in Personal Loans from MoneyLion
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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 rates and terms does MoneyLion offer?
What personal loan APRs does MoneyLion offer?MoneyLion offers a fixed APR personal loan product that ranges from 5.99% APR up to 200% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via MoneyLion?
Loan amounts start at $1,000 and go up to $35,000.
What can a personal loan from MoneyLion be used for?
Personal loans from MoneyLion are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
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.
|Loan Amount||$1000 - $35000|
|Loan Term||1 - 36 months|
|APR||5.99% - 200%|
What fees does MoneyLion charge?
Does MoneyLion charge an origination fee?
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.
|Origination Fee||0% - 6%|
|Late Payment Fee||$25|
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 meet the minimum income requirement.
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
|Bank Account Required?||Yes|
|Joint Applications Accepted?||Yes|
|Credit Score||560 - 720|
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:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Late Fee Amount||$25|
|Origination Fee||0% - 6%|
|Credit Score Range||
560 - 720
|Immigration Status Considered||
|Minimum Annual Income||$36,000|
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$1K - $35K|
|Loan Term (Months)||1 - 36|
|APR (Fixed APR)||5.99% - 200%|