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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

MoneyLion

Advertiser Disclosure

About lender

MoneyLion is a financial technology company and mobile banking platform that provides online banking services, cash back rewards, credit-builder loans, cash advances, auto investing, banking for early paycheck deposits and no minimum balance, managed investment accounts, financial tracking, and education.

MoneyLion was established in 2013 and is currently based in New York.

Pros and cons

Pros

  • MoneyLion doesn't have a hard credit inquiry when customers apply for its Plus membership. So, it can be a great option for clients building their credit or having trouble getting approved for a loan with traditional banking services.

  • On-time payments toward the MoneyLion can help customers build a good payment history. Customers can also consider paying off the loan early to minimize interest charges.

  • Customers can create a MoneyLion account for free, which gives access to a free checking account and an investment account. With it, clients may be eligible for 0% APR(annual percentage rate) for cash advances of up to $250.

  • Has no prepayment penalty. Customers can pay off the MoneyLion credit builder loan early, and there will be no early payoff penalty fee.

  • Provides deferment. If customers need to postpone a payment, MoneyLion allows them to defer payment if they apply for deferment.

  • Provides free credit monitoring. That means customers will get a full credit report and can review it for any errors or fraudulent activities.

  • The no-fee MoneyLion checking account that's available with your account lets customers earn cash back when they make purchases from participating brands.

  • Many financial institutions and budgeting apps partnering with MoneyLion give clients free access to their credit score, which updates monthly.

Cons

  • Charges monthly membership fee

  • Only offer small loan amounts.

  • Loan funds can be in a reserve account until customers Filly pay back the loan.

  • The upgraded Credit Builder Plus membership costs $19.99 per month, which is rather costly compared to other financial companies. 

  • Unlike many other financial companies and lenders, MoneyLion requires customers a bank account access to qualify for its services, which means not every client will be able to qualify for its services. 

  • MoneyLion may provide funds for up to five days for some users, which is quite long and may not be appropriate for some customers looking for instant financing. 

  • The company has no physical branches. So, customers want to be able to reach out to MoneyLion in person if they have to resolve some urgent issue or ask a question. 

  • Currently, MoneyLion checking accounts are insured like other US banks. However, the company is not yet Member FDIC insured and has no bank guarantee.

Terms and conditions

MoneyLion has several products you can opt for:

  • Roarmoney allows you to get paid up to two days earlier. It is a mobile banking, coming with features of cash back, refunds, round ups, and cash advances.

  • Investment accounts advertise you can turn $20 a week into $1,000 in a year. The monthly fee is from $1 to $5.

  • Instacash Advance. The maximum advance that the company offers is $250. Remember that MoneyLion gives users a borrowing limit after connecting to their bank account. The lender typically makes advances in increments of $5 or $50.

Note that in any case, MoneyLion bank account holders can add, for instance, direct deposit to get higher advance amounts.

Funding a loan

Usually, it takes from 12 to 48 hours for cash advance funds to be deposited into a MoneyLion RoarMoney account and from 3 to 5 business days to be sent to the checking account.

MoneyLion

Reviews

FAQ

What bank uses MoneyLion?

MoneyLion partners include MetaBank, N.A. It issues the MoneyLion Debit Mastercard and RoarMoney virtual card and holds the funds deposited in RoarMoney accounts.

Is MoneyLion a legitimate company?

Yes, MoneyLion is a legit and trustworthy financial technology company and highly efficient lending platform, which provides a safe way to access a range of personal finance services, including loans up to $1,000 with 0% APR. Moreover, MoneyLion offers consumers a wide range of options that can not be found with traditional banks and alternative financial services.

How do you get money from MoneyLion?

After downloading the MoneyLion app, customers have to ыet up a MoneyLion account and connect to their bank account. The app will use this account to withdraw repayment.

How does MoneyLion work?

Monthly, MoneyLion Plus withdraws $79 from the customer's account. They then deposit $50 into an investment account; the other $19.99 is the monthly fee. Customers have a chance to lower the price as well. Note that every day customers log into their app, get $1 cash back.

Company documents

Privacy Notice
Terms & Conditions
Licensing

We are rewiring the American banking system to make money more approachable and to give consumers a more accessible and sustainable path to their goals.

© MoneyLion Inc.
MoneyLion service available in US States
  • Idaho
  • Iowa
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • Wyoming
  • Washington
  • Vermont
  • Virginia
  • Wisconsin
  • Hawaii
  • Delaware
  • Georgia
  • West Virginia
  • Illinois
  • Indiana
  • California
  • Kansas
  • Kentucky
  • Colorado
  • Connecticut
  • Louisiana
  • Massachusetts
  • Minnesota
  • Mississippi
  • Missouri
  • Michigan
  • Montana
  • Maine
  • Maryland
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New York
  • New Mexico
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • North Dakota
  • North Carolina
  • Tennessee
  • Texas
  • Florida
  • South Dakota
  • South Carolina
  • Utah
MoneyLion service available in US States
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Recommended FinScore™
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1000
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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