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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 ...
J
Jamie J
1/13/2019
Using this app. Has been a huge asset. I learn something new everyday.

K
Kenneth
1/13/2019
Very convenient and easy to get. Has helped build my credit wealth.

T
Trixie D
1/13/2019
Moneylion helped mewhen noone was willing to. Also, you will learn a lot of stuff about investment when you become a member. Earn a dollar cashback everyday just for logging in, everything that you can ask for!

P
Porsha
1/13/2019
So far it’s everything they said it would be. And I barely notice it coming out of my account. Has also helped me build my credit as well

Brandon B
1/13/2019
Hasn’t caused my credit to increase any. Only got a membership to get a pay day loan, then apparently my membership payments weren’t going through, I haven’t received even close to the amount of dollar per day back that I was promised.

Rochelle W
1/13/2019
I am a plus member. I love the ease of being able to save and invest virtually for free after a month of daily scan rewards

Casey R
1/13/2019
Very easy, quick and inexpensive. Unlike other loans the interest rate is not outrageous and the funds are deposited quickly. I’m so glad I found MoneyLion.

B
Brett
1/13/2019
Love the App and the benefits. Easy repayment plan with a small amount paid each week towards the balance. Lots of ways to make free money too. Just log in everyday and swipe through the tiles.

L
Letia
1/13/2019
I saw the ad on another site and read the reviews. I needed a loan but most importantly I want to improve my credit. I log in daily and get the cash back bonus. So far so good. The process was super easy!!

D
Desiree
1/13/2019
Currently a new member and so far it seems as if the knowledge it provides and the investment is really helpful.

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