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Chosen 548 times
  • Low APRs From 2.99% variable
  • 0.25% AutoPay interest rate reduction
  • No Application Fee
  • No Early Repayment Penalty Fees
Chosen 22,258 times
  • Loans from $1,000 - $35,000
  • Repayment terms from 6 - 72 months
  • Access to hundreds of lenders
Chosen 12,407 times
  • Fixed 4.99% to 19.63% APR (with AutoPay)
  • Federal and private student loan consolidations
  • No charge for the first $10,000 invested
  • A social finance company

Review of MoneyLion

What is 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.

They have 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.

Chosen 13,146 times
  • Personal loans up to $500
  • $0 account fees for ATM’s and Overdrafts
  • Premium investment accounts with no minimum deposit required
  • Up to 12% cash back on purchases

Products Offered

MoneyLion offers the following products:

  • RoarMoney
  • Investment Account
  • Credit Builder Plus
  • Instacash Advance
  • MoneyLion Crypto

MoneyLion is a financial services provider that offers membership programs. Their services include online banking, credit-builder loans, and cashback rewards.

How MoneyLion Works

MoneyLion Account

In order to use MoneyLion’s services, a user must have a MoneyLion account.

MoneyLion allows for the creation of a free account, and you may choose to add other free services (such as Instacash advances) or paid services (such as Credit Builder Plus).

MoneyLion Website

Credit Builder Plus costs $19.99 per month and includes a credit builder loan, credit monitoring, and access to other services. The fees for MoneyLion products are low and transparent and disclosed on their website.

A user must be 18 years old and have a bank account in order to register for a MoneyLion account. Once an account has been created, users can go to the MoneyLion login and get access to MoneyLion’s services.

Credit Builder Plus

The Credit Builder Plus membership is a proven credit-building plan. It costs $19.99 per month and includes:

    Credit Builder Plus Membership

  • Loans up to $1,000 with competitive rates

  • Payment reporting to all three credit bureaus to help build your credit score

  • Credit monitoring and tracking 24/7 in the app so you can stay on top of progress and view your score anytime.

  • Access to 0% APR Instacash cash advances.

  • Exclusive cashback rewards called Lion’s Share, allowing you to get back up to $19.99 per month

Personalized Financial Tracking & Education

One of MoneyLion’s prime features is their Financial Heartbeat, a fitness tracker for your finances.

MoneyLion’s Financial Heartbeat combines a simple yet dynamic framework for monitoring financial health and empowers members to improve daily.

By simply opening the MoneyLion mobile app and checking your Financial Heartbeat — a beautifully designed visual representation of a beating heart that changes colors to reflect progress on a scale from 1-10 — members can quickly evaluate where they are on their financial health journey.

The MoneyLion Financial Heartbeat encapsulates five key financial pillars: SaveSpendShieldScore, and Strive, and surfaces daily insights to help members increase their scores.

Smart Mobile Banking

RoarMoney is MoneyLion’s banking offering in partnership with MetaBank and Mastercard. It offers:

Cash Back Rewards Program

With RoarMoney, customers can earn cash back on every purchase, every day. And it’s not your basic cashback program.

This is cashback that grows when it is invested into the customers’ fully managed investment portfolio, where they can grab it or let it grow.

Managed Investing

MoneyLion makes it easy to invest and reach your goals faster with fully managed portfolios and auto investing — all with no management fees or minimums.

MoneyLion simply asks you a few questions in the app and then recommends one of 7 core portfolios based.

You can personalize it by changing it to be more or less aggressive or by adding investment themes such as Future Innovations.

MoneyLion makes it even easier to fund and build your account with simple auto investing options.

There is one low fee of $1 per month for full investment management services, including trading and rebalancing.

If you are a Credit Builder Plus member, the $1 per month administrative fee will be reimbursed.

How to Apply for a MoneyLion Account

Step 1

Apply Online

You can apply for a MoneyLion account via their website or mobile app. The first step is to create an account by signing up with your full name and email address. 

Step 2

Apply for a Credit Builder Plus Membership

After signing up you can apply for a Credit Builder Plus membership and request a credit builder loan. You’ll need your full name and address, social security number, address, phone number, and bank account. 

Chosen 13,146 times
  • Personal loans up to $500
  • $0 account fees for ATM’s and Overdrafts
  • Premium investment accounts with no minimum deposit required
  • Up to 12% cash back on purchases

Our MoneyLion Review


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.


The MoneyLion customer service options are impressive. 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.

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 payoff with Money Lion. 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 is reimbursed for Credit Builder Plus members, and they can earn exclusive Lion’s Share cashback.

Reviews of MoneyLion

MoneyLion is rated 24 out of 203 companies in total rating and got an average review score of 3.4 based on 293 reviews. Their weakness is Website & Functionality and their strength is Interest & Costs.
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cyc 1 review | May 13, 2021
General Review
They do allow you to get loans, instacash up to $250. Beware!
Beware!!!! Even though the pro options will look good to some, once you have experienced the cons they outweigh everything. I initially had no issues with them but slowly noticed little changes, like I would get a instacash and they would take the repayment on the wrong date. I would have a particular account setup for repayment and they would use the incorrect account to repay loan payments, membership fees. The debit card does not work at all atm or store locations, i have been wmbarassed on many occasions where I could not remove money from my account or it would not work at a point of sale machine. The biggest offender, was I received direct deposit in my account every two weeks and my account was active, I was expecting a deposit in my account to pay some important bills, I knew when the payment was expected, well the day the deposit was suppose to hit I received an email saying account closure then a few seconds later i receive an email saying alert suspicious activity on your account. I called and customer serv tells me they have no information other than the account has been closed. Here is the exact message i received. (We have closed your RoarMoney℠ account per the Demand Deposit Account Agreement. This account is not eligible to be reopened. We will attempt to return the funds in your account to the originator. Please contact the originator if you require access to these funds, as MoneyLion Customer Care is unable to redirect these funds for you. If the funds can’t be returned to the originator, they will be sent to your state of residence upon reaching dormancy per your state’s laws, which varies depending on the state and can take up to 3-5 years. Respectfully, MoneyLion Support) The timing of this happening couldn’t be more terrible as everything will now be extensively delayed while I get the deposit rerouted to another account which could take weeks. I was beyond furious but should have known better to trust online banking I have been stung before but learned a lesson never again I will stick with the traditional.
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b_p 1 review | May 10, 2021
General Review
I cant think of any
Do not go to an allpoint ATM and try to take out money in 2 seperate transactions. They will suspend your account and ask for driver's license, proof of residency and 3-5 days to fix. Do not make the same mistake I did. Avoid this account all together. Update: they say it now will take 7 business days to release my account even though they have received my information. I am done with this shady ass company. Go to chime. They won't rip you off like this.
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kay_b 1 review | April 19, 2021
General Review
there are none
To anyone who ends up reading this... I had a Moneylion account since June of 2020. When I opened the account I had no issues. I attached the card to my cashapp,venmo etc. had my job direct deposit my money. Always made my instacash payments on time. This year has been absolute HELL. As soon as they changed into Roarlion I have had more issues than I care to elaborate. At first I was like great a credit builder loan! So i hopped in made my first payment. (its 1,000 you pay 45 a month until the 1000 is paid off and then you recieve the money (supposedly) all of a sudden even tho i had a regular acct a credit builder and an investment acct. Moneylion would suspend my account FOR DAYS when I was tryinhg to pay bills. if I sent money from my cashapp to my card and used it at all SUSPENDED. if my friends and family sent me money through venmo or zelle...that was more than 200 SUSPENDED FOR SUSPICIOS ACTIVITY. The final day I was going to pay my rent was when I realized something was wrong with my acct. I called and to my surprise and dismay they PERMANENTLY CLOSED MY ACCOUNT DUE TO SUSPICIOUS ACTIVITY! (the money deposited into my account for rent somehow suspicious) mind u they never asked me or sent a text or email or call to verify "suspicion" Just assumed closed my account with all my money in it. Wasnt going to tell me warn me let me know ANYTHING! the customer service was atrocious to say the least. I asked when the money would come back..no answer I asked WHERE the $2500 was going to go...BACK TO WHERE IT ORIGINATED FROM! not even a check to my own house with my OWN money. my paycheck back to my boss...my rent...back to my friend. ...I asked why my account was closed...no answer...very next day the credit builder loan hit my credit like a bag of bricks even though I had made my ontime payment....also to my dismay...Moneylion/roarlion is the biggest banking scam i've ever met. They will bend you over with no lube. the only email i have received was to inform me I may or may not get my money in 3-5 years time.......HORRIBLE HORRIBLE...DO NOT RECOMMEND ZERO STARS VERY GHETTO! i will be posting this on every site i humanly can because I hope that nobody ever goes through what I have gone through with this company. its disgusting.
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kathleen_denison 1 review | April 16, 2021
General Review
Many options
The customer service is the worst I've ever experienced. They ignore evidence of fraudulent activity from their app. They will take hundreds in extra money from you and tell you over and over again that they've done nothing wrong, the app doesn't glitch, etc and that the case will be closed. Currently they are saying $259 wasn't repaid on my account. I sent them a statement from my bank showing where it came out of my account. Only way they'll clear the balance is if I add another bank account that they can take an additional $259 from. Avoid like the plague.
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virgil_garcia 1 review | February 11, 2021
General Review
Easy to use
I have gotten fraud on my account twice now from India.... and I live in the USA. Their security is probably the worst I've ever encountered. How did that not put up any red flags. They are easy to use, but not worth the hassle. To dispute you have to send an email, rather than speak with someone. They don't instantly refund like most reputable companies do. Im currently in the process of trying to speak with a manager and have been on hold for 45 mins... Horrible customer service, horrible security
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lamitra_thompson 1 review | December 2, 2020
General Review
I really like MoneyLion. The instacash is really helpful. I would have access to more instacash and more member benefits. Hopefully in the near future I would get the whole experience.
They didn’t connect to my bank and I had trouble with this issue.
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jay_williams 1 review | December 1, 2020
General Review
Nice app to navigate
Interest and cost is crazy
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jasmina_perazic 1 review | November 29, 2020
General Review
Early pay, no overdraft fees, easy way to invest
Early pay did not happen until they switched to Metabank. So for almost 7 years, they were lying to their customers. No customer service. The customer service is absolutely the worst. They are constantly changing things. Whatever you sign up for will not be the same a few months later. A very greedy company. The $20 monthly fee for investment is way too high. Do not sign up! Many better options are out there. Do thorough research!
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debbycorriea 1 review | November 28, 2020
General Review
I love MoneyLion I . Just makes banking so easy for me with direct deposit. My check is in my account 2 days early. I have other accounts with other bank but they don’t offer what MoneyLion has. Love Instagram cash there when I need it
I really have no cons. It has worked smooufor me. Only problem I have run into was trying to buy online once the one site would not except card. But maybe that was a good thing. Don’t understand all the negative remarks
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christopher_deering 2 reviews | November 28, 2020
General Review
Very organized insta cash loan system
Not many cons from what I use it for
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