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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166 Consumer Reviews for MoneyLion

Average Consumer Rating: 4.4
Rating Snapshot:
5 star: 133 4 star: 9 3 star: 1 2 star: 3 1 star:  20
Bottom Line: 84% would recommend it to a friend
Showing 1-11 of 166
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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
  • 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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  • 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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  • 7 out 8 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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  • 10 out 10 people found this review helpful

    MoneyLion loans are a scam

    • Beloit, OH,
    • Jul 19, 2018
    • Verified Reviewer

    I will never get a loan from them again! I was very satisfied with my previous loans until a new company took over. I borrowed $500.00 on 3/1/18 and on 7/13/18 I still owe $303.50 even though I made an additional $200.00 payment on 7/2/18. That payment was never credited to my account. Although they take the payment out of your bank account on the due date, they hold the payment until the day before the payment is due, meantime accruing daily interest. I have repeatedly asked for an account statement, but they will not send or email one.

    I am on a mission to get these crooked predatory lenders shut down. I have filed a complaint with the attorney general's office. Would anyone be interested in starting a class action lawsuit? I have already contacted an attorney for myself.

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

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  • Helped. Improved my credit score.

    • Albany, KY,
    • Jul 18, 2018
    • Verified Reviewer

    In just the past three months, MoneyLion has helped me improve my credit score from 400 to 505. My identity was stolen when I was in the army, and my credit was destroyed. I'm just happy MoneyLion was willing to help me when no one else would.

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

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  • 7 out 7 people found this review helpful

    Do not engage with MoneyLion Plus!

    • California,
    • Jul 11, 2018
    • Verified Reviewer

    First, I will say that I really wanted to believe this was a legitimate operation. Now I know otherwise.

    I attempted to cancel my MoneyLion Plus membership today, before my stated due date. However, I was told I could not, and the fee was already being pulled from my account, despite the fact that I did not authorize any payment. In fact, I was told I needed to cancel the fee three days ago to stop it, which makes no sense at all.

    Amelia, the call agent helping me, was able to put the cancellation form through eventually. However, she did say I might still get charged $79 regardless because she was unable to stop it on her end. Considering it hasn't even been a full month since I signed up, and it was supposed to be pulled on my payday of 7/10, this is five days earlier than I initially agreed to. I am going to report this charge to my bank.

    I will say that this whole process doesn't feel legal.

    1. Call center staff should be able to cancel a membership no matter what stage in the pending process as long as it is before the agreed upon date.

    2. Pulling money from someone's account before authorized is not legal.

    3. This whole thing is ethically reprehensible. As someone who works with marginalized communities, those with low incomes are more likely to sign up for these services. Which means they are disproportionately targeted when scams like this happen.

    I definitely didn't agree to be charged today and may have to take legal action if they continue to charge me for subscriptions and do not refund the fee.

    Please don't open an account with them! It's all fake promises! They don't let you out, and it's a terrible process.

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

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  • 6 out 6 people found this review helpful

    Best loan app

    • Cherry Hill, NJ,
    • Jul 9, 2018
    • Verified Reviewer

    I started back in January 2018 and it's now July. I only have $270 more to pay back and my investment account is over $400! Everyone who has one-star reviews is not keeping up with the app. Take advantage of the free cash daily log-in, plus, out of every membership fee, they deposit $50 into your investment account. You have to keep a minimum $150 in the investment account, but by the time my loan is paid off. I will have over $1000 invested. I never was able to save before MoneyLion.

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

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  • 7 out 7 people found this review helpful

    Never again!

    • Delaware,
    • Jun 7, 2018
    • Verified Reviewer

    I have called numerous times, always a different answer. I paid off my loan early and am still waiting for it to clear. It has been over six days now and it still says PENDING! It cleared from my bank days ago. I want to get rid of the MoneyPlus account and can't since the loan payment is pending. Customer service is a total waste of time. They all need to be on the same page. I never got a confirmation email that the loan WAS paid off as promised. I just want my investment money and get the heck out of this mess!

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

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  • 11 out 12 people found this review helpful

    Unbelievable

    • New York,
    • Jun 5, 2018
    • Verified Reviewer

    I took out a $500 loan with no problem. Really misleading terms. You have to pay $72 a month for a membership fee ON TOP of paying back your loan. I literally pay more for the membership fee every month than I do my loan.

    It is disguised as a cool, young, hip millennial app with those flash cards and giving you a dollar every day you get through them.

    The only option is to pay off the loan in full. Next paycheck I am paying it off in full and withdrawing all of my funds, deleting the app and never using it again.

    The five star reviews on here cannot be real.

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

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  • 3 out 4 people found this review helpful

    Great company

    • Tennessee,
    • Jun 4, 2018
    • Verified Reviewer

    I joined because I really need a loan to get me out of the trouble I was facing. I found this site on a loan shark website, and I applied. The fee is very reasonable, and I can afford to pay them back without breaking my bank. Thank you all for helping us out.

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

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  • 4 out 5 people found this review helpful

    Sucks that 40 bucks can be invested somewhere else for free

    • Bethlehem, PA,
    • May 29, 2018
    • Verified Reviewer

    Don’t bother signing up for this app, it sucks. Bucks can be invested in so much, then paying a membership that you can get for free on Acorns or Stash. Run away ASAP, look the other way. I regret this app so bad. I got robbed of 40 bucks for nothing. I cannot do anything for the first month but pay back them 40 bucks. Just a horrible set up. I suggest going to Scorns or Stash, or even bigger (Robinhood a really good investing app).

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

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