2.3
Overall Rating
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2.3
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Chosen 11,327 times
  • $50 – $1,000
  • Pay Day Loans
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Overview of MoneyLion

Founded in 2013, MoneyLion is a mobile banking platform that offers credit builder loans up to $1,000, interest-free cash advances, banking with early paycheck deposit and no minimum balance, managed investing, cashback rewards, and financial tracking and education.

MoneyLion breaks down traditional barriers to financial health and provides financial access to hardworking Americans, helping them take control of their money and reach their goals.

By leveraging artificial intelligence, superior analytics, and machine learning technologies, MoneyLion can gain a 360-degree view of its customers’ personal finances and deliver uniquely personalized advice and underwriting.

MoneyLion is headquartered in New York City and has more than 6 million users. MoneyLion has achieved various awards of recognition, including the 2020 Forbes Fintech 50, Finovate Award for Best Digital Bank 2019, Benzinga Fintech Awards winner for Innovation in Personal Finance 2019, and the Webby Awards 2019 People’s Voice Award.

Our Review of MoneyLion

Reputation

Our general opinion of MoneyLion is a positive one. Having searched the internet for feedback and reviews, there were many positive comments from people who’ve benefited from the company’s products and services. Whenever an issue was brought to MoneyLion’s attention, they addressed it quickly and responded with a proposed solution to the problem.

Support

MoneyLion offers live chat support through their app along with a chatbot feature for simple questions. Customers can also contact them through phone support or their website.

Website

We love simplicity, both in functionality and design, and the MoneyLion site delivers on both of these while staying true to their stated mission: “Rewire the American banking system so that we can positively change the financial path for every hard-working American.”

It’s easy to understand and use their website, and the Credit Builder Plus loan application was very smooth. It took us less than 10 minutes to fill out the application from beginning to end. They do a particularly good job of highlighting all the products and services they offer members.

Does Financer.com recommend MoneyLion?

Yes, we do. This is one of the most popular lenders we have reviewed, and it’s definitely no surprise. Their site and application process are streamlined and simple, they offer reasonable interest rates, and they provide high quality and reliable support. Financer.com can gladly say that MoneyLion is an excellent option when you’re in need of a loan or other financial services.

Why Customers Choose MoneyLion

MoneyLion offers credit-builder loans up to $1,000 as part of its Credit Builder Plus membership. They also offer 0% APR Instacash advances up to $250, smart mobile banking, managed investing, and rewards.

Below we have listed just a few of the many advantages of choosing MoneyLion for your borrowing needs:

Competitive APR: The APR for MoneyLion’s Credit Builder Plus loan starts at 5.99%. The APR for its Instacash cash advances is 0% APR.

 No hard credit check: The loans are suitable for all credit types. Customers apply in the MoneyLion app by linking a checking account and can get approved in minutes.

Cost: The Credit Builder Plus membership costs $19.99 a month, which gives you access to the credit builder loan, monthly credit reporting to all three credit bureaus, as well as access to Instacash, MoneyLions’ 0% APR cash advance product, and other valuable features. You also have the opportunity to earn back the membership fee with their Lion’s Share rewards program.

Quick funding: One great feature of MoneyLion’s Credit Builder loan is they give you a portion of the loan amount upfront. You can receive those funds instantly or within 48 hours (depending on your funding method chosen). The rest of the loan is held in a Credit Reserve Account in your name, and you’ll receive this money after you pay off your full loan amount.

Easy repayment: Installments are fixed, so payments won’t fluctuate over time.

Early repayment option: There is no penalty for early pay off with MoneyLion. Pay off your loan at any time without being charged any additional fees.

Transparent Fees: Any fees are made clear during borrowing, no surprises.

Access to premium services: The administrative fee for banking and investing are reimbursed for Credit Builder Plus members, and they can earn exclusive Lion’s Share cashback.


Reviews of MoneyLion

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jackii_avery 1 review | November 28, 2020
General Review
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mark_roman 1 review | November 27, 2020
General Review
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Upsides
Not a one single one
Downsides
They will literally steal your money and tell you there’s nothing they can do they are thieves and a scam and diserve to be in prison or worse
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Kiersten Lister 1 review | November 24, 2020
General Review
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Upsides
Instacash, build credit, notifications for everything!
Downsides
None so far
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$$Shitter123 1 review | November 24, 2020
General Review
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Upsides
There used to be some
Downsides
Sooo they lend u 1000.00 and ur payments will build ur credit. Except u don’t get to touch the loan for some reason they hold on it while u pay it off. Why the hell am I going to pay back a loan that I don’t get till it’s paid off ?? So it’s a savings account they you have to pay back what F&C#ing sense does that make. This company turned into some pieces of $h;t they didn’t used to be either . that sucks !
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Jenny Lake 1 review | August 20, 2020
General Review
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Upsides
ZERO FREAKING PROS
Downsides
I used to be a fan of this company. It was nice being able to access Insta Cash if I was in desperate need of money to pay a bill. Now they have caused nothing but trouble! As of right now I\'m dealing with an issue where I noticed that they were charging me $72 and $113 for an Insta Cash withdraw. This was really weird considering the last insta cash I needed was for $100. When I FINALLY managed to get a hold of somebody through chat they claimed that the $72 was for an insta cash repayment that I still owed them from back in the beginning of MAY. MAY! When I told them that their system normally doesn\'t allow for anyone to borrow instacash if it hasn\'t been paid back, why would I have been granted that access to keep borrowing, but then all of a sudden a few months down the round I\'m just NOW owing them. She claimed that it had something to do with their system, which honestly sounded like total BS to me. When I asked her if she could wait a second for me to check my bank account to see the transactions, she started running around in circles, and started giving me attitude. When I managed to pull up the transactions it showed that the payments did come through for that repayment in May and it was for a LOT more money then what she was claiming that I actually paid. As soon as I mentioned that, she cut off the conversation and told me that I wasn\'t responding fast enough to the messages and to contact a more friendly representative in the morning. I have been trying to get a hold of someone ANY WAY possible, and I cannot get through to ANYONE! This company is a joke!!!!!! STAY AWAY FROM THEM!
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Mr. Just being honest 1 review | May 15, 2020
Personal Loan
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Upsides
Nothing
Downsides
its a total rip off , they demand you pay for money that you never get called a credit building loan , how in the world do you give them 500 dollars to get 500 dollars and have to pay them back 500 they just steal 500 dollars from you for their loan... plus they charge 20 dollars a month for s$it#y service so in total they just steal 520 dollars from you, and overdraft your accounts like crazy if you don't have that much money!!! Stay away from this company!
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Crystal Storm 1 review | April 28, 2020
Personal Loan
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Upsides
No pros for now
Downsides
DO NOT USE! Do not use MoneyLion to rebuild your credit. 1 - They're not even reporting my payments to any credit agency. I've seen no change in scores, and I've checked my reports, they are not reporting. 2 - I called them to have my bank account information changed so they could take the usual monthly payment. I was assured over the phone the upcoming payment would be removed from the new account. Instead they took it from wrong account and overdrafted my account. When I contacted them I was told that it takes 2 -3 days for those changes to go through and because of that, they weren't going to credit me the NSF. When I explained that the rep I spoke to AND the documentation on their website did not indicate this, they thanked me for the feedback and still refused to credit the NSF fee. I'm now out $70 in the middle of a pandemic when money is incredibly tight because of a lack of communication. Beyond furious. 3 - Their $20 membership fee is BS and pretty much a money grab. There is nothing inside of the moneylion app that will help you that you can't get from a site like WalletHub or Credit Karma. So to recap the credit building is a lie. Membership fees are a scam. They're are greedy as hell and refuse to simply do the right thing based on a mistake THEY MADE. If you need quick cash use an app like DAVE. Dave is wonderful! Moneylion is a joke.I was in a desperate situation and needed the cash and I regret this deeply. Don't make my mistake, DO NOT USE MONEYLION.
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Ralph Marquez 2 reviews | April 24, 2020
Personal Loan
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Upsides
No pros for now
Downsides
They lure you in with a low apr on a loan. Then they sign you up for a money builder plus account to build credit. It's 9.99 bi weekly. 20 a month which can't be stopped until your loan is paid in full. Also they are the only company i used who refused to pause payments due to coronavirus. Horrible customer service not even from the USA. Get a loan with a higher apr, no monthly fees to "help build credit", and human compassion during a global pandemic.
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Ralph Marquez 2 reviews | April 24, 2020
Personal Loan
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Upsides
No pros for now
Downsides
They lure you in with a low apr on a loan. Then they sign you up for a money builder plus account to build credit. It's 9.99 bi weekly. 20 a month which can't be stopped until your loan is paid in full. Also they are the only company i used who refused to pause payments due to coronavirus. Horrible customer service not even from the USA. Get a loan with a higher apr, no monthly fees to "help build credit", and human compassion during a global pandemic.
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Christopher Williams 1 review | April 16, 2020
General Review
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Upsides
Nothing all they do is lie lie lie
Downsides
Customer service.protection of customers money...understand we are in a crisis and refund the money they took from me on accident it's been 6 days still nothing
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