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Chosen 1,221 times
  • Low APRs From 2.99% variable
  • 0.25% AutoPay interest rate reduction
  • No Application Fee
  • No Early Repayment Penalty Fees
Chosen 13,890 times
  • Fixed 5.74% to 20.28% APR (with AutoPay)
  • Federal and private student loan consolidations
  • No charge for the first $10,000 invested
  • A social finance company
Chosen 15,805 times
  • Loans of up to $3,000
  • Repayment period of up to 6 months
  • Higher APR rates
  • Rewards customers who are in good standing

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 14,431 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 14,431 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

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

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.

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.

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    Reviews of MoneyLion

    MoneyLion is rated 74 out of 282 companies in total rating and got an average review score of 3.4 based on 310 reviews. Their weakness is Website & Functionality and their strength is Interest & Costs.
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    M
    maureen_warren 1 review | May 17, 2022
    General Review
    Upsides
    Great to have.
    Downsides
    Just gotta patience to understand it all.
    Post
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    DP
    delia p_noce 1 review | May 15, 2022
    General Review
    (Edited)
    Upsides
    I been using there credit builder feature and it been helpful to put money aside which will be available right before my birthday
    Downsides
    -
    Post
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    T
    trisha_mazzei 1 review | May 13, 2022
    General Review
    Upsides
    Very helpful and up to date. Gives info and advice about how to get better credit.
    Downsides
    Fees and such are up there sometimes and not always flexible but still useful and helpful
    Post
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    K
    katrina_sutton 1 review | May 6, 2022
    General Review
    Upsides
    Easy banking that offers a wide range of products for people who have low credit and need help to build and still get a loan as well
    Downsides
    No cons so far for me
    Post
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    L
    loren_church 1 review | May 5, 2022
    General Review
    Upsides
    There are multiple benefits to a MoneyLion account. You can use it to track your scores, get loans, build credit, and also to purchase cryptocurrencies and invest in commodities. This account is diversified to the point that there is something for everyone.
    Downsides
    Because there is so much diversity it is easy to become distracted and lose focus on a particular task. . Also the help and advice is broad and spectrum based in an effort to not be offensive. So to that end it's great but if you want no nonsense advice better go somewhere with no biases.
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    O
    omar_cancel 2 reviews | May 4, 2022
    General Review
    Upsides
    Awesome company
    Downsides
    Absolutely nothing bad at all
    Post
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    O
    omar_cancel 2 reviews | May 4, 2022
    General Review
    Post
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    K
    keith_howard 1 review | May 1, 2022
    Personal Loan Review
    Upsides
    Will ruin your credit
    Downsides
    I've been with this company 5 years. All they do is steal your money & hang up when you cal service. I had one late payment in 5 years & by less than a week. They reported negatively immediately & are refusing to remove it. This is a scam that will take your money & ruin your credit twofold. Don't be a fool.
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    jean_laurore 1 review | April 19, 2022
    General Review
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    V
    vanessa_tolbert 1 review | April 18, 2022
    General Review
    (Edited)
    Upsides
    Money in bank account in less than 30 seconds!
    Downsides
    I wish how I pay it back so quickly was reported to the credit bureaus so it could boost my fico score.
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