Okay, I've had no problems with Moneylion aside for a few minor things but it comes with a new up and coming company who is just starting out.
So first off, everyone here who is giving them bad reviews and calling them a scam really need to know what you sign up for before you actually sign up. Meaning, read all the terms and all that other stuff.
They explain everything about how they operate and how the app works if you just look.
Secondly, whoever says they're a scam please explain to me how with a good reason. You take a $500 loan, you pay back a determined amount based on your pay cycle. This actually helps you because it breaks up the monthly payment.
The Membership now – Yes, you pay $79 a month, but if you pay attention or read the terms before you sign up it tells you that $50 of that payment goes towards your investments/savings account. Again that is broken up according to your paycheck cycle. Mine is weekly so $11.52 goes into each week.
Then they tell you that you have the opportunity to actually get the membership free if you also log into the app everyday and just swipe through the cards and will give you $1 a day for that. So, in reality, you pay NOTHING.
People need to realize that the money is going into an investment account. They are not liquid accounts, meaning, they have to sell the shares to liquidate them before they can fund the money back. Also, they say in the terms that if you pay back your loan you can get another one BUT you have to keep $150 in your investment account at all times as COLLATERAL to your loan. The loans are SECURED loans.
The only thing you really pay for is the loan plus very little interest. The whole purpose to the app is to help you save money, so they offer you 500 bucks if you need it so you don't have to dip into the savings account.
If you want all of your money back, you have to make sure the loan is paid off and cancel the membership entirely. Yes, their Customer Service is a little shaky but they are a new company, glitches and errors or whatever is going to come with any new company
Bottom Line: Yes, I would recommend this to a friend
27 people found it helpfulLink to this Review