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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189 Consumer Reviews for MoneyLion

Average Consumer Rating: 4.3
Rating Snapshot:
5 star: 146 4 star: 11 3 star: 1 2 star: 3 1 star:  28
Bottom Line: 82% would recommend it to a friend
Showing 1-11 of 189
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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
  • 3 out 3 people found this review helpful

    Scam - crooks!

    • Colorado,
    • Mar 12, 2019
    • Verified Reviewer

    This is the biggest scam there is. First off, they charge you $39.95 twice per month just to be a member. Then they also charge you $29.95 twice per month to supposedly pay towards your loan. The money they claim you earn in the supposed "Money Lion Plus" funding account you will never be able to receive. I just spent the last 7 days trying to get someone to reply to me or call me in order to dispense funds in my account. Now finally when I get some on the phone and tell them I want all my proceeds dispursed and my account closed, the jerk pretends he can no longer hear me and hangs up. So now I have to start over again trying to get someone to call me back. The whole time they are giving you the runaround online and on the phone, they are deducting $39.95 every two weeks for the supposed membership fee. If you send them a message by text or email you only ever get a generated response that no one is available and to try again later. They are the biggest crooks I have ever dealt with. DO NOT deal with this company for any reason! SCAM!

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

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  • 2 out 3 people found this review helpful

    MoneyLion review

    • Ohio,
    • Mar 10, 2019
    • Verified Reviewer

    I've been with MoneyLion for almost 4 months now and my experience has been nothing but positive. It has helped me save better and invest better as well. Also with positive returns! It has helped me with keeping good habits with making sure I sign in every single day to receive the cashback bonus, which even pays for the monthly service! I can't tell you what gets better than that. They also include free credit monitoring, which really helps if you're currently trying to improve your credit. It tells you everything and will notify you of any and all changes as they take place. Very convenient, and it's included!

    In my opinion, the best feature is the 5.99% APR $500 loan they offer you whenever and wherever you are INSTANTLY! It's exactly how I explained. No matter what day it is and no matter where you are. As long as you're in good standing with your account they will let you borrow $500 on the spot deposited directly into your MoneyLion checking account. You could also have it deposited into your linked bank account but you'd have to wait 1-2 business days. I'd recommend MoneyLion to everyone hands down. They are fantastic and I couldn't tell you anyone who compares. Thanks again, MoneyLion, and keep up the great work!

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

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  • 2 out 2 people found this review helpful

    Integrity

    • North Little Rock, AR,
    • Mar 2, 2019
    • Verified Reviewer

    MoneyLion is a company who showed me the true meaning of integrity in a company. I needed a financial boost for an unexpected expense. So, I signed up for the membership; to check to see how legit it was. The ad said members can get approved by membership.

    However, I thought that it was untrue. I got this email and opened it, did the loan app. I was waiting three days or so, but the thing was the reason I had not got the money was because I had not completed the application.

    As soon as I finished it the money was in my account the next business day! Thanks!

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

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  • 1 out 1 people found this review helpful

    MoneyLion is awesome

    • Marietta, GA,
    • Feb 26, 2019
    • Verified Reviewer

    I am so impressed by how quick and easy it is to earn money a dollar a day by signing into your account. Also, getting a loan is fast, just a few minutes and you got it sent to your bank or debit card with a reasonable amount to pay back every month. MoneyLion is awesome!

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

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  • 2 out 2 people found this review helpful

    Everything you expect of a full service bank but none of the fees and charges

    • Utah,
    • Feb 26, 2019
    • Verified Reviewer

    MoneyLion, in short, is the future of banking. MoneyLion combines a no-cost checking account with an investment account which invests your money according to guidelines you set. Link your current accounts for financial tips on how to improve your spending/saving habits while facilitating the easy transfer of funds between your other accounts and MoneyLion.

    With the MoneyLion app, a full range of financial and estate-planning instruments are available, including low-cost life insurance through a partnership with Bestow; free tax filing with TaxSlayer; daily market recaps from respected market analysts; credit building loan of $500 at 5.99% APR; free credit score/report monitoring with TransUnion; basically everything you expect from a full-service bank and more.

    I knew a little about the stock market and such investments, but within 10 minutes of enrolling with MoneyLion, I had access to 0% APR fee-free cash advances up to $250, and informative articles and videos about stocks, bonds, ETFs, and money management skill training.

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

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  • 2 out 2 people found this review helpful

    Great service

    • Clinton, NC,
    • Feb 25, 2019
    • Verified Reviewer

    I am thankful for having found this wonderful opportunity to save and build credit and a financial future. MoneyLion is one of the best banking companies I have come across. You will not be disappointed. It's easy to apply and well worth it.

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

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  • 2 out 2 people found this review helpful

    Great so far

    • Atlanta, GA,
    • Feb 21, 2019
    • Verified Reviewer

    So far MoneyLion has done everything they’ve advertised. I’m only two months in but so far haven’t found any red flags or reasons to be concerned. However, I wouldn’t recommend this for people who think they are just going to take the loan and then not take full use of service. This is not a short term loan company. Their object really is to save, invest, and help manage credit.

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

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  • 1 out 1 people found this review helpful

    My MoneyLion Plus

    • Orlando, FL,
    • Feb 20, 2019
    • Verified Reviewer

    It's my pleasure to talk about a company that lends you a loan and have so many options with paying your loan back. This company, MoneyLion Plus, is one of the best loan company. They offer so many options like when paying your loan back you are able to invest some of the money in stocks and bonds, and plus there is a saving money option for you, this is crazy awesome. All you do is log into your account and earn a $1 a day, so you literally build money in your account with MoneyLion Plus. NOW, THIS IS YOUR MONEY...you can get from your investment. Man this is awesome, I really appreciate and thank MoneyLion Plus...

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

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  • 1 out 1 people found this review helpful

    Excellent service

    • Los Angeles, CA,
    • Feb 20, 2019
    • Verified Reviewer

    Great service and cutting edge product. I was very impressed with the entire process. The instant money was a first for me! I would definitely recommend this to everyone I know. I am very happy I am a member.

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

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  • 3 out 3 people found this review helpful

    MoneyLion helps me improve my credit score and credit status

    • Pennsylvania,
    • Feb 20, 2019
    • Verified Reviewer

    In July 2017 my credit score was 459 and here it is February of 2019 and my credit score is a 652. That's an improvement up 200 points. MoneyLion Plus started me out with a $500 loan, which they reported to the credit bureaus every three months, which helps get a credit card, which I use. Good enough so I could get a 2013 Kia Optima. All this in 20 months so this is not a scam, anybody can do it.

    Thanks MoneyLion Plus.

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

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  • 3 out 3 people found this review helpful

    Golden

    • Collierville, TN,
    • Feb 18, 2019
    • Verified Reviewer

    MoneyLion has helped me to save money, has held me accountable, and helped me get ahead with a loan at a good rate to help me raise my credit score. MoneyLion has kept me informed on credit tips, directed me toward a positive financial future, and has a great checking account!

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

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