2.5 From 17 Reviews

Read 36 reviews

2.6/5

Rating

3,023

People chose this

36

User reviews
2.5 From 17 Reviews
Customer Support 2.5
Interest & Loan Costs 2.5
Flexibility & Loan Terms 3
Website & Functionality 2.5
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Why MoneyLion?

  • Credit Monitoring, Investing, & Loans All in One Place!
  • Loan amounts: $500 loans available
  • Term of loan: Choose to pay back the loan between 14 Days - 1 Year
  • Credit score: Yes, MoneyLion may accept clients with poor credit score
Get Started at MoneyLion »

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Reviews from customers

  • Craig
    says:
    5

    Great service and lighting speed. The app brings your spending habits to light. You want…

  • Scott
    says:
    5

    Moneylion has very good customer service and they were able to help me get the…

  • Martin
    says:
    5

    I've been using Moneylion multiple times now. They have a great tool for credit monitoring.…

  • See all reviews here

    MoneyLion - Summary

    MoneyLion is jack of all trades financial service website and mobile app. MoneyLion provides access loans, wealth management, credit monitoring service, financial news & advice, and variety of other tools and services in the financial sector.

    What makes MoneyLion unique is that all their services are rolled into one place and work together to maximize your financial status and rewards users with points that can be used on things such as gift cards.

    Account

    In order to use MoneyLion’s services, a user must have an account. MoneyLion allows for the creation of a free account and the option of a paid account called MoneyLion Plus. Both accounts allow access to almost all services, with Plus giving user some unique benefits (which will be detailed later).

    A user must be 18 years old and have a bank account in order to register. Once a user has created an account, the user now has access to MoneyLion’s services.

    MoneyLion Plus

    As mentioned above, MoneyLion provides two types of accounts, free and Plus. The free account gives the user access to financial advice, rewards program, and credit monitoring. The Plus account comes with all of the free benefits in addition to access to their investment platform, loans, and exclusive rewards and benefits.

    A Plus account works be withdrawing $79 from a user’s account every month. $50 of that money goes towards investment, which is personalized based on the user’s financial status. The remaining $29 is used as the membership fee. However, this fee can be refunded by logging into the app daily, with $1 being refunded per day.

    Personalized Advice

    One of MoneyLion’s prime features is the personalized financial advice. This works by having your bank account, credit score, and investing tied into your account.

    MoneyLion uses your combined financial information to monitor how you spend and save and tailor suggestions for how you can maximize your finances. This includes topics such as alerts on your spending habits, advice on how to invest, or tips on saving your money.

    Rewards Program

    A nice incentive included in MoneyLion’s services is their rewards program. Users earn rewards by performing various activities, such as signing up for credit monitoring, making payments on time, or taking a loan out through MoneyLion.

    These points are accumulated over time and can be cashed in for different rewards. Basic rewards include movie tickets or gift cards. However, rewards can also be used for bigger things, such as getting a lower rate on a loan.

    Credit Monitoring

    Having access to your credit score is a modern necessity. This is why MoneyLion gives their users free access to their credit score and free credit monitoring. Using the site or app, a user can see their current score and any activity that has recently been associated with their credit.

    This gives the user great security in their credit score and knowing how they are doing credit wise with their finances.

    Investing

    One of the features available to MoneyLion plus members is the investment service. This services works by automatically deducting $50 from a user’s account and investing it. This investment portfolio is managed by “team of experts” who have experience in Wall Street. The portfolios are diversified and include investments in ETF’s or Exchange Traded Funds.

    The best part about this investment service, though, is there are no fees extra fees associated with it. This means a user can simply pay their membership fee and have a set amount to account for every month with no hassle.

    Investment portfolios from MoneyLion are insured up to $500,000, can have peace of mind knowing their investments are safe. Investing is done automatically when the money in deducted but a user can monitor and examine their portfolio by going through the app or website and clicking on the investment tab.

    In order to access the investment service, a user must have a social security number, be a U.S. citizen or resident, and meet the general MoneyLion user requirements.

    Loans

    The other prime feature available to MoneyLion Plus members is access to loans. The loans offered to plus users come with a few perks. The APR is set at 5.99% and the installments are fixed, so a user’s payments are constant.

    These loans do not require reapplication once a user is a Plus member, meaning a user has access to a loan at any time. Loans also have no fees associated with them, with no origination or repayment fees.Over time, a user can gain access to bigger loan amounts and can use their rewards points to get better rates. To apply for a loan, simply use the affiliate link above to head over to MoneyLion, log in, and click on the loan icon above.

    The requirements for receiving a loan include a verified identity, employed with an income, a checking account, & a good credit score, in addition to general MoneyLion user requirements.

    Reviews - Read Customer Reviews of MoneyLion

    Not a top-performing offer

    This lender is not among the top rated, based on user reviews. It has received a rating lower than 3.5 out of 5, which may indicate that customers are not fully satisfied with the service.

    If you would like to see other alternatives, click here for a list of top lenders.

    1. Martin
      says:
      5

      I’ve been using Moneylion multiple times now. They have a great tool for credit monitoring. I have taken several loans from them as well and everything always goes smooth.




      6



      0
    2. Scott
      says:
      5

      Moneylion has very good customer service and they were able to help me get the money i needed for urgent expenses. Thanks alot!




      4



      0
    3. Andy Sanchez
      says:
      1

      They Get you a loan at a low APR %5.99 a month for a $600 loan. Good! But then you have to pay a 1 time fee of $130 for the subscription. Which later I found out that it is actually a monthly fee not a one time fee. Now I am paying more for the monthly subscription of $130 than the actual loan payment of $93 SMH! What a rip off. There was a catch. So that low 5.99% APR is just a myth for you to apply. For a $600 loan I am paying $1400 once its paid.off in 6 months.




      2



      4
    4. Terrie Thyret
      says:

      Hi I applied for a $550.00 loan a few days ago I signed all the loan documents and was verified. I downloaded the app it showed everything was approved!! Then I went to my app and the loan was canceled how can you approve and then cancel? I feel I was taken advantage of..

      Than you
      Terrie Thyret




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    5. Joseck
      says:

      I’m in Kenya can I qualify




      0



      6
    6. Julie K
      says:

      Trying the deactivate the account took several days. The chat option takes several minutes to get someone present, doesn’t seem to work as chatting with customer service is intended.




      1



      1
    7. Craig
      says:
      5

      Great service and lighting speed. The app brings your spending habits to light. You want to make sure you log into the app daily which in return rewards you. The fee’s may seem high but if you break it down and log in daily and get the rewards its not bad at all..




      4



      1
    8. janis elliott
      says:
      1

      I did have an account with moneylion. I closed the account, and the bank account that was tied to it was also closed. In February the account was reopened because they CLAIM in December they had attempted to take money from my bank account. I told them I had closed that account, and removed it. If the account was removed then why would they attempt to try to take funds from it? Also why did the reopen a closed account without me authorizing it. I gave them a bank statements proving that A. the account was closed and B. I never received a loan on the date in question. I asked them to provide proof that funds were deposited, or any attempts were made to have funds taken. They could not, or have not provided that proof. I have called many times trying to get this cleared up, and now it’s April and they now showing a negative mark on my credit report. If I pay them $500 who is to say another scam on their part wont happen again?




      6



      1
    9. Angela Morgan
      says:
      3

      While I have to say the money came next day and it was a LOW 5.9% loan compared to others their fees were VERY misleading. It read a fee of like under $200 which read that it would be per loan. But they were taking my bi-weekly payment PLUS another $64 in “membership fees”. For like $600… basically they are NO CHEAPER than these high interest pay loans… I don’t know about ML Plus but their standard form SUCKS. I got cheaper pricing at Amscot. They also don’t tell you those “membership fees” still go even AFTER the LOAN IS PAID OFF…. like Really I am going to pay your $126 month to only be able to borrow like $600… uhm NO THANK YOU. Please make sure you are not only reading terms (apparently not clear) but also call and verify what you believe to be the terms and have them break them down further… oh and get a call recorder app on your phone. Most states only require 1 party consent for those companies that are not on the up & up… get name & reference number for all calls.




      9



      1
      • Brandon
        says:

        Moneylion is a forced savings account you are basically having all your money that you spend on the membership fees put into the investment account and when you log in everyday it makes up for the fees from moneylion. I’ve been using the app for 8 months and haven’t had any issues with it, been paying the loan off on a biweekly basis and I enjoy how this app/site works. I used the loan to pay off a credit card that had an outrageous interest rate, so honestly I saved money. If your not enjoying this app then your doing something wrong or your just looking for a quick buck.




        0



        0
    10. Kathy Brown
      says:
      1

      On 5/10/18,I was in need for quick money to pay a bill, so I was told to surf the internet for loans. I came across MoneyLion and applied the process was quick and fast approval. I recieved a phone text stating that my funds would be deposit into my account on 5/11/18. So Im waiting all day for the funds to come, I went to work and worked a 8hr shift, still no funds deposit in my account. I reach out to someone through the chat on the MoneyLion app, and was told to contact my bank, I called my back and there was NOTHING pending for a deposit. I chatted servale times through out tge day and still nothing. My last chat feedback was check my bank Monday or Tuesday for the funds…….. I was shocked!!!!….. I was expecting the funds May 11. And at this time I am still waiting……. I had to borrow the money from a coworker. I am so disappointed. My loan status is still saying FUNDS PENDING.




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      5
      • Davender Carpenter
        says:

        Not released to the bank. Call customer service MoneyLoin. And stop messaging them on phone and internet. That shit not going to work.




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        0
    11. Branson
      says:

      Paid off my loan and they refuse to pay me my investment back. They lie, constantly. It’s been 3 months- it’s a scam




      1



      1
      • Steve
        says:

        In the same boat as you. It’s been 2 months now and no resolution.




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        0
    12. John McMillin
      says:

      Oh yeah, they’ll approve you, but make sure you bring the ky jelly, because you’re gonna get screwed!!!




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      2
    13. Amy Seals
      says:
      1.5

      However much I liked the versatility and all the information of their site I did not appreciate their rude customer service. Also there chat line is a nightmare to try to get ahold of people and their website system does not work and it cost me an extra $60 because even though it showed on my end that they accepted the payment they did not and when I called on the same day they added $60 to the payment.




      1



      3
    14. Angela S.
      says:
      1

      I downloaded the app. It sats I’m approved for a loan and my application needs to be completed with my bank verification. I’ve been trying to get my bank verification for a week now. It will not process and when I start a chat no one ever answers until I leave the chat or it refers me to their FAQ, which is no help at all to me. I think it is a scam of some sort.




      2



      3
      • Davender Carpenter
        says:

        Did you notify the bank? Or MoneyLoin didn’t process it correctly like they did mine. I called the bank and asked them. Once they said no I knew it was them not the bank. Call customer service for MoneyLoin. Everything is complete in their system. They didn’t send it to your bank cause they “forgotten”
        lol




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        0
    15. Davender Carpenter
      says:
      4.5

      I have no problem with this company. First stop e-mail messaging to them. Shit call their customer service if you have a problem. Secondly if the funds aren’t in your account but loan was approved and pending on MoneyLoin site it’s not your bank. MoneyLoin has approved it but they ass did not send it to your bank. It’s ok don’t freak out calling the bank smh. Loan isn’t bad nor expensive. Pay monthly on set day no problem. Also the $79 is being invested come to find out. $50 of it automatically goes into a sort of savings. You can get it once the loan paid off but i advise not too. The $29 left over is for the fee for MoneyLoin Plus. This loan company is sort of savings/loans/investment company. Oh get the fucking app. You receive $1 every day when you log in. It adds up because if you do it for the entire month guess what??? The whole $79 goes into savings. Whomever created this type of company is fucking genius. I also believe they are the only company that does it. Smart muthafuckas…….




      11



      13
      • Deion Williams
        says:

        I agree with you a 100%. I love money lion.. This company really came through for me in a time of need. They take a chance of you even if you have bad credit. I am almost finished paying off my loan.




        0



        0
      • Teresa
        says:

        I have the same problem. I took out a loan dec. 2017, it was paid in full in June2018. They had no problem getting the payment and subscription everything was always on time. They took out another subcription payment and was not suppose too.i called them about it July 13th and lady said that they would refund my Money back. I have called and called about it, one time they said I would receive it by one date and I would call again and then another said it has not been sent to me and back and forward. They want let you talk to a supervisor. They will tell you the supervisor will say the same thing. When she told me I was been recorded, I told her she had been recorded by me every since the 13th. She told me that she was going to have to hang up because I was recording her. I told her if you can record me, why can’t I record you . I want my refund, I am going to call the better business bureau, If anybody know any of way let me know.




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        0
    16. Kailee
      says:
      0.5

      I cancelled my account with MoneyLion Plus 2 weeks ago and have yet to receive my refund.

      I was originally told I would receive it by Friday June 22nd.

      When I did not receive it, I called customer service and was they tried to put my refund in an old account of mine with Capital One that is no longer open- which makes absolutely no sense to me considering both payments for my membership came out of my Bank of America account. So the refund should have been issued to that account. I then gave her my account information for Bank of America AGAIN and was told that the refund will be in my account in 3 business days. Still have not received it. Have tried calling and can never get through to customer service. Just sent support an email yet again. Absolutely ridiculous. I want my money back.




      0



      2
    17. M. Whitaker
      says:
      2

      App doesn’t work. Attempted to connect app to two different bank accounts, and I always get the same message about it taking a few minutes. Several hours later, no connection. Then I have to retry again and again, with the same result.




      0



      2
    18. Grey
      says:
      1

      So you want to a MoneyLion Loan?

      Well…. you have to be a MoneyPlus member to get a loan, you are then required to pay $80 a month as a MoneyPlus member (a fee that is completely hidden by fancy info graphics and clever wording in the sign up process).

      Here’s where they get sneaky. Once you get a loan, you must autopay the member fee of $80 in addition to a loan payment every month on time. Here’s where they get even more sneaky. They say $50 of that fee goes into to your “investment account” (more on that later) claiming that you’re actually saving money you only end up with $30 as a monthly fee (even though $80 in real money still leaves your bank every month)

      So…..MoneyLion makes it even more convoluted by provide a service called an “Investment Account”. They incentivize you to download their App and log in everyday for $1 (that goes into your investment account), thats around $30 a month. What a great deal right. Cause that covers the member fee… Right? WRONG

      You do not gain access to the alleged “Investment Account” funds until the entire Loan is paid off. Which makes sense in most cases. But in with MoneyLion, by the time you end up paying off the loan with all your member fees attached.

      The BIG catch. Until your loan is paid off in full, none of the money in your “investment account” is available (Which makes sense). But all that cash MoneyLion “saved and invested” for you. Well, you get that once you’ve paid over $1000 annually between member fees and interest.

      Meanwhile your connected bank accounts are locked-in and membership cannot be canceled until you pay back everything. I’m not even sure thats legal.

      WHERE AM I SAVING ANYTHING?

      With MoneyLion, you are joining an expensive monthly club. But the perks in this club… get small loan you can’t payback, daily App tasks, fake invested money, false promises, no customer service, and really no services offered at all. Other than the little loan.

      Customer service offers no flexibility and seems to have tricked me and many other people into this clever money scheme.

      Other then the short lived benefit of having the initial loan when I needed it. I feel bated into a long term trap meant for people in desperate times. People that need these kind of loans clearly cannot keep up with the fees and thus making MoneyLion and actually Lion and we’re ll just prey.




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      0
      • CELIA GEORGE
        says:

        I totally agree with you, 100%. They are nothing more than a payday lending company – for which you pay a monthly fee to belong to – whether you have a loan or not! I am pretty savvy – but their wording tricked even me. All of a sudden, fees were being debited against my checking account, and I didn’t even have a loan! I actually had to pay my bank to place a permanent block against MoneyLion. Don’t even consider getting involved with these people…




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        0
      • Aleman Famly
        says:

        They are terrible customer service and ripped off customer they should go out of business




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        0
    19. Richard
      says:
      3.5

      I have had no problems with Moneylion! If you are considering using there services, I would highly recommend it. A great service to have




      0



      2
    20. Anm
      says:
      4

      Moneylion has good customer service and they were able to help me get the money i needed for urgent expenses. Thanks alot!




      0



      2
    21. Valerie
      says:
      0.5

      They do their very best to make it SUPER hard to cancel. You can’t cancel through the app or on your online account. You can’t cancel if they haven’t finished processing a payment, which, by the way, may take them up to 7 business days to do, so if you get payments taken from your account every 2 weeks, you’ve got a very small window in which you MIGHT be able to successfully cancel. And even then, they take an incredibly long time to give you your money back. Sure, they monitor credit and whatnot, but so do a lot of other apps that are a lot more user-friendly. While they claim the $1/day for logging in is “free money” it’s anything but. Not only are you already paying them $30/month (and basically just getting your own money back), but you don’t JUST have to log in. You have to log in and swipe through all the little “tip cards” they’ve put there for you. No, it’s not a lot of work, but it’s still a huge hassle and a little bit of false advertising. Plus, when I first signed up, I had an awful time getting my checking account to link because of a problem on their end–they initially gave me a bogus customer service number to call. The investment account isn’t all that well performing either, so why would you even want to give them all of your money, have to log in every single day to get it back, not have any rights to get that money back out when you need it, and jump through a billion hoops to cancel when you’ve finally had enough of it? No thanks. Stay far, far away.




      1



      0
    22. D. Sparrow
      says:
      4

      So far, so good. I’ve been a member for less than a month so I will update in the future as well. I have had no issues thus far and logging in each day hasn’t been a hassle. Seems to be working as expected.




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      0
    23. Jason
      says:

      Not good at all!!! Watch, read and ask questions. If it sounds confusing it is! This is not a good site nor company to borrow from!




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      1

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