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Where does MoneyLion do business?
MoneyLion is a direct lender based in New York, NY. Founded in 2013, MoneyLion offers access to personal loans in 45 states (and Washington, DC).
What are the APRs offered via MoneyLion?
MoneyLion has a variable APR that ranges from 5.99% up to 200%.
Does MoneyLion charge an origination fee?
Yes, MoneyLion charges a loan origination fee of 0% to 6% of the loan amount. MoneyLion deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does MoneyLion charge a late fee?
Yes, MoneyLion may charge borrowers a late payment fee of up to $25, which is triggered if you're 15 days late.
Does MoneyLion charge prepayment fees?
No, MoneyLion does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via MoneyLion?
Loan amounts start at $1,000 and go up to $35,000.
What is the maximum loan term you can get with MoneyLion?
MoneyLion offers personal loans with terms ranging from 1 to 36 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with MoneyLion?
Applicants with a credit score of at least 560 can apply for a loan via MoneyLion . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a MoneyLion loan, applicants need a minimum annual income of $36,000 or higher. MoneyLion only considers borrowers who are employed and have an annual income of $36,000 or higher.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via MoneyLion. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal loan via MoneyLion?
MoneyLion will typically approve (or deny) a loan application within 24 hours and fund personal loans within 3 business days of approval.
Does MoneyLion report loan payments to credit bureaus?
MoneyLion may report credit data to the following credit reporting agencies:
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New York, NY 10010 USA
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Message from MoneyLion
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)