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in Personal Loans from MoneyLion Inc.
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MoneyLion Plus Personal Loans Review
MoneyLion Plus Personal Loans is a personal loan offering by MoneyLion Inc., a direct lender based in New York, NY. Founded in 2013, MoneyLion Inc. offers access to personal loans in 45 states (and Washington, DC).
What rates and terms does MoneyLion Plus Personal Loans offer?
What personal loan APRs does MoneyLion Plus Personal Loans offer?MoneyLion Plus Personal Loans 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 Plus Personal Loans?
Loan amounts start at $1,000 and go up to $35,000.
What can a personal loan from MoneyLion Plus Personal Loans be used for?
Personal loans from MoneyLion Plus Personal Loans 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 Plus Personal Loans?
MoneyLion Plus Personal Loans 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 Plus Personal Loans charge?
Does MoneyLion Plus Personal Loans charge an origination fee?
MoneyLion Plus Personal Loans charges a loan origination fee of 0% to 6% of the loan amount. MoneyLion Plus Personal Loans 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 Plus Personal Loans charge a late fee?
Yes, MoneyLion Plus Personal Loans may charge borrowers a late payment fee of up to $25, which is triggered if you're 15 days late.
Does MoneyLion Plus Personal Loans charge prepayment fees?
No, MoneyLion Plus Personal Loans 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 Plus Personal Loans?
Applicants with a credit score of at least 560 can apply for a loan via MoneyLion Plus Personal Loans . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a MoneyLion Plus Personal Loans loan, applicants need a minimum annual income of $36,000 or higher. MoneyLion Plus Personal Loans 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 Plus Personal Loans. 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 Plus Personal Loans?
MoneyLion Plus Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 3 business days of approval.
Does MoneyLion Plus Personal Loans report loan payments to credit bureaus?
MoneyLion Plus Personal Loans 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%|
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