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 it was launched, it has originated more than 150,000 loans. It has also served over 1 million customers and tracked more than 500,000 bank accounts through its credit reporting and money management app.

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 30% APR. These rates include an origination fee of 2% to 6%. Take into account origination fee when deciding on a loan amount. Origination fees are deducted from the loan amount your 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 30% 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.

Its 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
    • Check by mail
  • APR
    7% - 30%
  • Credit Score Range
    560 - 700
  • Immigration Status Considered
    U.S. Permanent Resident
  • Minimum Age
    18
  • Verification Documents Required?
  • Lend To Military?
  • Approval Speed (Hours)
    24
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    Next business day
  • Credit Bureau Reporting
    TransUnion
  • Late Fee After (number of days)
    15
  • Late Fee Amount
    $25
  • No Prepayment Fee
  • Origination Fee
    Up to 6%
  • Institution Type
    • Bank
    • Direct Lender
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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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