2.3
Overall Rating
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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

Reputation

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.

Support

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.

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 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.


Reviews of MoneyLion

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Mr. Just being honest 1 review | May 15, 2020
Personal Loan
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Upsides
Nothing
Downsides
its a total rip off , they demand you pay for money that you never get called a credit building loan , how in the world do you give them 500 dollars to get 500 dollars and have to pay them back 500 they just steal 500 dollars from you for their loan... plus they charge 20 dollars a month for s$it#y service so in total they just steal 520 dollars from you, and overdraft your accounts like crazy if you don't have that much money!!! Stay away from this company!
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Crystal Storm 1 review | April 28, 2020
Personal Loan
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Upsides
No pros for now
Downsides
DO NOT USE! Do not use MoneyLion to rebuild your credit. 1 - They're not even reporting my payments to any credit agency. I've seen no change in scores, and I've checked my reports, they are not reporting. 2 - I called them to have my bank account information changed so they could take the usual monthly payment. I was assured over the phone the upcoming payment would be removed from the new account. Instead they took it from wrong account and overdrafted my account. When I contacted them I was told that it takes 2 -3 days for those changes to go through and because of that, they weren't going to credit me the NSF. When I explained that the rep I spoke to AND the documentation on their website did not indicate this, they thanked me for the feedback and still refused to credit the NSF fee. I'm now out $70 in the middle of a pandemic when money is incredibly tight because of a lack of communication. Beyond furious. 3 - Their $20 membership fee is BS and pretty much a money grab. There is nothing inside of the moneylion app that will help you that you can't get from a site like WalletHub or Credit Karma. So to recap the credit building is a lie. Membership fees are a scam. They're are greedy as hell and refuse to simply do the right thing based on a mistake THEY MADE. If you need quick cash use an app like DAVE. Dave is wonderful! Moneylion is a joke.I was in a desperate situation and needed the cash and I regret this deeply. Don't make my mistake, DO NOT USE MONEYLION.
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Ralph Marquez 2 reviews | April 24, 2020
Personal Loan
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Upsides
No pros for now
Downsides
They lure you in with a low apr on a loan. Then they sign you up for a money builder plus account to build credit. It's 9.99 bi weekly. 20 a month which can't be stopped until your loan is paid in full. Also they are the only company i used who refused to pause payments due to coronavirus. Horrible customer service not even from the USA. Get a loan with a higher apr, no monthly fees to "help build credit", and human compassion during a global pandemic.
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Ralph Marquez 2 reviews | April 24, 2020
Personal Loan
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Upsides
No pros for now
Downsides
They lure you in with a low apr on a loan. Then they sign you up for a money builder plus account to build credit. It's 9.99 bi weekly. 20 a month which can't be stopped until your loan is paid in full. Also they are the only company i used who refused to pause payments due to coronavirus. Horrible customer service not even from the USA. Get a loan with a higher apr, no monthly fees to "help build credit", and human compassion during a global pandemic.
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Christopher Williams 1 review | April 16, 2020
General Review
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Upsides
Nothing all they do is lie lie lie
Downsides
Customer service.protection of customers money...understand we are in a crisis and refund the money they took from me on accident it's been 6 days still nothing
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William 1 review | March 11, 2020
General Review
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Upsides
Absolutely Nothing
Downsides
Everything company is a total joke they need shut down
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Ree 1 review | March 10, 2020
General Review
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Upsides
I don’t appreciate anything about this janky company.
Downsides
They debited my account seven times for a “past due” portion and still continue to report my payments as late even though they debit my account twice per pay period. This company is a joke and a scam. Never report your payments to the credit bureaus properly but will take your money every pay period but still says you are behind.
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Lou Lindsay 1 review | March 4, 2020
General Review
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Upsides
nothing
Downsides
I cannot even begin to tell you how awful this "bank" is. It has been one fiasco after another. My credit score has gone DOWN over 50 points since I received my first whatever it is called loan. Then they wrote a bogus check on my bank account which caused me to overdraft in the amount of $291. I have done everything short of suing them to get these fees returned as it was not my fault. Good luck on getting anyone in customer service on the phone, the don't have anyone. Good luck in getting anyone to correspond with you via their email, it will be 2 or 3 weeks before you hear anything and by then you will have resolved the problem. If you are thinking of trying them, don't. It has been one long nightmare for me.
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William D Burke 1 review | January 24, 2020
General Review
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Upsides
Not much... Maybe the nice looking Debit Card and App?
Downsides
I tried both Money Lion and Dave and am only sticking with Dave at this point. Dave was consistent and always hit my account on my payday each Friday if I did a small payday loan. Money Lion on the other hand was inconsistent which caused me a couple fees through my bank. So I cancelled my Money Lion acct by making a final payment of $54.99 to them. Then the next day after cancelling they try to put through a check which THEY CREATED to themselves through my acct for another $54.99 causing me fees at the bank. I've been emailing them now for 3 days about this and sent screenshots and have yet to get a response.
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Lisa Smethurst 1 review | January 4, 2020
General Review
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Upsides
No pros for now
Downsides
I took out an insta cash and as soon as I did it was never sent to my account and now I owe money that I never received !!! This is a horrible company !!!! Why would I pay for cash that I never got!!!!
Mary Elizabeth White0 reviews | March 13, 2020
I’m experiencing this now. I requested 2 Insta cash transactions and although it shows that I received both transactions, I never did. When calling to figure it out, all 3 days, I’m being told that it takes up to 5 business days…it’s been 10 so if I don’t get the money soon, I’ll be contacting the Better Business Borough
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