MoneyLion

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MoneyLion

Overall Rating

4.1

206 Customer Reviews

Summary

MoneyLion is an online banking, lending, and investment platform with paid memberships that cater to consumers with bad credit.

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Customer Reviews

4.1 Stars out of 206 Reviews
5 Star:73% 4 Star:5% 3 Star:0% 2 Star:1% 1 Star:18%
78% Recommend This Company
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Posted on Sep 26, 2018

Horrible experience

By Marie A., New York, 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

Helpful Review? 16 People Have Voted

Posted on Oct 27, 2018

Beware

By Jesse V., New York, 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

Helpful Review? 15 People Have Voted

Posted on Jun 7, 2018

Never again!

By Gwen H., Delaware, 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

Helpful Review? 13 People Have Voted

Posted on Mar 12, 2019

Scam - crooks!

By Robert S., Colorado, 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

Helpful Review? 13 People Have Voted

Posted on Mar 24, 2017

600% interest rate for LionLoan made to PA customer

By PA Borrower, Pittsburgh, PA, Verified Reviewer

How can this company claim to help you get your finances in order when they provided a $1,000 loan at an interest rate of 600% (LionLoan) to a Pennsylvania resident where interest rates are capped at 25%? That is exactly what they did to me, and because of this, I am in the worst financial shape as the monthly payments are $540 a month for six months.

I have begged them to forgive the loan now that I have paid them $1,500, but they refuse to do so. This company has ruined me financially.

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

Company Response from MoneyLion, Inc.

Apr 9, 2017

Thank you for your review. Our LionLoan product is meant to be a short-term loan that can be paid off anytime in full, without penalties, in order to avoid additional interest charges. We encourage all our customers to pay off their loans early. Feel free to contact us with any further concerns M-F 8:00a-9:00pm ET: 1-888-399-9770.

Helpful Review? 12 People Have Voted

Posted on May 8, 2018

Unclear membership fees

By Angela Morgan, Tampa Bay, FL, Verified Reviewer

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

Helpful Review? 11 People Have Voted

Posted on May 23, 2018

Crooks!

By Gregory M., West Virginia, 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

Helpful Review? 11 People Have Voted

Posted on Dec 14, 2017

Stay away

By Donta Williams, Georgia, Verified Reviewer

I was approved for a loan for $500. I never received a loan, and every time I would call to talk to someone about it, I just kept being told to wait until tomorrow and call back. I finally got tired of waiting and told them I wasn't hanging up until I got answers, and I was hung up on. Until this day I have still yet to hear from anyone. The worst part is, I was still charged to pay back the loan I never received.

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

Company Response from MoneyLion, Inc.

Dec 14, 2017

Hi Donta, sorry you've had a bad experience with us.

We'd like to help by escalating your issue to management. Please email us at support@moneylion.com and provide us your email address associated with your MoneyLion account and full name and we'll assist you as soon as possible.

Helpful Review? 9 People Have Voted

Posted on Jul 9, 2018

Best loan app

By Brandon H., Cherry Hill, NJ, 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

Helpful Review? 9 People Have Voted

Posted on Dec 6, 2018

Great experience

By Lorrel C., Streetsboro, OH, Verified Reviewer

My experience with MoneyLion has been very rewarding. It’s always been a struggle for me to save money and keep an eye on my bank accounts. With the help of MoneyLion, I’ve been able to save more than I ever have. My credit score increased the highest it’s ever been, and I just opened the MoneyLion checking and am looking forward to what’s in store!

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

Helpful Review? 9 People Have Voted

Posted on Nov 11, 2017

Horrible

By Dustin Nieder, San Diego, CA, Verified Reviewer

After posting this and other reviews about my experience, management has contacted me, answered my question, quelled my concerns, and the second agent I spoke with, Michele, even sent me a personal note to apologize for the situation, which I appreciated.

They also reported that they did follow up on the initial agent who was so unhelpful.

I don't know that this would have happened without the reviews, and a say that if those below me didn't update and remove their negative marks and management didn't help them, that they likely false statements from customers.

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

Company Response from MoneyLion, Inc.

Dec 14, 2017

Dustin, we apologize for the negative experience you had with our customer service agents. We take complaints seriously, which is why management contacted you directly to resolve your issue.

At the end of the day, we're not infallible and we do strive to always be better.

Thanks again for your understanding, and we hope you give us another chance in the future.

Helpful Review? 8 People Have Voted
Showing 12-22 of 206

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