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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 ...
E
Erica M
1/6/2019
Money Lion has been A great way for me to create the habit of saving money!

Hope G
1/6/2019
Moneylion is great had an emergency and got the loan that was awesome!!

J
Jonathan A
1/6/2019
VERY HELPFUL IN EVERY ASPECT OF FINANCE.. I REFERRED 8 PPL HAVE NOT RECIEVED ANY 10 DOLLARS BUT OVERALL SATISFIED

Tahirih S
1/6/2019
It's s great loan with lo eww interest rates to get you back on track while also building credit and saving money.

Jherwin d
1/6/2019
Great Investment Company. Lors of Positive Reviews. Really Nice to see about Consumers with Credit Repair, Well Done. Unfortunately it does need a little more user friendly Tune on App, upon updating Personal Customer Profile Information. I currently can not update my Current Cell Phone Number which Leads me unable to Activate My New Debit Card. Come On Money Lion Get your Gadgets Tweaked a bit. I would Provide 5 stars but as of now its a 4

D
Donna P
1/6/2019
MoneyLion is great. I has allowed me the opportunity to work on my credit as well as invest my money. Thanks MoneyLion

Betty A
1/6/2019
I am looking forward to getting some savings built up and got the $500 loan in 2 days even with it being New Years day!

J
Jeremy
1/6/2019
Easy to setup and borrow from,quality service and ease of use. Great loan

J
Jessica
1/6/2019
Great loan that offers superior perks and financial products, such as credit building, stock investments and savings tools! Also rewards you with gift cards

H
Holly B
1/6/2019
So far this company has been amazing! I’m building credit, got a low rate loan and investing. I love the little tidbits I see when I log in about my spending habits. Things I really never put much thought in to. I am excited to see how my credit benefits from this as well as seeing how I can make my budget work for me.

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