So let me start off by saying that I'm terrible at saving money and also have the ugly credit score of 615 from my college days. All the collections and bad marks are going to drop off soon and I figured MoneyLion would be a good way to help my score even more. In the beginning, I only got this account to get the $500 loan, but the investment account is a huge plus.
So here's the part where people seem to be confused about. When you join MoneyLion Plus, there's a $79 fee per month, BUT $50 of that going directly into your investment account AND if you log into the app every day, you get $1. So that means that you are paying NOTHING. You are still getting charged $79 per month, and it's going into an account that's not immediately liquid, so if you can't afford it, DON'T GET IT.
The payment, if you get a $500 loan, is completely separate from your membership fee. That an EXTRA $42.86 per month for 12 months. So the total coming out of your account if you get the loan will be $121.86 per month.
I'm personally using the loan because they report it to the bureaus, and the small interest they charge is worth it for me.
So is it worth getting a Plus account just to get a $500 loan? No, it's not.
But the investment account in addition to the loan is completely worth it.
Also, I saw some people complaining that they couldn't move money out of the investment account. The dollars you see in the account is not all cash, it's a combination of stocks/bonds/cash. So it'll take some business days but you most definitely can move money out, assuming you have no outstanding loans of course.
Bottom Line: Yes, I would recommend this to a friend