MoneyLion Reviews

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By: Scam Risk - Expert Reviewer

Are you looking for reliable and affordable credit builder and lenders that do not perform a credit check? Do you need to build your credit but are completely clueless?

You’ve landed on the right page! In this review, I will discuss MoneyLion’s services, membership costs, loans,
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Table of Contents

MoneyLion Review: What You Need To Know About A MoneyLion Credit-Builder Loan

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.

How A MoneyLion Credit-Builder Loan Works

Since MoneyLion reports to the major credit bureaus, a credit-builder loan can assist you in building your credit with on-time payments.
MoneyLion is promising up to $1,000 in credit-builder loan amount. They will conduct a review of your finances together with your linked checking account, and determine whether you are accepted and how much money you will get.

MoneyLion members could get immediate access to any or even all of the $1,000 credit-builder loans once you have been approved. 

Until your debt is fully paid, all of the funds that are not transferred into your checking account will go into an interest-bearing credit reserve account.

APRs Range From Competitive To High

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.

Credit Builder Plus: A Chance To Offset Paid Membership

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:

  • To make at least 20 purchases (of $10 or more) per calendar month using the MoneyLion Visa Debit Card, and 
  • Log in to the app daily every month.

Credit Score: No Credit Check

To use the credit-builder loan, the MoneyLion company doesn’t require excellent credit scores to qualify for a Credit Builder Plus membership.

MoneyLion doesn’t check your credit score at all. What they do instead is review your primary checking account which must meet certain conditions so you can apply and be qualified to take out a loan.

Potentially Fast Funding

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.

Who owns MoneyLion?

MoneyLion is led by Diwakar Choubey, co-founder and CEO, who formerly served on Wall Street, where he held high ranking roles at companies such as Goldman Sachs, Barclays Capital, and Citadel.

Other co-founders of MoneyLion are Pratyush Tiwari, Chief Information Officer, and Chee Mun Foong, Chief Technology Officer.

Other Services That Come With MoneyLion Plus Membership

Below are some of the services inclusive in the MoneyLion Plus Membership:

  • Customized Investment Portfolio
  • Managed Investment Account (Free)
  • APR Cash Advances at 0%
  • Checking Account (Free)
  • Weekly Credit Score Updates and Credit Monitoring Service (Free)
  • Standard Personal Loan Services of up to $3,000
  • $1 Reward Deposited into Investment Account when You Log in Each Day
  • $25 Rewards for Healthy Financial Status
  • $5 up to $2,000 Bonuses for Referral Service
  • Country-wide Access to 5,500 Free ATMs
  • Plus Facebook Community Access

How Much Will This Loan Cost Me?

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.

What Do I Need To Qualify?

You would need to satisfy these conditions to apply for a loan from a credit builder:

  • Checking account available for 60 days at least
  • Steady income source
  • Good transaction history

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.

A Closer Look At A MoneyLion Credit-Builder Loan

You can use MoneyLion’s app to apply for Credit Builder Plus membership. Below are some important details you need to consider beofre applying: 

  • No prepayment penalty — MoneyLion will not charge you with prepayment penalty if you decide to pay off your credit builder loan early.
  • Access to deferment support — You can submit an application for deferment to MoneyLion if, in any case, you would need to delay a payment.
  • Free credit monitoring — You can access your credit report for your review for any error or  suspicious activity. This is provided by MoneyLion for free and powered by TransUnion. 
  • Extra membership benefits — You get to earn cash back whenever you buy from participating brands. This perk is available when you open your free MoneyLion checking account.

Who A MoneyLion Loan Is Good For

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.

How To Apply With MoneyLion

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.

  • Full name
  • Full email address
  • Social Security number
  • Home address
  • Verifiable phone number
  • Verifiable bank account that’s in good standing (at least 60 days old and has deposits that show steady income)

Does MoneyLion Report To Credit?

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.

Is MoneyLion A Payday Loan?

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.

Can I Deposit Cash Into MoneyLion?

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.

How Long Does It Take MoneyLion To Process A Payment?

Within five business days of month-end, Lion’s Share payouts will usually be paid into your MoneyLion Investment Account. For you to get a payout, your Credit Builder Plus membership and loan payments need to be in good standing at the end of the month.

Is MoneyLion A Real Bank?

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

Does MoneyLion Direct Deposit Early?

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.

Do You Get Paid Faster With MoneyLion?

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).

Can I Withdraw Money from MoneyLion Account?

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.

How Do I Withdraw Money From MoneyLion?

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.

What Happens If You Don't Pay Money Lion?

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.

How Does MoneyLion's Referral Program Work?

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.

You will need to send your friends a referral code that they can use when signing up for MoneyLion.

Pros and cons

Although you may be able to improve your credit score by making on-time payments to the MoneyLion Credit Builder Plus loan, this may not be the perfect choice for your financial condition.

Consider the pros and the cons before you pull one out.

Pros

  • Same-day funding
  • No credit check
  • Weekly access TransUnion credit score

Cons

  • $19.99 monthly membership fee
  • Only a portion of your funds is available
  • High APR at 29.99%

MoneyLion Reviews And Complaints

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.

What Are Good Alternatives to MoneyLion?

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.

How Good Is MoneyLion?

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.

Can MoneyLion Be Trusted?

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.

Is MoneyLion Legit?

Yes, MoneyLion is a legit and legal banking service/ company that utilizes a secure website and MoneyLion app.

When you sign up, you may need to sign in to your bank account using a secure mobile process. Similar to any legal lenders, MoneyLion has a privacy policy that outlines the kinds of information it receives and how it handles the information.

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.

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All rights reserved 2020

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