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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174 Consumer Reviews for MoneyLion

Average Consumer Rating: 4.3
Rating Snapshot:
5 star: 136 4 star: 10 3 star: 1 2 star: 3 1 star:  24
Bottom Line: 82% would recommend it to a friend
Showing 1-11 of 174
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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. Learn More Here
  • Liars

    • Florida,
    • Nov 13, 2018
    • Verified Reviewer

    These people are FULL of it. I've paid my loan off, I never missed a payment, never was late, I even paid it off early, but once I requested my investment money back, all I got was the runaround. I've been waiting over a month and still haven't received my money. Do not borrow from them, they are not right. When I call I sit on the phone and all of a sudden it hangs up.

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

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  • It’s worth checking out

    • Raleigh, NC,
    • Nov 8, 2018
    • Verified Reviewer

    When I initially downloaded this app, I thought it was going to be just another bank app. What I’ve learned in the period of time I’ve had a MoneyLion account is, this is more than just a banking app. They give great opportunities on loans, rewards, and other financial needs or wants. I recommend this to people who are looking to rebuild their financial situation, get good loan rates, and or have their finances listed in one place for easy and organized access.

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

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  • Great app

    • Mississippi,
    • Nov 7, 2018
    • Verified Reviewer

    Awesome app and a great way to save money. I have been telling everyone about it. The loan option is great with a great way to pay it back easily. It's perfect for people who have trouble saving and trying to work on fixing credit.

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

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  • 3 out 3 people found this review helpful

    Scam!

    • Morgantown, WV,
    • Nov 5, 2018
    • Verified Reviewer

    My wife stupidly opened an account with these thieves thinking that it would improve her credit score. They didn't do a thing for her other than suck membership fees out of our bank account, causing the account to be overdrawn and me having to pay my hard-earned money to pay the overdrafts and bank fees. This happened twice. She even called them to stop her membership, but today they took TWO membership fees. I went to the bank this morning to close that account. Now I'm going to file an Attorney General consumer complaint. Scam!

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

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  • 2 out 2 people found this review helpful

    Beware

    • New York,
    • Oct 27, 2018
    • Verified Reviewer

    Thus far I have yet to have a good experience beginning with customer service being rude and condescending. The $1 cashback bait for swiping only works when it wants to. As of today they owe me $4 for unregistered login. I am not holding my breath, I'm sure they don't care. Save yourself from wasting your time unless you really need the $500 upfront.

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

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  • 3 out 4 people found this review helpful

    I love the customer service

    • Greensboro, NC,
    • Oct 10, 2018
    • Verified Reviewer

    I love the way everyone works by helping solve any issues I have had, and I thank you all for the service. I will continue to be a customer with this company. I will refer friends and family.

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

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  • 16 out 19 people found this review helpful

    Good App. People need to learn how to read before they sign up for things

    • New York,
    • Sep 30, 2018
    • Verified Reviewer

    Okay, I've had no problems with Moneylion aside for a few minor things but it comes with a new up and coming company who is just starting out.

    So first off, everyone here who is giving them bad reviews and calling them a scam really need to know what you sign up for before you actually sign up. Meaning, read all the terms and all that other stuff.

    They explain everything about how they operate and how the app works if you just look.

    Secondly, whoever says they're a scam please explain to me how with a good reason. You take a $500 loan, you pay back a determined amount based on your pay cycle. This actually helps you because it breaks up the monthly payment.

    The Membership now – Yes, you pay $79 a month, but if you pay attention or read the terms before you sign up it tells you that $50 of that payment goes towards your investments/savings account. Again that is broken up according to your paycheck cycle. Mine is weekly so $11.52 goes into each week.

    Then they tell you that you have the opportunity to actually get the membership free if you also log into the app everyday and just swipe through the cards and will give you $1 a day for that. So, in reality, you pay NOTHING.

    People need to realize that the money is going into an investment account. They are not liquid accounts, meaning, they have to sell the shares to liquidate them before they can fund the money back. Also, they say in the terms that if you pay back your loan you can get another one BUT you have to keep $150 in your investment account at all times as COLLATERAL to your loan. The loans are SECURED loans.

    The only thing you really pay for is the loan plus very little interest. The whole purpose to the app is to help you save money, so they offer you 500 bucks if you need it so you don't have to dip into the savings account.

    If you want all of your money back, you have to make sure the loan is paid off and cancel the membership entirely. Yes, their Customer Service is a little shaky but they are a new company, glitches and errors or whatever is going to come with any new company

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

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  • 7 out 7 people found this review helpful

    Horrible experience

    • New York,
    • Sep 26, 2018
    • Verified Reviewer

    My overall experience with MoneyLion was horrible. They are so fast to take $29 every other week from my account plus other fees, which total to over a $100 per month after I took $500 loan. Needless to say, the headache following up on my money that they’re supposed to deposit into my account is still in process. I’ve canceled my Plus membership and paid my loan over a month ago but still waiting for my money? They will lure you into getting points to get a $25 gift card just get all your personal information. I’m a US Veteran and have a 753 FICO before, now it’s down to 733. It hurts vs. help build my credit score. Their customer service sucks in terms of following up on members who canceled membership and will tell you they’re always understaffed? Horrible experience with MoneyLion. Beware of this app.

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

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    • Nov 1, 2018

      Stacy W.

      I'm curious, what other fees you are being charged every month. I'm in the process of opening the account, but I'm still reading all the documentation. While on paper the business model seems great, the paperwork required by all the bundling is a lot to process at once. I'm worried I'm missing something, especially since I'm trying to read on my phone. As much information as you can give is appreciated!

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  • 1 out 2 people found this review helpful

    Best app ever

    One of the best apps that I've used in a while. It has helped me to realize that my credit score is not that bad and it can't be fixed, and I plan to continue to fix my score using this app. I also plan to use this app to budget and save money and hopefully at the end of the week I will become a full member.

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

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  • 2 out 3 people found this review helpful

    Loan and services

    • Dayton, OH,
    • Aug 17, 2018
    • Verified Reviewer

    I have had a positive experience with MoneyLion so far. I love that you can earn rewards with their app. Their loans are easy to get as well. I would refer them to a friend. They also help you keep track of your credit.

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

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  • 15 out 16 people found this review helpful

    Won't let you cancel

    • Tennessee,
    • Aug 6, 2018
    • Verified Reviewer

    MoneyLion gives you basic info you can get from Google, and MoneyLion Plus is just an excuse to push loans on people. I tried to cancel my MoneyLion account today because I noticed they were still trying to charge my bank account even though I hadn't used the service in two months. I don't and never have had a loan with them. I contact customer service to cancel with them, and the rep tells me I have to pay $143.79 in order to cancel. $143.79 to cancel a membership I couldn't use already. I honestly would avoid MoneyLion. It's not worth the hassle.

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

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