Features

MoneyLion is a direct online lender that offers loans ranging from $1,000 to $35,000. As well as loans, MoneyLion provides a suite of financial products, such as credit reporting and money management tools. The company was founded in 2013 by Chee Mun Foong, Adam Green, Diwakar Choubey, and Pratyush Tiwari.

MoneyLion is based in New York City, but it also has offices in San Francisco and Kuala Lumpur. Since the company was launched, MoneyLion has originated more than 200,000 loans and has served over 1 million customers.  

What Are MoneyLion's Rates and Fees?

MoneyLion offers two loan products: MoneyLion Loans and LionLoans. Rates for MoneyLion Loans start at 7% APR and are capped at 29.99% APR. These rates include an origination fee of 0% to 6%. Take into account origination fee when deciding on a loan amount. Origination fees are deducted from the loan amount you request. For instance, if you’re approved for a $10,000 loan, and you have a 5% origination fee, you will receive $9,500 in your account.

If you don’t qualify for MoneyLion’s prime loans, you may be directed to LionLoans, which have rates of up to 200% APR. Make sure you know which product you are being offered and its terms before accepting a loan offer.

MoneyLion charges borrowers who are late on their payments a $25 late fee. However, there are no prepayment fees so paying early will always save you money in interest.

What is MoneyLion's Application Process Like?

MoneyLion allows you to check your rate and see if you qualify for a loan without impacting your credit score. The application form asks for personal information to confirm your identity and check your credit report. You will need to provide your full name, address, email, and Social Security Number, employment status, and bank account information.

What is MoneyLion's Eligibility Criteria?

To qualify for a MoneyLion loan (the loan with 7% APR to 29.99% APR), you need a credit score of at least 640 and an annual income of at least $36,000. You must also be a U.S. citizen or permanent resident. However, borrowers who don’t meet these requirements may qualify for a LionLoans loan.

How is MoneyLion Different from a Traditional Lender?

MoneyLion is not just an online lender. The goal of MoneyLion is to provide customers with data-driven financial advice on a wide selection of products. For instance, it has partnered with TransUnion, Betterment, and Wealthfront to offer credit monitoring and access to wealth management services.

Loans are available for borrowers with poor to excellent credit. However, the rates offered to borrowers vary from 7% APR to 200% APR depending on your creditworthiness.

Borrowers get free access to a money management app and their TransUnion credit score. The goal is to help members develop good financial habits and obtain valuable information on their financial situation.

  • Loan Amount
    $1000 - $35000
  • Payment Options
    Automatic Payments
  • APR
    7% - 200%
  • Max Loan Term (Months)
    36
  • Checking Account Required?
  • Credit Score Range
    560 - 720
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
    18
  • Minimum Annual Income
    $36000
  • Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee After (number of days)
    15
  • Late Fee Amount
    $25
  • No Prepayment Fee
  • Origination Fee
    Up to 6%
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    24
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    Next business day
  • Credit Bureau Reporting
    TransUnion
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0 votes

I like how they give you points each month when you pay bills on time and when you use your credit responsbly. Their mobile app is also pretty neat. I like getting the different tips every day.


0 votes

Their MoneyLion Plus looks great can't wait to try it.


0 votes

I'm blaming the government for keeping and backing up by the law this type of scammers in the market to rib poor people whom in need for $200 loan to pay off a credit card or to buy food ...etc DON'T TAKE A LOAN FROM THIS PEOPLE .. YOUR GONNA PAY IT OFF TWICE AND TROUBLE TIMES


0 votes

Applied for a loan on my phone and got funded next day. Interest rate was a bit high but I’m used to it because I don’t have a great credit score so minus 1 star.

0 votes

I haven’t gotten a loan from MoneyLion, but I’ve used their free tools. Their rewards program is great because I earn points when I invite friends and don’t have any late payments on my credit record and I can then get free gift cards. I’ll try them when I need a loan and will report back on my experience.


0 votes

I got a loan with MoneyLion and didn’t run into any issues. I needed some money for some unexpected expenses and bills, and their loan worked for my needs. I was able to pay back my loan early without any addl fees. Since I signed up for some of their other free services like getting my credit score I also got a $25 gift card at Walmart which was a nice perk. Would get another loan from MoneyLion if I need it.


0 votes

The service is as good as what you'd expect from a personal loan company. They provide loans when you need one if you qualify and are up front about your interest rate and payment schedule. The big benefit of them vs. others is that you get a lot of other "non-loan" benefits as a loan customer, like financial tools, free credit score, and rewards where you can earn points and redeem them for gift cards.

0 votes

OMG I am so thankful I just got this website to pull you guys up every piece of information you guys have put on here is down to the T correct fax I got approved for a loan I called them my bank account was locked down I asked them why would my bank be locked down which is a credit union it will not fund them because my credit union doesn't do fraudulent things so I called them and someone would not give me some advisor and I laid ... her out I cussed her ass out and tell her to suck a thousand big cocks okay because I don't know who they're scamming but this is not right I did not approve of me I did not accept it and I will not approve it and I do not want it thank you guys for this thank you so much I knew they were full of s*** More Less

0 votes

Please do not use this company, I took out a loan and called to pay off in full on the due date. the payoff amount kept changing, it was one price if payment was made through bank account and another if done with debit. I was over charged and Money lion refused to do anything. I asked for a supervisor, manager and they refused to talk with me. BEWARE. I have contacted BBB


0 votes

MoneyLion are SCAMMERS in the FIRST ORDER!!! They asked you to give them money back to verify the loan, and still never return it to you. They also harass you they first day you complete your loan. They threaten you and do not honor the conditions and terms of the contract. DO NOT under any condition use this company. WORST COMPANY, I have ever been associated with. One rep called me FORTY TIMES in one day threatening me.

0 votes

Don't do it just don't they'll screw u over


0 votes

Worst place to ever get a loan, they approved my loan but put it in someone else account and expect me to pay it back


0 votes

This place ain't s*** giving you false hope and then have you thinking you got the loan but in reality they are just getting your information! F*** this place dumb scamming b******* will be reporting them to BBB

0 votes

F***ing horrible I have a simple f***ing question about how much I still owe and have been on hold 4 hours! F*** this s***!

0 votes

I wish I would have read the reviews before going to them. This company charged my account three times in one day and told me they can't refund my money. I was explained it because I put bi-monthly in stead of semi monthly but it still don't make sense for you to charge me 3x's in a row. Don't not go this company please

0 votes

Lions loan check did not clear and now I am paying them and the bank.


0 votes

Place is a scam and is run by a bunch of rhesus monkeys.


0 votes

This is in follow-up to my March 28, 2017 comment: MoneyLion finally admitted they should not have made a loan to this Pennsylvania resident and have since stopped debiting my checking account. They insisted they made an error and somehow typed in Utah for my state of residence instead of Pennsylvania. This is why they were able to make the 650% loan to me. Really? They didn't see this when I called them begging to lower the $510/month payment so I could feed my children and ... pay my mortgage? Maybe I should move to Utah and take out another 650% loan with MoneyLion to help me get on my feet again. More Less


0 votes

I heard about the company during a web search and was not sure that if I would doing myself a disservice in accepting the loan at the time: 1. it was required to seek a loan that was more than required 2. interest rate was really high; highest I had ever seen. However, I withdrew my application until I could conduct further research and when I returned the next day, I was denied for reasons not listed on the first approval. The requirements do not seem clear at ... all and definitely cannot understand a denial in less than 24 hour timeframe. I guess if you do not accept, you're automatically denied for future submissions. More Less


0 votes

Please do not use this company they are a scam. They went into my bank account .Moneylion had me sign loan documents and a payment schedule and after that denied me my loan. Also lionloans which is the high interest part of Moneylion loans has about 400% interest. I believe I signed a legal contract for a loan with lionloans and then they denied me. I have so many legal questions regarding this company. Have never signed loan papers and then been denied. the loan. Very SCANDOLOUS.do not trust this ... company. Sincerely Anne Abraham UCC1-207.7 All Rights Resrved Without Predjudice More Less


0 votes

How can this company claim to help you get your finances in order when they provided a $1,000 loan at an interest rate of 600% (LionLoan) to a Pennsylvania resident where interest rates are capped at 25%? That is exactly what they did to me, and because of this, I am in the worst financial shape as the monthly payments are $540 a month for six months. I have begged them to forgive the loan now that I have paid them $1,500, but they refuse to do so. This company ... has ruined me financially. More Less


0 votes

Applied for a loan and got the money the next day. Rates are not the best, but this is a short-term loan so not expecting anything better. They have an app which is nice to have to check on the loan.


0 votes

They really saved me in a pinch. Very competitive rates when looking at this type of lending. In all honesty, if you need a short installment loan, these are your people. I cannot honestly review the larger sum amounts because I have only borrowed up to $700 which I paid off early with no penalties. All in all, a great company and I would definitely recommend.


2 votes

I thought the company was ok till i came up on one of my payment days and requested to push the payment back till next check because I got hurt at work and was out for 2 weeks and wouldn't get a check. Now all my payments were on time and could they accept my request... No, they took it anyway and overdrafted my account. I wouldn't recommend a company like this to anyone. No support whatsoever. Now I have to figure out how I'm going to get me ... and the kids around the next two weeks with negative money... Unbelievable! More Less


1 votes

Lion loans is a fraud don't even bother applying with them!First they do check your credit and they gather all your information including having you sign in your bank account so they can check and still deny you after sending you a preapproved notice.Don't fall for these predatory lenders they also send your information to other lenders!!Stay away from money lion loans or lion loans they use both names.There a scam!!!


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