Many or all of the companies featured compensate us. Compensation and research may determine where and how companies appear. Learn more
  1. Home
  2. Personal Loans
  3. MoneyLion Review

MoneyLion Personal Loans Review

465 Customer Comments & Reviews - see all comments
Our content is free because we may earn a commission when you click or make a purchase using our site. Learn more.
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.
 
View Top 10 List

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

Our Comments Policy  |  How to Write an Effective Comment

Leave a comment for MoneyLion Personal Loans
Minimum 12 words.
 No maximum length.
* What's Your Rating?
To make this comment as helpful as possible for our community, please provide at least 2 sentences.

465 Customer Comments & Reviews

Loading Reviews ...
Darren B
2/3/2019
I don’t have enough experience yet to give a substantial rating. That said, getting the mom was quick and easy. Doing the daily swipe is easy and shows up on my account. I can give a better rating after using for a few months.

Shauna w
2/3/2019
I love everything about this company. Its helps with money management and also loans for people with bad credit.

Shelle C
2/3/2019
I like the membership, it is a good money management tool. Love i!!

J
Joy M
1/29/2019
So far, I love using Moneylion. The Plus Membership may be a bit pricy but it's worth it for someone like me. I am building my credit and I don't qualify for basic loans, but Moneylion Plus helps me with both! Just make sure you make your Membership/loan payments on time because it is a hassle getting back on track. I learned the hard way but it's a part of being responsible. I am still learning more about the app everyday and do not have any complaints. Thank you Moneylion!

Abel B
1/29/2019
I like it so far but what i dont like is that is keep asking for my password

J
Juan
1/28/2019
Es bueno e instruye sobre inversiones, lo recomiendo para empezar en inversiones aparte que el servicio viene saliendo gratis con el dólar diario que aporta a tu inversión si entras diario a la pagina

John B
1/28/2019
good money management and investing. everyone should have a money lion membership

P
Pete M
1/28/2019
MoneyLion is a great way to save money, borrow money, and build your credit. My credit was 480 when I started, now it’s over 600! Most of what you pay for your membership you earn back just using the app everyday and making your payments.

K
Kayla w
1/28/2019
The loan really helped in my time of need. This helped me and my family out.

D
dana s
1/28/2019
Loan was fast and very convenient. I am glad I signed up with MoneyLion.

Top Rated
Our Partner
  • Get personalized pre-qualified rates from multiple lenders.
  • 2 Minute Process
  • Loans from $600 to $200,000 
  • Rates from  6.49% APR - 35.99% APR APR¹ 
  • Loan terms of 1 - 7 years
  • Rated A+ by the BBB
READ FULL REVIEW >
VIEW RATES

Related to Personal Loans

Top Articles
Suggested Comparisons