jackii_avery 1 review | November 28, 2020
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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 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.
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.
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.
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.
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.
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