MoneyLion Reviews - What Is It?

WARNING: DO NOT USE MoneyLion Until You Read This Review!
Is it a Scam? Does It Really Work?

MoneyLion is a personal loan provider that offers loans, free credit monitoring, wealth and money management tools, as well as a good points and rewards program. They claim to have provided more than 150,000 loans to date. This direct online lender offers loans from $1,000 to $35,000. MoneyLion was founded in 2013 by Diwakar Choubey, Adam Green, Chee Mun Foong, and Pratyush Tiwari. The company is based in New York City, but it also has offices in Kuala Lumpur and San Francisco. It has also served more than 1 million customers and tracked more than 500,000 bank accounts through its money management app and credit reporting app.

In general, MoneyLion offers different products and services. The first group includes loans and other credit products. These are unsecured (you won't need to have collateral) personal loans which can be used without restrictions. The company claims to provide loans to different categories of customers, including those with an excellent credit history, as well as those with a credit score lower than 580. People with an excellent credit history may qualify for these loans at low interest rates, while those with worse credit history will be able to get smaller loans with somewhat higher interest rates. If you want to take a loan from MoneyLion, you can check rates and get a prequalification in just five minutes. This won't affect your credit score. Then you will need to sign your loan agreement electronically and have the funds deposited into your account the next business day.

Customer Reviews - Does MoneyLion Really Work?

You can see a great number of real customers' testimonials on different websites online. Most clients of this company are pleased with the services they receive. They like the MoneyLion Rewards Program most of all. It means that every time you get endorsements on your account, you will receive rewards, such as gift cards to such stores as Starbucks, Walmart, Amazon, Best Buy, and more. When you get endorsements you can get up to a 15% discount on your loan's APR. But before that you will need to connect with MoneyLion that will verify your identity to decrease the risk of fraud. They will add your social profile and confirm your mobile number or email. The company will also check your borrowing habits, that is how you make loan payments and pay off your balance. Your financial habits will also be taken into consideration. These include your credit cards and bank accounts, your net worth, etc. It is mentioned that your family and friends can provide endorsements on your account to reduce your APR. For instance, five endorsements will provide you with a 2.5% APR reduction.

Another advantage customers like about the company is that it provides them with Personal Financial Management Tools. iPhone and Android personal apps will help you to get personalized "Tips For You" depending on your credit score. This will allow you to save money and manage your credit. Those apps will let you see transactions across your accounts, track your savings and net worth over time, track expenses, identify spending categories, and stay on budget, as well as receive mobile alerts if anything unusual is noted on your account. In other words, you will be able to manage your day-to-day savings and spending on the go. MoneyLion's main dashboard displays Tips For You, rewards, endorsements, credit information, active loans, financial tracking, etc. MoneyLion's credit monitoring service can be used for free by customers. To enroll, you'll need to enter some information.

The company claims to deliver your credit score in a few seconds, as well as a comprehensive analysis of factors linked to your credit. In addition, you will be able to keep track of your credit and get alerts if any changes occur to your account. TrustPilot contains 66 individual reviews on MoneyLion with an average rating of 9.1 stars. Common compliments referenced great customer service, ease of use, and fast turnaround times. The only two negative complaints referenced lack of communication and high rates. In both cases, a representative contacted customers in an attempt to improve the situation. SuperMoney.com contains 13 reviews with a 4-star average rating. Most compliments referenced solid design and ease of use. Some complaints related to the difficulty adding accounts

"MoneyLion is an honest company. I qualified for a $900 loan, and the next day I received the money. The application process was fast and easy. I did not expect to get the money so quickly and I was very happy. They really helped me to save my business. I am going to cooperate with this company in the future, especially taking into account that they have a quite low interest. Thank you very much."

"Moneylion saved me in a pinch. I needed a short installment loan, so I had been looking at this type of lending. They have competitive rates and do everything honesty. These people are very helpful and professional. I borrowed only $700 which I paid off early with no penalties. I think I will borrow a larger sum of money next time. I would definitely recommend this great company."

"Applied for a loan on the official Money Lion website and got the funds the next day. This was a short-term loan, so I did not pay too much attention to the rates. I stayed pleased with both their service and an app which is easy to use in order to check on the loan. I had no technical issues at all. It was easy to sign up, add accounts and link banking information. The company's staff seemed to be polite."

My Final Summary

MoneyLion is a lender that is worth your attention. They have a very easy application process and fast lending process. All you will have to do is to apply for a loan online, get approved and receive your money within a day. The company also allows you to see if you qualify for a loan and check your rate. The application form requires some basic information to check your credit report and confirm your identity. You will need to provide your full name, email, address, and Social Security Number, bank account information, and employment status.

To qualify for a loan (the loan with 7% APR to 30% APR), your credit score should be at least 640 and you should have an annual income of $36,000 and more. You must also be a U.S. citizen or permanent resident. But even if you don't meet these requirements you may qualify for a smaller loan from the company. Its loans are available for people with poor credit. However, the rates may vary from 7% APR to 200% APR depending on your credit history. The main goal of MoneyLion is to provide customers with financial advice on their products. The company also offers free credit monitoring, reward programs, and up to 15% in discounts. Taking into account these benefits, I do recommend MoneyLion.

MoneyLion Pricing and Rates

The company provides two loan products: LionLoans and MoneyLion Loans. Rates for MoneyLion Loans start at 7% APR and at 30% APR, including an origination fee of 2% to 6%. The origination fee depends on a loan amount. If you don't qualify for MoneyLion's prime loans, you may benefit from LionLoans, the rates of which may reach 200% APR. The late payment fee is $25.