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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 ...
Travanda P
12/1/2018
It is an alright thing but they won't allow you to withdraw from your investment account. They always say that you can't withdraw your money because they are using it.That's crazy!

Shan S
12/1/2018
Great App!!! MoneyLion is helpful and easy to use. Loan get approved instantly

J
James W
12/1/2018
Just a great app and information is simple to understand. Refer a friend.

Richard M
12/1/2018
MoneyLiom makes it fast and easy to get a loan. I highly recommend Moneylion!

geo B
12/1/2018
Money Lion is the best. I would recommend it to everyone

W
William t
12/1/2018
MoneyLion loans are great I would recommend it to everyone I meet love MoneyLion it’s the real deal

Jerrod M
12/1/2018
They have a few more options i'd like to see. Now as for what they have for options are great. You can't go wrong using this app. They really do want the best for all of us.

steven m
12/1/2018
I love the app it's great im sadifide with it will definitely recommend this app to everyone

D
Donice J
11/21/2018
Very happy in general, loan application / approval was very simple and easy, but there are a coup[le of problems worth noting. According to the NYS Attorney General lenders are required by law to provide borrowers with full disclosure loan information. I recently took out a loan but received absolutely no paperwork other than approval notice. When I called the company regarding this I basically got the run around and was directed to a location on the webpage where I was supposed to be able to find this information, but it wasn't even there.. 2. They also need to coordinate loan payment dates with actual dates people receive their income. I receive social security on the third of... Read More

Kyle C
11/17/2018
I received a $500 loan from Moneylion on 7/16/2018. Since then, I have been making two payments to Moneylion each month - one in the amount of $79.00 and the other in the amount of $42.93. According to my calculations, I have now paid Moneylion $487.72. However, according to my loan status in the app, I am showing that I will not pay off this loan until June of 2019. So I am paying Moneylion $121.93 each month. By June of 2019, I will have paid Moneylion $1,219.30 for a $500 loan. I was under the impression that Moneylion was NOT a payday lender, but after reviewing the details of this loan, I am realizing that Moneylion is exactly the same as a payday lender.

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