Overview of MoneyLion
MoneyLion is a private fintech company that offers lending, financial advisory and investment services to consumers — empowering the American dream by providing everyone access to better products for borrowing, saving and investing
Co-founded in 2013 by Diwakar Choubey, Adam Green, Pratyush Tiwari, and Chee Mun Foong, MoneyLion uses superior analytics and machine learning-based technology to gain a 360-degree view of its users’ personal finances, enabling uniquely personalized advice and underwriting. With its built-in system of rewards, points, and incentives, MoneyLion encourages good financial behavior and better financial outcomes.
MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia.
Our Review of MoneyLion
Our general opinion of MoneyLion is a positive one. Having searched all over the internet for feedback and reviews, there were surprisingly few people with negative comments. Whenever an issue was brought to their attention, MoneyLion addressed it quickly and responded with a proposed solution to the problem.
Our experience with their Help Center was just okay. They provide a frequently asked questions page and a form you can submit to request help with a range of issues and questions. They do not provide live chat or telephone support at this time.
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 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.
Why Customers Choose MoneyLion
MoneyLion offers banking, investing, rewards programs, and credit monitoring in addition to creating the Instacash program. Below we have listed just a few of the many advantages of choosing MoneyLion for your borrowing needs:
- Set APR on loans: The APR is set at 5.99%.
- Easy Repayment: Installments are fixed, so your payments won't fluctuate over time.
- Early Repayment Option: Pay off your loan early without being charged extra.
- Transparent Fees: All fees are made clear during borrowing, no surprise future fees.
- Access to Premium Services as a Plus Member: Enjoy the perks of being a Plus Member, including zero-fee banking, managed investing and 0% APR cash advances.
Read more about their loan products here.