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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 ...
Chris B
1/6/2019
It was super easy to apply for the loan , very quick to respond

B
Brett
1/6/2019
Excellent way to start out and work to learn budgetary means of living. Moneylion even gave me a loan to help me pay some living expenses at a very reasonable payment plan over a year time frame.

Chad T
1/6/2019
MoneyLion has been very helpful to me, especially when I needed a loan!

cassmari30825
1/6/2019
In just over having my account a little over 3 months my credit score has risen, my account is good I love the investment account watching that grow has been the best! I really love this account MoneyLion should definitely take over!

Kei R
1/6/2019
MoneyLion Plus has been fantastic. I have opened a loan with them to boost my credit score, I’ve set up direct deposit into a checking account, and I have $17 in my investment account just from logging in. I’m excited to start watching my investment account grow and I’m even more excited to see what MoneyLion might bring into the banking world in the future. I believe they are changing the game and I’m excited that I jumped on board to build tenure when I did. If you’re contemplating becoming a MoneyLion plus member, do it. They care for their customers and by the way everything is set up, want each of their customers to succeed financially. Glad I found them.

G
Gillan a
1/6/2019
Great company very helpful enjoy working with them loans are simple and easy to work with

T
Theresa
1/6/2019
Easy to work with. Helpful. Quick to answer questions if you have any.

P
PShields
1/6/2019
Money Lion is a great low interest loan/investment. This loan allows you gan some of your money back buy simply logging in each day. I'm glad money lion was here to help me when I was in a pinch.

A
Andrea
1/6/2019
They were there for me when I needed them right after the Holidays kinda overspent but they had my back.

Jeff J
1/6/2019
So far I love this company. A low interest loan to help me catch up on bills and easy monthly payments. It will be fun to invest and see if my money grows.

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