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

• Fast access to cash. In some cases you can get your money within 1 business day.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 300 are considered for LionLoans.
• Hard credit pull required. You can't check your rates or see if you prequalify for LionLoans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. LionLoans does not charge a loan origination fee.
• Short loan terms. LionLoans offers loan terms as short as 1 month. Most personal loans have a minimum term of 12 to 36 months.
• 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 and Cons:

What rates and terms does LionLoans offer?

LionLoans has higher interest rates than the average 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 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 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 personal loans within 2 business days of approval.

Does LionLoans report your account activity to credit bureaus?

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 can help improve your credit score.