This MoneyLion review has been thoroughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.
Product Name: MoneyLion Credit Builder Plus personal loans
Max. Loan Amount: $1,000APR5.99% to 29.99%
Interest Rate Type: Fixed
Min. Credit Score: All credit scores accepted
Loan Term: From 1 year
MoneyLion is a financial services provider offering a membership program that offers financial products and services such as online banking services, credit-builder loans, cash back rewards, , and more.
You can have a free account with MoneyLion, allowing you access to a checking account and an investment account at no extra cost. If you have an account, you can be qualified for cash advances of up to $250 at 0% APR.
The Credit Builder Plus membership is valued at $19.99 a month inclusive of the features mentioned above together with the credit-builder loan.
Interest rates from 5.99 percent APR on the low end to 29.99 percent on the high end are provided by MoneyLion credit-builder loans.
Compared with credit-builder loan rates provided by other lenders, MoneyLion’s APR is low at 5.99 percent. However, it is not a guarantee that you will get a loan approval with this rate.
According to MoneyLion, they will consider a number of factors to identify what APR members are approved for. Note that MoneyLion has a monthly subscription fee of $19.99.
You need to become a Credit Builder Plus member and pay $19.99 per month in order to qualify for a credit-builder loan. You might get half or more of your monthly subscription fee paid via the payouts from their Share Loyalty Program.
MoneyLion participants are paid in this program for fulfilling some requirements which include signing into the app and completing a certain amount of transactions.
Platinum is the top category of the Lion’s Share Loyalty program. Platinum tier holders could earn a payout of of $19.99 to their MoneyLion investment account provided they fulfill the requirements which are:
After checking your finances, MoneyLion will deposit the loan amount it decides to grant you, into a bank account of your choice. Until your loan is paid off, the remaining loan funds that you don’t get upfront are deposited into a reserve account.
If you want to have money transferred to your MoneyLion debit card or MoneyLion checking account, you can have the upfront funds straight away, depending on your qualifications.
But having funds deposited into a third-party checking account via ACH will take up to three business days.
Remember, there may be some delay depending on your bank, before you can access the funds.
Below are some of the services inclusive in the MoneyLion Plus Membership:
MoneyLion provides loans with a regular 12-month term of up to $1,000, but the exact amount is dependent on your state.
The APR is from 5.99 percent to 29.99 percent inclusive of your subscription fee for MoneyLion Plus. According to MoneyLion’s website, this means the monthly loan payment can be as low as $67.65. Based on the sum you borrow and the APR you’re given, the cost could be higher.
You would need to satisfy these conditions to apply for a loan from a credit builder:
MoneyLion does not carry out a hard check nor demand that you get a Plus membership to open an account. However, to be eligible for a Credit Builder loan, you would need to sign up for Plus membership.
You can use MoneyLion’s app to apply for Credit Builder Plus membership. Below are some important details you need to consider beofre applying:
When you apply for MoneyLion’s Plus membership, they will not conduct a hard credit inquiry, so it can be an alternative for you if you are trying to improve your credit or have trouble getting accepted for a loan.
But if you need to cover an emergency, you shouldn’t just count on this credit-builder loan. It is a very small amount, and before you pay off the debt, some of the funds will be put in a reserve account.
If you make on-time payments to your MoneyLion credit-builder loan, this will significantly and positively build your payment history. Try paying off the debt early to reduce interest rates to cut back on the expenses.
If you are looking to improve your credit and are drawn to the other products of MoneyLion, this company can be a good match for you.
You may conduct the MoneyLion credit-builder loan application process on a laptop or via the smartphone app. The first step is to create an account with MoneyLion and then sign up with your full name and address to enroll in the account.
You may now apply for a Credit Builder Plus membership to request a credit-builder loan after completing this step.
This is what you’re going to need to finish the whole operation.
Yes, they do. They report to the major credit bureaus your on-time, late, and missed loan payments. Since MoneyLion reports to all three major credit bureaus, a credit-builder loan could improve your credit with on-time payments.
With MoneyLion, you can enjoy your money. Whatever you borrow from your check will be paid back by MoneyLion on your next payday at no interest.
To add cash to your account, you can go to one of the retail locations that uses Reload@theRegisterTM powered by Green Dot®.
Swipe your MoneyLion Debit Mastercard and then the cash will be transferred to your account. It takes about 10 minutes to credit the deposit to your account.
Via Lincoln Savings Bank, which is an FDIC member, MoneyLion bank accounts are provided, which means the money in your checking account has an insurance coverage of up to $250,000
With the RoarMoney mobile banking account, you can get your direct deposits up to two days in advance!
As soon as you receive your paycheck, it will be posted on your account. But the timing will vary based on when they transfer the payment to your RoarMoney account.
RoarMoney is the result of three entities: MoneyLion, MetaBank, and Mastercard. RoarMoney provides its users cutting edge mobile banking solutions, i.e., Mastercard Tap & Go® contactless payments technology, early paycheck delivery, and seamless integration with MoneyLion’s cash advances at zero interest, etc.
You can receive payment up to 2 Days in advance via RoarMoney.
In order to do this, you will need your RoarMoney account and routing numbers.
You can connect the payments to your RoarMoney account using the Get My Payment page of the IRS if you have government revenue (or expect a stimulus check as part of COVID relief bills).
As long as the investment account balance is higher than the outstanding loan, you can withdraw as much as you want from your investment account. If your investment account balance is $1,000, for example, $500 is the loan balance from which $495 can be withdrawn.
What you need to do is send a withdrawal request. The active positions are then liquidated depending on the amount to be withdrawn and the funds will be credited to the account you have.
For the MoneyLion Investment Account, it is easy to process a withdrawal of the full balance of your account.
It’s good to remember that anytime you skip a payment, MoneyLion will still try to get your Instacash back from your qualified accounts. Your bank or credit union will opt whether to refuse or fund the transaction in the event of an inadequate balance in your account.
MoneyLion Plus members and every friend they refer to become a Plus member earn a $10 bonus each. You’ve got a shot to win a $5, $100 or even $2,000 referral bonus for every three friends you refer.
BBB accredited: No
BBB rating: C+
BBB customer reviews: 2.9 out of 5 stars, based on 104 customer reviews
Trustpilot Score: 4.5 out of 5 stars, based on 7,721 customer reviews
Although MoneyLion Plus receives high scores from the App Store and Google Play, many of its recent reviews have been poor.
Most of them complain about inadequate customer service and difficulties with the entire loan process which also involves problems regarding payments being registered as late even before they are processed.
The favorable feedback MoneyLion receives is for doing just as it promises: to build their customers’ credit scores.
Earnin: Earnin provides cash advance transfers which can be a nice option if access to cash is a bigger priority for you than building credit.
Self: If you want freedom to invest and save a little more money with a credit-builder loan, Self can be a nice choice to consider.
MoneyLion has received a variety of awards, including the 2020 Forbes Fintech 50, the 2019 Finovate Award for Best Digital Bank, the 2019 Benzinga Fintech Awards for Innovation in Personal Finance, and the 2019 People’s Voice Award for Webby.
Their web and application processes are standardized and easy, provide fair interest rates and stellar quality and effective customer service.
Financer.com proudly claims that MoneyLion is an outstanding choice whether you need credit builder loans or other financial resources.
Yes, MoneyLion is a legit and legal banking service/ company that utilizes a secure website and MoneyLion app.
Unlike other lenders or financial services, they won’t check your credit score to decide on an application. However, it also reports to the main credit bureaus.
What if you never needed to go to a crumby lender or lenders ever again? What if you never had to stress about getting an application rejected because of a bad personal credit score?
What we’re about to talk about real quick is a business model that will give you funding Sofi could only dream of providing for you.
We’re of course talking about…
With digital real estate, you don’t have to worry about a credit score or your personal credit.
Hell, you don’t even have to worry about going to lenders about a high credit limit in general because your business expenses are virtually non existent.
The reason why most people need lenders is because they are going to start a company that operates in a physical brick and mortar that has small margins.
We hate to tell you this…
But because of the current political climate and all this talk of a “new normal”, going into the brick and mortar space isn’t a good option for any business idea right now.
What you should really look into is the digital real estate model.
All you have to do is build a simple website, do a little on and off page SEO and presto, you’re at the top of google!
Ok, cool, but what’s a website on the top of google worth anyway?
The trick to get is worth a lot of money is to build a site for call in jobs like tree service or roofing.
Let’s take a roofing for example…
The average roofing job is worth $5,000-$10,000, and a lead is worth $500-$1,000 or 10%. This means that if you generate 10 calls or $50,000 of revenue, you could earn $5,000 from that site for the month!
That is high levels of real estate rent numbers you’re pulling in!
Now imagine just how easy it is to scale this business out…
You can build these sites in less than a day…we know because we’ve tried.
Could you imagine what having just 10 of these sites would look like for your monthly income?
Talk about never having to worry about a credit score or going to lenders ever again.
Ok, but how easy is it to get clients for something like this?
Super easy, in fact our team has tried it!
Business owners all over the country are hungry for the chance at more business right now. If you can be the one to consistently bring jobs to them each month, they’ll have no problem throwing 10% your way!
Even if you have a brick mortar business right now, you could use this to give it the kind of funding Moneylion couldn’t give you if your credit score isn’t high enough.
In fact, many people who joined the training course about digital real estate started out just like that!
They wanted to get more inbound clients for their company so they started with building a website and ranking it on google locally.
After just a few months they had calls rolling in for their company that were producing more than the capital Moneylion would have been able to provide for them!
Soon after seeing how profitable it was for them, they decided to build more of these sites in different areas and markets and take a little sliver to deliver on all the jobs they were getting for people.
If you have a bad personal credit score and don’t think a lender or lenders like Moneylion offers will approve your application we recommend checking out this digital real estate course!
You get hands on training that will walk you through step by step of how to build these assets out!
Not to mention a great group that is there to answer questions you might have 24/7.
If you’re looking to get funding fast without having to deal with all the headaches of an application, low personal credit score, funding manager, and the occasional shady lender…
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