against your next paycheck at 0% APR. Standard limits go up to $500, with Credit Builder Plus members potentially eligible for higher amounts.
Standard delivery takes 2-5 business days at no cost. If you need funds faster, MoneyLion charges a Turbo fee up to $8.99 per $100 for instant delivery.
Your Instacash limit depends on your direct deposit history, account transaction patterns, and other factors that MoneyLion evaluates automatically. There is no credit check for Instacash.
Banking (RoarMoney)
MoneyLion's banking account comes with:
- Early direct deposit up to 2 days before payday
- No minimum balance requirements
- No overdraft fees
- Free access to over 55,000 ATMs nationwide
- Contactless Mastercard debit card
- Weekly spending reports by category
Managed Investing
MoneyLion offers automated, goal-based investing with access to stocks and ETFs. The platform asks you a few questions and recommends one of several core portfolios based on your risk tolerance.
Monthly fees for managed investing:
- $1/month for accounts under $5,000
- $3/month for accounts up to $25,000
- $5/month for accounts over $25,000
Credit Builder Plus members get the base $1/month fee reimbursed. There is no minimum deposit required to open an investment account.
WOW Membership
The WOW membership is a separate, optional tier at $9.99/month (or $54.90 for six months, $99.99 annually). It provides exclusive offers, banking rewards, and partner deals. WOW is geared toward users who want the perks without the credit building focus.
MoneyLion Fees and Pricing
Here is a full breakdown of what MoneyLion charges:
- Credit Builder Plus membership: $19.99/month
- WOW membership: $9.99/month (optional)
- Credit builder loan APR: 5.99% to 29.99%
- Instacash delivery (standard): Free (2-5 business days)
- Instacash delivery (Turbo): Up to $8.99 per $100
- Managed investing: $1-$5/month depending on balance
- ATM withdrawals: Free at 55,000+ ATMs
- Overdraft fees: $0
- Account maintenance: $0
The Lion's Share rewards program lets Credit Builder Plus members earn cashback on purchases. MoneyLion states you can earn back up to $19.99/month in rewards, which would effectively offset the membership cost if you maximize it.
How to Apply for MoneyLion
Download the App and Create an Account
Download MoneyLion from the App Store or Google Play. Sign up with your full name, email address, and phone number. You can also sign up through the MoneyLion website.
Verify Your Identity
Provide your Social Security number, date of birth, and home address. MoneyLion uses this for identity verification. You must be at least 18 years old and have a U.S. bank account.
Link Your Bank Account
Connect an existing checking account. This is required for Instacash eligibility and for receiving loan funds. Setting up direct deposit unlocks higher Instacash limits and early paycheck access.
Choose Your Membership
Select Credit Builder Plus ($19.99/month) if you want credit building and loans, WOW ($9.99/month) for banking perks, or use the free tier for basic Instacash access and financial tracking.
Is MoneyLion Legit?
Yes, MoneyLion is a legitimate, publicly traded financial technology company listed on the New York Stock Exchange (NYSE: ML). The company is licensed to operate in 42 states and Washington, D.C.
That said, there are some things to be aware of:
CFPB Lawsuit and Settlement: In 2022, the Consumer Financial Protection Bureau (CFPB) sued MoneyLion for allegedly overcharging servicemembers in violation of the Military Lending Act and trapping consumers in costly memberships. In November 2025, MoneyLion settled the case, agreeing to pay approximately $1.75 million in restitution. The settlement bars MoneyLion from preventing borrowers from canceling memberships while loans are outstanding.
Customer Complaints: Reviews on platforms like the Better Business Bureau, Trustpilot, and WalletHub (which has nearly 30,000 user ratings) show a mixed picture. Common complaints include account suspensions, difficulty accessing funds, and slow customer support responses.
Security: MoneyLion uses bank-level encryption and partners with established financial institutions. Deposits are held through partner banks with FDIC insurance coverage.
Our MoneyLion Review
MoneyLion packs a lot of financial tools into one app, which is both its greatest strength and a source of complexity.
What works well: The credit builder loan is the standout feature. Reporting to all three bureaus monthly, combined with no hard credit check, makes it genuinely useful for people rebuilding credit. The 0% APR Instacash advances are a solid alternative to payday loans, though the Turbo fees can add up if you regularly need instant access.
Where it falls short: Customer service is the biggest concern. Across multiple review platforms, users consistently report difficulty reaching support representatives who can resolve actual problems. Account freezes and fund access issues appear frequently in complaints.
The $19.99 monthly fee is competitive for what you get (credit builder loan, cash advances, credit monitoring, rewards), but only if you actually use all the features. If you only want cash advances, you can access basic Instacash for free without the membership.
Availability: MoneyLion is not available in Colorado, Indiana, Iowa, Maryland, Montana, Nebraska, Nevada, or Vermont.
Does Financer Recommend MoneyLion?
MoneyLion is worth considering if your primary goal is building or rebuilding your credit score and you want an all-in-one platform that combines lending, banking, and investing.
The Credit Builder Plus membership provides real value for credit building, with payment reporting to all three bureaus and access to 0% APR cash advances. The fact that 50% of members see a 42-point score increase within 60 days is a meaningful result.
However, the customer service issues and the CFPB settlement are real concerns. If you primarily need cash advances without the credit building component, you may find better options with lower fees. And if you value responsive customer support, MoneyLion's track record in that area is below average.
Best for: People focused on credit building who want multiple financial tools in one app and can budget for the $19.99/month fee.
Not ideal for: Users who only need occasional cash advances, people in the 8 excluded states, or anyone who prioritizes customer service quality.
Why Customers Choose MoneyLion
MoneyLion offers credit builder loans up to $1,000 as part of its Credit Builder Plus membership. Combined with 0% APR Instacash cash advances, banking, and investing, it covers most basic financial needs in a single app.
Competitive APR: Credit builder loan rates start at 5.99% APR and go up to 29.99% APR depending on your profile. Instacash cash advances carry 0% APR.
No hard credit check: All credit types can apply. MoneyLion performs a soft pull only, so applying will not affect your credit score.
Credit reporting: Monthly payments are reported to Experian, Equifax, and TransUnion, which is the main draw for credit-building customers.
Quick funding: A portion of your credit builder loan is available upfront, with instant or 48-hour delivery options. Instacash standard delivery is free within 2-5 business days.
Easy repayment: Fixed monthly installments with no penalty for early payoff.
Transparent fees: All fees are disclosed upfront. No hidden charges or surprise costs.
Frequently Asked Questions About MoneyLion
Is MoneyLion a legitimate company?
Yes, MoneyLion is a legitimate, publicly traded financial technology company listed on the NYSE (ticker: ML). It was founded in 2013 and is headquartered in New York City. The company is licensed to operate in 42 states and Washington, D.C. However, the CFPB sued MoneyLion in 2022 over membership practices, which was settled in November 2025 for $1.75 million in consumer restitution.
Does MoneyLion give you money instantly?
MoneyLion offers instant delivery for Instacash cash advances, but it comes with a Turbo fee of up to $8.99 per $100. Standard delivery is free but takes 2-5 business days. For Credit Builder Plus loans, a portion of the funds can be delivered instantly or within 48 hours, depending on the funding method you choose.
What credit score do you need for MoneyLion?
MoneyLion does not require a minimum credit score. They perform a soft credit pull only, which does not affect your credit score. The platform is designed for all credit types, including people with poor or no credit history. Instacash limits are based on your bank account activity and direct deposit history, not your credit score.
Is MoneyLion easy to get approved for?
Yes, MoneyLion has a straightforward approval process. You need to be at least 18 years old, have a U.S. bank account, and provide basic personal information. Since there is no hard credit check, most applicants who meet the basic requirements get approved. Instacash limits start low and increase over time as you build account history.
Is MoneyLion safe to use?
MoneyLion uses bank-level encryption to protect your data, and deposits are held through FDIC-insured partner banks. However, customer reviews on platforms like Trustpilot and the BBB show recurring complaints about account suspensions and difficulty accessing funds. The platform is financially secure, but customer service quality is a common concern.
How much does MoneyLion charge per month?
MoneyLion's Credit Builder Plus membership costs $19.99 per month, which includes credit builder loans, Instacash access, credit monitoring, and cashback rewards. The WOW membership costs $9.99/month for banking perks and exclusive offers. A free tier is also available with basic Instacash access and financial tracking.
