MoneyLion — details about about bank, customer reviews, hotline, customer service

Information

Legal name

MoneyLion Inc.

Short name

MoneyLion

Legal address

30 West 21st Street, 9th Floor, New York, NY 10010-6905

About company

MoneyLion offers a range of financial services, including mobile banking and savings programs. With its MoneyLion app, users can access features like checking accounts and debit cards. One notable feature is Instacash, allowing users to request a cash advance of up to $500 without the high fees of traditional payday loans. MoneyLion also assists with credit-building and debt consolidation. Whether you need to manage your finances, apply for loans, or track your spending, MoneyLion provides a convenient platform to help you achieve your financial goals.

MoneyLion

Key features

Advances Up to $500. Users can access cash advances of up to $500 through the Instacash feature, providing a convenient way to cover unexpected expenses without high fees.
Credit Building Products. MoneyLion offers credit-building assistance, helping users improve their credit scores over time through responsible financial practices.
Free App. The MoneyLion app is free to download and use, providing users with easy access to a range of financial services and tools.
Quick Approval. With MoneyLion, users can expect quick approval for loans and other financial products, making it easier to access the funds they need when they need them.

Pros and cons

Pros

Tries to Avoid Overdraft Fees. MoneyLion makes an effort to prevent overdraft fees by offering features like balance monitoring and low balance alerts.

Extend Repayment Date. Users have the option to extend their repayment date, providing flexibility in managing their finances.

No Mandatory Fees. MoneyLion does not impose mandatory fees on its users, allowing them to access certain features without additional charges.

Cons

Advances May Take a Few Days to Be Deposited. While MoneyLion offers cash advances, users may experience delays in receiving the funds, which could be inconvenient in emergencies.

Advances Are Disbursed in Maximum $100 Increments. Users can only receive cash advances in maximum $100 increments, which may not meet all financial needs.

High Fast-Funding Fees. MoneyLion charges high fees for fast-funding options, which could increase the overall cost of borrowing for users who need quick access to funds.

Reliability

While a Trustpilot score of 4.5 indicates that MoneyLion has generally positive reviews from users, reliability can vary depending on individual experiences and needs. It's essential to consider various factors when evaluating the reliability of a financial service provider like MoneyLion, such as customer support responsiveness, security measures, transparency in fees and terms, and overall user satisfaction. Additionally, researching reviews and ratings on multiple platforms and seeking feedback from current or past users can provide a more comprehensive understanding of MoneyLion's reliability.

Products

Instacash

MoneyLion Instacash offers significant advances to users who receive their paychecks via direct deposit, with amounts ranging up to $500 or even $1,000 for members utilizing additional MoneyLion features. While the app doesn't impose mandatory fees and endeavors to prevent overdrafts during withdrawals, it does levy a monthly $19.99 fee for access to credit-building and budgeting tools. Advances are disbursed in increments of up to $100, and users without an active MoneyLion checking account typically wait two to five days to receive their funds.

MoneyLion Debit Mastercard

With the MoneyLion Debit Card, issued by, Pathward, National Association, Member FDIC, earning rewards is simple through RoarMoney. By using your card for qualifying purchases, you can unlock cash rewards every time you spend $10 or more, with the opportunity to earn up to five times the value of your purchase, up to $500 daily. The Shake 'N' Bank feature allows you to shake your phone for surprise cash rewards, providing an additional incentive for using your MoneyLion Debit Mastercard or RoarMoney virtual card. Moreover, the mobile banking app offers cash-back offers from various online merchants, including Walgreens, Sam’s Club, Groupon, DoorDash, and more, enhancing the rewards potential for users.

Credit cards

MoneyLion offers credit cards through a partnership with Fiona, providing users with convenient access to credit card options. Applying for a credit card can be done directly on the MoneyLion website, and the service is entirely free. Importantly, the application process will not impact your credit score, allowing users to explore their options without concern. This partnership allows MoneyLion to extend its range of financial products, catering to diverse needs and preferences.

Other services offered by MoneyLion

Personal Loans. MoneyLion provides personal loans through its partner lenders, offering users access to funds for various purposes.
Auto Loan Refinance. Through partnerships with lenders, MoneyLion facilitates auto loan refinancing, allowing users to potentially lower their monthly payments or interest rates.
Student Loan Refinance. MoneyLion assists users in refinancing their student loans through partner lenders, helping to streamline payments and potentially reduce interest rates.
Mobile Banking. Offering convenient mobile banking services, including checking accounts, debit cards, and features like balance monitoring and transaction alerts.
Credit Builder Plus Membership. Providing access to tools and resources to help users build and improve their credit scores over time. Credit Builder Loans made by either exempt or state-licensed subsidiaries of MoneyLion Inc. The Credit Builder Plus loan might entail a portion of the loan funds being deposited into a reserve account managed by ML Wealth LLC and held by DriveWealth LLC, as determined by the lender.
Managed Investing. Offering investment management services to help users grow their wealth and achieve their financial goals.
MoneyLion Crypto. Allowing users to invest in cryptocurrencies through the MoneyLion platform, expanding investment options.
Auto Insurance Savings. Helping users save money on auto insurance premiums by comparing quotes from various insurance providers.
High Yield Savings. Offering high-yield savings accounts to help users grow their savings faster with competitive interest rates.

Conditions and requirements

Conditions

Optional Membership Fee. Users have the option to pay a monthly membership fee of $19.99, which provides access to various premium features and services.
Optional Fast-Funding Fee. Users may choose to pay a fast-funding fee ranging from $0.49 to $8.99 per advance, depending on the speed at which they want to receive their funds.
Optional Tip. There is no maximum limit on optional tips that users can provide.
Cash Advances. Users can request cash advances up to $500, with the possibility of receiving up to $1,000 for members utilizing other MoneyLion features. These advances are disbursed in $100 increments.
Shake 'N' Bank Rewards. Users can earn cash rewards every time they spend $10 or more by shaking their phone with the Shake 'N' Bank feature. The rewards are a surprise each time and can amount to up to five times the value of the purchase, with a maximum of $500 per day.

Requirements

Bank Account. Applicants typically need to have a valid bank account to qualify for MoneyLion products and services. This account is often used for depositing funds, making payments, and managing finances.
Application. For individuals applying for loans or credit products, a completed loan application is usually required. This application may include personal and financial information, such as income, employment details, and credit history.
Necessary Documents. Applicants may need to provide necessary documents to verify their identity, income, and other relevant information. These documents may include government-issued identification, proof of address, pay stubs, and tax returns.
Address. Applicants may need to provide a valid mailing address for communication and verification purposes.
Age of Majority. Applicants must be of the age of majority in their jurisdiction to apply for financial products and services. The age of majority varies by country and region.

Network of ATMs

MoneyLion provides access to a vast ATM network with no fees at over 55,000 Allpoint locations. This extensive network allows users to conveniently access cash without incurring additional charges, offering flexibility and convenience for managing their finances on the go.

Apps like MoneyLion

Dave is a financial app that offers features like cash advances, budgeting tools, and overdraft protection.
Chime is a mobile banking app that provides fee-free banking services, early direct deposit, and automatic savings features.
Brigit is a financial app that offers cash advances, budgeting tools, and overdraft protection, similar to Dave.
Earnin is an app that allows users to access their paycheck early, with no fees or interest charges. Users can tip what they think is fair for the service.

Editorial opinion

MoneyLion has emerged as a notable player in the financial services industry, offering a range of products and features aimed at addressing the diverse needs of its customers. With its user-friendly interface and convenient access to services such as bank statements, new account openings, and transfers, MoneyLion has garnered a loyal customer base. While some may appreciate the benefits of its offerings, including easy access to loans and financial management tools, others may find certain aspects challenging, such as navigating through legal and lender requirements. However, MoneyLion's commitment to addressing customer complaints and improving its services, along with its dedicated team and transparent approach, positions it as a significant player in the financial landscape, with a promising future ahead.