Finance

MoneyLion Reviews – A Perfect and Affordable Credit Builder!

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The MoneyLion is a well-developed company serving customers the best quality financial services and products and helping them improve their credit scores. To elaborate, in this MoneyLion Reviews, we will walk you through it all!

What Will We Talk About Here?
  • You can apply with MoneyLion by Creating an account with MoneyLion > Sign up to your account > Provide your full name and email address to enroll.
  • This MoneyLion Reviews lists services and products of MoneyLion that include RoarMoney Mobile Banking, Checking Account, Debit Cards, MoneyLion Crypto, Instacash Advance, Investment Account, and Credit Builder Loans.
  • Credit Builder Loan at MoneyLion offers a loan of $1000.

…and Much More!

MoneyLion Reviews – In a Nutshell

MoneyLion is one of the financial service providers or a mobile banking platform that offers credit builder loans to its customers in addition to several other services.

It is one of the legit platforms to help you build your credit by secure channels i.e., the legalized credit bureaus, therefore it won’t be wrong to say that MoneyLion has been worth choosing for several customers with the compelling services and offers.

  • Founded in 2013, MoneyLion claims to have served people with massive amounts of money and rewards. Moreover, it offers credit builder loans with minute interest rates.

To check the boxes of quality and credibility, MoneyLion also offers membership to its customers, referred to as the Credit Builder Plus membership.

Note! Based in New York, MoneyLion guarantees a rigorous and authentic review of their customers’ finances and aims to deliver the best possible solutions for them.  

MoneyLion Reviews Key Features

There are classic reasons for MoneyLion being the preferred choice of its customers and marking its name among existing competitors.

In this MoneyLion Review, we will discuss as much information as possible!

Credit Builder Loans  $1000  
APR  5.99% – 29.99%  
Credit Builder Plus Membership  $19.99  
Transparent Pricing  Yes
Minimum Account Balance$0
ATM Access  55,000+ in-network ATMs  
RoarMoney and Investment Account Fee  $1/month  

Pros

  • MoneyLion does not perform a hard credit check that means your credit score is not vulnerable to getting destroyed.
  • It has by far the best integrated financial services on the digital level.
  • The membership of Credit Builder Plus is just $19.99 for a month and covers a massive amount of services at such an affordable price.
  • You do not have to pay any penalty fee if you pay off your MoneyLion credit builder loan on time.
  • Fully encrypted website and mobile application to protect your data and records.
  • One of the fine features of MoneyLion is that you can keep a check on your credit without any charges through TransUnion.
  • The deferment application is a perfect lifesaver for people who wish to postpone a payment due to any valid reasons.
  • The payments do not oscillate much, meaning the installments are fixed.
  • MoneyLion offers you a straightforward and transparent fee. No hidden costs are attached.
  • A perfect platform to optimize finances through their digital services.

Cons

  • MoneyLion offers small loans such as the credit builder loan offered is $1000.
  • They are not physically located anywhere.
  • You have to pay a membership fee every month.

How Does Moneylion Credit Builder Loan Work?

You can build your credit using MoneyLion’s credit builder loan. The loan offered in this plan is $1000, and there is no rigid credit check while applying for it.

  • Excitingly, there is an equally important entire proof membership program linked with this plan that you can opt for.

To check if you are eligible for this loan or not, the experts at the company look for several details as those of your finances and a checking account. They then decide how to proceed further.

Improving the credit is a legit offering of MoneyLion. All of the payments you make are officially reported to all three credit bureaus, i.e., Equifax, TransUnion, and Experian, eliminating any chances of biasness and unfair play.

This 12-month installment plan is devised to offer you great success and regular credit monitoring that depicts your payment history and credit utilization.

The membership fee is $19.99 every month, which means you will keep making recurrent payments every month to sustain your loan

Eligibility Criteria for MoneyLion 

To open an account with MoneyLion for any possible reasons mentioned earlier, you need to fulfill some of the requirements. These are:

  • You must be a US resident.
  • Must be 18 years of age.

If you are one of the above, sign up for the MoneyLion and avail their services at the best of their potential.

Quick Overview of MoneyLion Application Process 

Getting accessibility to MoneyLion services and products is not much of a task. In short, just basic credentials are required, which are part of a verification process. First and foremost, it takes a desktop or a mobile to initiate the application.

  1. Create an account with MoneyLion.
  2. Sign up for your account.
  3. Here, provide your full name and email address to enroll.

Once done, you can now apply for their Credit Builder Plus Membership that ensures to build your credit with on-time payments.

To apply for the Credit Builder Plus Membership, you need to provide the following information, and you are good to proceed.

  • Full name and email address.
  • Social Security Number.
  • Residential Address.
  • Contact Number.
  • Bank Account.

MoneyLion Pricing to Watch Out For

MoneyLion financial service provider does not charge any unaffordable range of prices that you won’t be able to meet. Therefore, some of the services of MoneyLion that do not cost you a penny include:

  • ATM withdrawals at 55,000 in-networks.
  • Foreign transactions.
  • Opening an account.
  • Standard transfers are free of cost.
  • No fee for recurrent transactions.
  • Inactivity.

Other than these, below we have mentioned the services you will have to make a payment for:

  • $1 per month maintenance fee if you have a RoarMoney or an investment account.
  • $19.99 for the Credit Builder Plus membership fee.
  • $2.50 for the out-network ATM withdrawals.
  • $4.95 for the cash deposit fee (can vary). 

Services Offered by MoneyLion 

MoneyLion offers an extensive range of services for its customers, helping them build a presentable credit history, minimizing their cost. All in all, enabling them to manage their finances

Have a glance at the financial products and services provided by MoneyLion:

  • RoarMoney Mobile Banking
  • Checking Account
  • Debit Cards
  • MoneyLion Crypto
  • Instacash Advance
  • Investment Account
  • Credit Builder Loans

Mobile Banking

With the Mobile Banking of MoneyLion, you can have your direct deposit paycheck two days earlier through the automated procedure.

With debit cards, you can also earn cashback. Additional perks include no fee for the account maintenance and a Benefit from Price Match. This means you can refund the difference for something you found at a lower price at another place.

MoneyLion Crypto

MoneyLion supports yet another service, i.e., the MoneyLion Crypto. Besides, you can trade cryptocurrencies through their platform. However, up until today, it supports two types only Bitcoin and Ethereum.

The eligible platform that MoneyLion uses for this crypto trading is that of the Zero Hash, and it routes all of your transactions safely.

Note! Zero Hash charges a fee for all your transactions and trades, and it can vary from currency to currency. Therefore, to prevent the weight of immoderate charges, make sure that you are well aware of current exchange rates.

MoneyLion Instacash Advances 

To avail of this service of the MoneyLion, link your checking account to it, and that’s it. The starting limit required is $25, and interestingly these advances have a 0% APR.

It lets you get the cash advances free of any interest (up to $250 if any recurring deposit is tracked in your account).

To your convenience, you will have to pay a one-time convenience fee if you are choosing a standard delivery. On the contrary, if you go for instant delivery, the fee can vary depending on bank accounts.

  • RoarMoney Account: $3.99
  • Other Bank Accounts: $4.99 

Investment Accounts

One of up to the mark services of the MoneyLion is the Investments accounts. With MoneyLion, you can get various hands-on Exchange Traded Funds (ETFs) to invest in.

MoneyLion has various portfolios you can choose from and invest accordingly. They include:

  • Moderate Portfolio
  • Conservative Portfolio
  • Moderately Conservative Portfolio
  • Aggressive Portfolio
  • Moderately Aggressive Portfolio
Note! The maintenance fee of the investment account is $1 per month .Also, this is entirely a commission free platform, so no need to worry about hidden fees at all.

Customer Service

MoneyLion, a digital platform, does not have any physical locations, but that does not mean you will have to struggle to connect with the representatives.

Their customer support is active, vigilant, and well-trained to guide you and help you until you are satisfied with the results.

  • They have 24/7 customer service. You can get in touch with the concerned staff through a phone call, by emailing them, or simply by a live chat through their website.

The representatives make sure to contact you as soon as possible without having you wait for lengthy hours. Hence, if you think MoneyLion credit builder loan is the perfect fit, don’t wait and get their support as soon as possible.

The Bottom Line

To sum up, MoneyLion financial service provider is one of a kind and offers you several financial products and services, as discussed earlier.

Hence, with its numerous perks, you can surely improve your credit and manage your finances in a more detailed and efficient manner. We hope this MoneyLion reviews helped you learn everything you wanted to know.

Frequently Asked Questions about MoneyLion 

What happens if you don’t pay Money Lion?

MoneyLion still gets your Moneylion Instacash back from the verified account.

What is the Overtime of MoneyLion?

It is not launched for now but it is designed to allow users borrow $50-$600 loan.