LionLoans

LionLoans Review

LionLoans is offered by MoneyLion Inc., a direct lender founded in 2013 and based in New York, NY. LionLoans is available in 15 states across the USA.

Key Takeaways

• APRs starting at 36%. Personal loan interest rates typically range between 5% and 36%. The starting rates for LionLoans are on the higher end of the spectrum.
• Fast access to funds. In some cases, you can get your money within 1 business day*.
• No origination fee. LionLoans does not charge a loan origination fee.
• Short loan terms. LionLoans have loan terms as short as 1 month.
• Minimum income of $36,000. You will need an annual income of at least $36,000 to apply for LionLoans, which is above average for the lenders in our database.

LionLoans Pros & Cons

LionLoans FAQ

What interest rates and personal loan terms does LionLoans offer?

LionLoans has higher than average interest rates for lenders reviewed on SuperMoney.

What fees does LionLoans charge?

What do you need to qualify for LionLoans?

When it comes to credit scores, MoneyLion Inc. doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with LionLoans, applicants need a minimum annual income of $36,000 or higher. LionLoans only considers borrowers who are employed and meet the minimum income requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the LionLoans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LionLoans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking account
• Recent pay stubs
• Proof of income
• Proof of citizenship or residence permit

What is the estimated funding time for a personal loan via LionLoans?

LionLoans will typically approve (or deny) a loan application within 24 hours and fund loans within 2 business days of approval.

Does LionLoans report your account activity to credit bureaus?

Yes, LionLoans reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Is MoneyLion Inc. a legit company?

MoneyLion Inc. was founded in 2013, it is a well-established company that has been in business for 9 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.