About MoneyLion

Calling themselves “the future of personal finance,” MoneyLion is a data-driven personal loan provider who also offers free credit monitoring, money and wealth management tools, along with a points and rewards program.

Because of this “360 degree approach” to financial health, MoneyLion tells us they’ve originated over 120,000 loans to date.

But can they really give you peace of mind and help you make smarter decisions? Are they a viable way of managing your finances, or are they just another personal loan provider?

To help you find answers to these (and other) questions, we performed some in-depth research of our own. We also had the opportunity to speak with MoneyLion’s Director of Marketing & Customer Engagement, Tony Ouyang.

To kick things off, let’s take a closer look at what MoneyLion has to offer.

What Products & Services Does MoneyLion Offer?

Overall, MoneyLion delivers five different products and services:

Loans & Other Credit Products

More than anything else, MoneyLion is a lender who provides unsecured (you won’t be required to have collateral) personal loans between $1,000 and $35,000, which can be used for whatever you want, without restrictions.

Whereas many other personal lenders might focus on prime customers (those with a 680+ credit score), Tony tells us that MoneyLion offers loans across the “entire credit spectrum.” These include:

  • MoneyLion Loans – If you have an excellent (prime or near prime) credit history, you may qualify for these loans at low interest rates, which we’ll talk more about in a second.
  • LionLoans – According to Tony, if you have a credit score lower than 580, or you need to take control of your finances with a starter loan, these smaller loans might be ideal. However, they’ll also come with higher interest rates.

If you’re interested in one of these loans, MoneyLion claims you can check rates and receive a prequalification in 5 minutes, which won’t affect your credit score. If you decide to apply, they’ll then pull a “hard” inquiry.

After approval, you’ll be able to sign your loan agreement electronically and the funds will generally be deposited into your checking account the next business day.

What Interest Rates will You Pay on Your MoneyLion Loan?

Tony tells us that the interest rates on their MoneyLion loan—the prime option we discussed above—start at 7% and go up to 29.99%. Loans with an APR above 29.99% are made by state licensed subsidiaries.

He also noted that—like most other personal lenders—your normal APR will be based on a combination of credit score (typically aggregated from all three bureaus), income, and employment.

Outside of this interest and a 2 – 6% origination fee, there are no other fees associated with MoneyLion loans. You’ll be able to pay it off at any time, without penalty.

In addition to their simple, low fee structure, one of the unique things about MoneyLion is their rewards program, which is what we’ll discuss next.

The MoneyLion Rewards Program

Every time you “display financial responsibility” and receive endorsements on your MoneyLion account, you’ll earn rewards, such as gift cards to popular stores like Amazon, Walmart, Best Buy, Starbucks, and more— and credits when you receive endorsements that can get you up to a 15% discount on your loan’s APR.

What, exactly, is meant by “financial responsibility”? Tony told us this involves a combination of five different elements:

  • Connecting with MoneyLion – This is the “getting to know you” phase, which constitutes actions that can help verify your identity and reduce fraud, such as connecting social profiles and confirming your email/mobile number.
  • Borrowing Habits – Making loan payments and paying off your balance on time.
  • Financial Habits – Connecting credit cards and bank accounts, increasing your savings by 5%, viewing your net worth, avoiding late fees, etc. As Tony put it, “Just doing the right thing.”
  • Credit Habits – Enrolling in their free credit monitoring service, increasing your credit score, keeping your credit utilization below 10%, and more.
  • Helping the MoneyLion Community – Writing reviews, having other MoneyLion users upvote your reviews, etc.

From a social perspective, Tony mentioned that friends and family can provide endorsements on your account. From there, every 5 endorsements get you a 2.5% APR reduction, which caps out at 15%.

However, he emphasized that an endorsement does not carry any legal ramifications (such as cosigning for the loan holder). Only that these individuals are “supporting you in improving your financial situation and habits.”

Important note: The rate reductions above are percentages off the APR—not discounts off the APR itself. For example, if you qualify for an APR of 20% and have 30 or more Endorsements for a 15% discount, then your resulting APR will be 17%.

Personal Financial Management Tools

According to the company, MoneyLion’s iPhone and Android personal financial management apps can help you:

  • Get personalized “Tips For You” based on your credit score and spending patterns to help you manage your credit and save money.
  • View transactions across all your accounts
  • Identify spending categories, track expenses, and stay on budget
  • Track your savings and net worth over time, updated daily
  • Receive mobile alerts if unusual spending is noted on your account, or if your bank balance drops too low (avoid bank fees!)

In other words, these features might be able to help you manage your day-to-day spending and savings while on the go.

On the other hand, if you’re looking for standalone wealth management apps, you might want to focus on options like GuideVine, Blooom, LearnVest, and more.

MoneyLion Main Desktop DashboardAn Example of MoneyLion’s main dashboard, which displays rewards, Tips For You, endorsements, active loans, credit information, financial tracking, and more. Image credit: MoneyLion

A screenshot of MoneyLion's Mobile App DashboardAn example of MoneyLion’s mobile app dashboard. Image credit: MoneyLion

TransUnion Credit Monitoring

MoneyLion’s credit monitoring service is provided free of charge through TransUnion, and is available whether you’re a MoneyLion loan customer or not. To enroll, simply enter some basic information and confirm your identity.

Then, MoneyLion promises to deliver your credit score “in seconds” and provide a comprehensive analysis of important factors related to your credit. On top of this, you’ll be able to keep track of your credit, simulate how different financial decisions affect it (e.g. taking out a new loan, transferring a balance to a new card, paying off all your cards, etc.), and get real time alerts whenever changes occur to your account.

Tony let us know that MoneyLion also recently rolled out a feature where they’ll run different financial simulations on your behalf and provide “Credit Monitoring Tips” on how you can better manage your credit score.

Credit Card Reviews

Here, you’ll find dozens of different credit cards available for review; everything from balance transfer cards to ones with low APRs.

What Are MoneyLion’s Customers Reviews Saying?

MoneyLion, Inc. based out of New York, NY (with offices in San Francisco and Kuala Lumpur), has been in business since 2013.

On TrustPilot. MoneyLion had 66 individual reviews at the time of our research, with an average rating of 9.1 stars. There, common compliments referenced ease of use, excellent customer service, and fast turnaround times.

In fact, the only two negative complaints referenced high rates and lack of communication. In both instances, a representative reached out to the customer in an attempt to rectify the situation.

There were also 13 MoneyLion reviews on SuperMoney.com, where the company had a 4-star average rating.

Percentage-wise, there were more complaints here than on TrustPilot, many of which referenced unexpected denials and long funding times. Note: Many of these complaints were listed as ‘not recommended’ on SuperMoney.

As far as their apps, the iOS version of the MoneyLion app had an average rating of 4 stars based on a total of 43 reviews.

Most compliments seemed to reference ease of use (it appears to display much of the same information found in your personal dashboard) and solid design.

However, most complaints seemed related to technical issues, such as difficulty adding accounts. Most of the complaints appear to reference older versions of the app.

MoneyLion’s Android version had a similar 3.5-star average rating on Google Play, based on compliments that it’s a great tool for quick access to information and ease of use.

Many also complained, however, of technical issues like difficulty adding accounts, linking banking information, problems signing up, etc. Here again though, the company seemed to quickly respond to these complaints.

Are Personal Loans a Good Idea?

As positive as MoneyLion’s features might be in helping you improve your financial situation, in general, most financial professionals recommend avoiding personal loans. Why?

Unlike mortgages, which use your home as collateral, or auto loans that use your car, personal loans are often unsecured. As a result, they tend to come with higher interest rates that can add thousands to your repayment amount, and even keep you trapped in a cycle of debt in some instances.

Sure, they come with few stipulations, but you’ll pay (often greatly) for the convenience.

However, if you’re looking to consolidate credit cards, refinance student loans, improve your credit, or pay for a large expense like a wedding, (as long as the interest rate is lower than your credit cards), personal loans might not be a bad idea. Just make sure you only take out exactly what you need and pay it off as quickly as possible.

Is MoneyLion Just Another Personal Loan Provider?

MoneyLion tells us that they “use machine learning based algorithms and big data analytics to understand the financial needs of our clients and offer better rates than traditional lenders.”

But as you’ll learn during your research, there are dozens of lenders hopping on this new “algorithm” bandwagon, aimed at streamlining the application and approval process and getting customers their money faster.

Often times, they also pass saved labor costs on to their clients in the form of lower interest rates. Popular examples include Rocket Mortgage, LendKey, and LightStream Loans.

Compared to other personal lending options, MoneyLion seems to focus on helping their customers maintain good credit and make smarter financial decisions, and their rewards program can help customers score lower interest rates on future loans.

And based on what Tony Ouyang, MoneyLion’s Director of Marketing told us during our conversation, this seems to set them apart from much of the competition and move them closer to their goal of “creating a holistic experience that enables you to reach financial wellness.”

Given this, as well as the general concerns surrounding personal loans and lack of online customer feedback, we might recommend applying for a MoneyLion loan—but only after you have all the important details in front of you, and you’re sure you can quickly pay it off.

Instead of leaving other potential customers in the dark, tell us about your experience with MoneyLion by writing a review below!

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154 Consumer Reviews for MoneyLion

Average Consumer Rating: 4.5
Rating Snapshot:
5 star: 129 4 star: 8 3 star: 1 2 star: 3 1 star:  13
Bottom Line: 87% would recommend it to a friend
Showing 1-11 of 154
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  • Editor’s Note: It is our understanding that this company has been asking its customers to leave feedback on HighYa. We assure you that each of these reviews has still been subjected to the same verification & vetting process that all submitted reviews go through.
  • Crooks!

    • West Virginia,
    • May 23, 2018
    • Verified Reviewer

    MoneyLion Plus was supposed to have an investment account and come to find out I was paying $64 every two weeks for nothing! When I paid my account off, they would not cancel my membership until the payment updated in their system which caused me to have to pay another $64, which they will not reimburse. I am reporting them to the West Virginia Attorney General Office because my contract says I can cancel at any time and in reality, you can only cancel after they scam you out of more money. Liars! Liars! Crooks! Crooks! Beware, they will scam you!

    Bottom Line: No, I would not recommend this to a friend

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  • 1 out 2 people found this review helpful

    Unclear membership fees

    While I have to say the money came next day and it was a LOW 5.9% loan, compared to others, their fees were VERY misleading. It read a fee of like under $200, which read that it would be per loan. But they were taking my bi-weekly payment PLUS another $64 in "membership fees." For like $600. Basically they are NO CHEAPER than these high interest pay loans. I don't know about MoneyLion Plus, but their standard form SUCKS. I got cheaper pricing at Amscot.

    They also don't tell you those "membership fees" still go even AFTER the loan is PAID OFF. Like, really, I am going to pay your $126 a month to only be able to borrow like $600...um, NO THANK YOU.

    Please make sure you are not only reading terms (apparently not clear) but also call and verify what you believe to be the terms and have them break them down further. Oh and get a call recorder app on your phone. Most states only require one party consent for those companies that are not on the up and up. And get the name and reference number for all calls.

    Bottom Line: No, I would not recommend this to a friend

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  • Saved me in a pinch

    Although I wish their communication was a little more clear and the app was easier to use when signing up, I would recommend MoneyLion to everyone. I love the cash back feature, and I love that I’m saving (which I’ve never really done before). So far I love this app.

    Bottom Line: Yes, I would recommend this to a friend

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  • Best times a 1,000

    Rates 5 stars and plus! So many options, and just logging in every day creates a generous amount of money towards your account. Loan options, WOW! Always informed of via text and email on what’s happening in your account.

    Bottom Line: Yes, I would recommend this to a friend

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  • Clean clarity and top of mind awareness

    The app helps me stay focused on my finances and keeps me aware of my situation. I found an app that will keep me motivated to ‘face’ my financial situation, without big complicated talk or scary images. I am that guy - scared of his own finances and the fear of not getting out of my hole. MoneyLion app helps me and motivates me to log on every day, commit to a savings plan, face my accounts, and have fun learning on what will help me.

    Thank you MoneyLion - I’m excited for this year brings and the many years of getting my ship in the right direction.

    Bottom Line: Yes, I would recommend this to a friend

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  • It's great!

    MoneyLion will help you get a loan when you need it. It monitors your expenses and gives you tips to eliminate expenses when possible. In summary, MoneyLion is an app any individual can benefit from, and you won't regret downloading it. It's great!

    Bottom Line: Yes, I would recommend this to a friend

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  • 5 out 6 people found this review helpful

    Run away from this scam lender

    • Charlotte, NC,
    • May 2, 2018
    • Verified Reviewer

    So first I want to say I am a MoneyLion Plus member. Second I want to tell you to run before you think of joining this because of the $500 loan offer, every single positive review on here was paid for by MoneyLion for $5. The funny thing is they refuse to even pay members the $5 they promised for leaving a positive review on here! They will lie to you from the beginning, and the customer service is horrific. No one speaks fluent English, so unless you can speak Spanish, you are out of luck.

    The investment portion of the MoneyLion Plus account is also a scam and in no way do you really participate in stock market gains. Nor can you get your money back or close the account until the loan (if you have one) is paid back in full. You are better off investing with a transparent and honest company like Acorns or Stash. This is simply a payday lender in sheep's clothing who will lie to you from day one and not deliver on any promise they make. Therefore, I have changes the fake positive review I left on here because I was promised $5, which they never even paid.

    Do not join, you will regret it. I certainly have, and that is a free, honest review.

    Bottom Line: No, I would not recommend this to a friend

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  • Helpful

    Well, this will be my first time with MoneyLion, and all I can say is they helped me out. I was low on money, but they helped me with a nice amount to get the majority of my bills paid, so thanks so much. I will be using you guys in the future.

    Bottom Line: Yes, I would recommend this to a friend

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  • MoneyLion Plus recommended

    I initially discovered MoneyLion through an internet short term loan search. I learned quickly, however, that they were not like other loan companies. They offer financial tips and advice to help you make better credit decisions and invest in your future. And as a Plus member, there are additional benefits. The app is user-friendly, and I love earning points towards real rewards. I would recommend MoneyLion to anyone interested in getting control of their credit and investing in their short term and long term financial goals and taking steps to meet those goals.

    Bottom Line: Yes, I would recommend this to a friend

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  • Good

    MoneyLion is very good and helpful. MoneyLion Plus is very convenience. When you have an emergency and need cash it is helpful with low monthly payments, which is perfect. I would recommend this service/app to anyone. And also the tips to bring up your credit are helpful. All in one app.

    Bottom Line: Yes, I would recommend this to a friend

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  • Amazing!

    After a lot of research, I found MoneyLion. Needless to say, I love MoneyLion! I earn money so easy to be invested for me, and all I have to do is refer friends, swipe through helpful info cards, and answer questions about myself! I got a small loan with very low interest, that will help build my credit more, plus it tells me where I stand credit score wise. Thank you, this app has been awesome!

    Bottom Line: Yes, I would recommend this to a friend

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