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MoneyLion Personal Loans Review

465 Customer Comments & Reviews - see all comments
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MoneyLion is a privately held company based in Sandy, Utah that offers consumers one-stop management of savings, investments, purchasing, credit, and personal loans.

The company uses a membership model of customer relations.

Founded in 2013, the firm has offices in New York, Salt Lake City, San Francisco, and Kuala Lumpur.
 
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How Do We Rate MoneyLion?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Our Overall Rating: 2.8 / 5 (Average)

MoneyLion is not primarily a personal loans company.

Rather, it's a novel attempt to consolidate a number of personal finance management functions into one app and website.

The firm's membership model is structured to encourage consumers to monitor their finances daily.

While this is certainly a creative approach, it's not a very attractive one when it comes to personal loans.

The firm only makes loans to people who have linked savings accounts with the firm--and even then, only offers loans of up to $500.

This raises the question of whether people who already have $500 in savings would be better off in withdrawing that sum from their savings accounts rather than borrowing it at interest.

Given MoneyLion's requirements and its monthly membership fees, consumers who want a loan of $500 or less might want to look elsewhere.

MoneyLion Loan Specifics

Loan Specifics - 3.8 / 5

MoneyLion offers personal loans of up to $500 to members who have linked savings accounts with the firm.

These loans are offered at reasonably low interest rates.

Loans are very easy to apply for via the company's mobile app.

However, many consumers may prefer to do business with a company that can loan them more than $500.
Loan Minimum
$0.00
Loan Maximum
500
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
Instantaneous
Disbursement Time
Same day
Credit Insurance
No
Unemployment Protection
No

MoneyLion Qualification

Qualifications & Flexibility - 3.8 / 5

In order to qualify for a MoneyLion personal loan, consumers need to have a membership relationship with the company and to have a linked savings account.

While these qualifications are more forgiving than those of many of its competitors, it puts consumers in the paradoxical position of borrowing their own money.
Personal Income Considered
No
Hard Credit Pull
No

MoneyLion Cost of Loan

Costs, Interest Rates, Discounts & Fees - 3.8 / 5

MoneyLion offers fairly reasonable interest rates on its loans and does not charge origination fees or other fees.

However, in order to qualify for a loan, consumers must sign up to be members of the company's organization, which entails a monthly fee.

This fee can be reduced or even eliminated if consumers log into their MoneyLion accounts at least once every day.

However, for consumers who don't do this, the monthly membership fees would constitute a hefty percentage of even the maximum $500 loan the firm offers.
APR Range
5.99

MoneyLion Reputation

Customer Service and Reputation - 2.5 / 5

MoneyLion has only a handful of reviews with the BBB and about a dozen complaints, most of which concern billing and collection glitches.

It has a excellent rating with Trustpilot.

Its comparatively few CFPB complaints also generally concern billing issues.

This reputational profile is substantially similar to that of many other personal loan companies.
Type of Institution
Other Financial Institution
Year Founded
2013
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
7
Trust Pilot Rating
9.3 out of 5
Consumer Financial Protection Board (CFPB) Complaints
There are about two dozen CFPB complaints about MoneyLion, most of which concern membership billing issues.
Date Collected
2018-03-09
Headquarters Address
P.O. Box 1547, Salt Lake City, UT, 84091
Homepage URL
https://www.moneylion.com

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465 Customer Comments & Reviews

Loading Reviews ...
Delebony S
1/20/2019
I love MoneyLion! They help out tremendously with managing money and also help when you need it!

Maria F
1/20/2019
The loan is nice to have, very low interest rate but it needs to be explained more clearly exactly what you are committing to. You really need to understand you need to budget for around $125 a month extra coming directly out of your checking account to pay for the membership, and to commit to swiping through the app every single day to get the dollar cashback. In my opinion this isn't made clear when you sign up.

Christopher S
1/20/2019
I’ve heard a lot about MoneyLion and had to see for myself what it was about. Of course I have found out very quickly that it helps with credit,managing money,and being able to be responsible again!!!

L
Lolita
1/20/2019
MoneyLion was able to provide me a low interest loan when I was in a bind. They me a chance when no one else would and I’m thankful for that. Repayment begins next month and I’m interested to see how that will work if I do an early payoff, hopefully it’s as seemless of a process and signed up was. Very pleased right now.

M
Ms. T
1/20/2019
I like the many perks and how I am able to learn how to mange my funds.

Tracy V
1/20/2019
Just plain amazing Helpful encouraging. Customer satisfaction and pleased with all aspects of this company

Chereka C
1/20/2019
MoneyLion has helped me during this shutdown with a low interest loan. It also allows me to learn to save and plan for the future by investing.

V
Victor M
1/20/2019
Great Company would definitely recommend. Will definitely continue to use their services.

Tiffany P
1/20/2019
Excellent company ! Love the convenience and quality of service! Great investment!

J
John
1/20/2019
Great way to save money for a rainy day or an unexpected surprise

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