I have been a MoneyLion Plus member since August 2018. When I signed up for the service, I was in a tight financial spot and my credit score was 461.
After being a member for a month, they extended me a $500 credit builder loan at 5.99% ARP. Repayment terms are $9.92 a week for 52 weeks. Thanks to this loan, my credit score has risen to 581 and has allowed me to get an unsecured credit card.
My membership costs $18.51 a week. $11.51 gets invested. The other $7.00 is the membership fee. You can earn that $7.00 back just by logging into the app everyday and swiping through your cards. All they are are helpful credit tips. It takes only a few seconds. I think this is where most people get confused about their service. READ WHAT YOU ARE SIGNING UP FOR! If you aren't willing to log in each day, you will lose that $7.00 a week.
Since I signed up, my investment account has grown to $630.00. Through there rewards program, I have earned two $25.00 gift cards.
The bad points. Their app could be better. There have been some glitches though the last update fixed most of my issues.
Customer service could be better.
I don't care for the changes they made to the rewards program. It is taking more time to earn points, but honestly, that is a minor issue to me. I am more concerned with rebuilding my credit, saving money, and access to the loan.
I also have their debit account. I have not had any issues with it, though I would say if you aren't going to set up direct deposit, it is kind of a pain getting money into it. Transfers from my main bank account takes around 4 to 5 days through ACH. I have a small amount of my paycheck set up as a direct deposit for this account and only use it as an emergency fund.
Overall, I am pleased with MoneyLion. They helped me with a loan when nobody else would. They have helped to put me on track to fix my credit. For the first time in a long time I actually have saved money.
With that said, I don't think their service is for everyone. It is important to read and understand how the program works. If you are not willing to follow through and log in everyday to earn your membership fees back, don't sign up. You will lose a lot of money. It is pretty easy and only takes a minute out of your day, but it does add up.
Bottom Line: Yes, I would recommend this to a friend
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