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 Interest Rates and Fees?

MoneyLion offers two loan products: MoneyLion Loans and LionLoans. Interest rates for MoneyLion Loans start at 7% 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 interest 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% 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% 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.

 

  • Credit Bureau Reporting
    TransUnion
  • Interest APR
    7% - 30%
  • Loan Amount
    $1000 - $35000
  • Payment Options
    Automatic Payments Check by mail
  • Checking Account Required?
  • Immigration Status Requirements
    Must be U.S. Citizen or U.S. Permanent Resident
  • Lend To Military?
  • Minimum Age
    18
  • Unemployed Applicants Considered?
  • Verification Documents Required?
  • Customizable Payment Dates
  • Deferred Payments
  • Joint Loans Available
  • No Late Fees
  • No Origination Fee
  • No Prepayment Penalty
  • Pre-Approved Soft Credit Inquiry
  • Minutes
  • Same Day
  • 1-7 days
  • 1-2 weeks
  • 2-4 weeks
  • Late Fee After (number of days)
    15
  • Late Fee Amount
    $25
  • Institution Type
    Bank Direct Lender
  • Approval Speed (Hours)
    24
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0 votes

The worst company to work with. DONT APPLY WITH THEM! I have a 800+ credit score and they auto approved me and then they steal all your information and then deny you a loan with the most out rages excuses like couldn't verify credit but they ran my credit and it's on my dashboars with all the items on my credit showing. DO NOT APPLY WITH THEM. You will regret it.

0 votes

This place is a ripoff. They tell you that they compound interest daily and so in a 2 week time period my loan would accrue nearly 200 in interest and then my payments were 266 every two weeks when I inquired on when interest would be paid and I would be paying just principal I was told NEVER! DON'T use this service it is completely not customer friendly!


0 votes

This is a predatory company. The annual percentage rates for customers are 654%. They are discouraged from reading the terms and conditions. The company is located at 8610 Sandy Parkway in the lower level in Sandy, Utah. The managers are Carol, Diane, and Chris. This company is run by criminals. They are not to be trusted.


0 votes

terrible payday loan co. very misleading payment schedule provided to borrower.

0 votes

Do NOT EVER use this loan company. I didnt complete the application as i decided i did not need the loan. Despite not needing it and not completing the application, the funds were deposited into my account. I called immediately to cancel it and was informed that my loan was in the retention department? So strike 1, i didnt want to be retained but apparently they were trying to prevent me from NOT using them. I then spoke with an agent who spoke with her supervisor and the resolution? They ... debited my account in the amount of the loan... TWICE!!! I have had the pleasure of trying to dispute this with my bank. I hope they have some STRONG legal defenses because i did not authorize two payments. Find another company such as speedycash. This place is scum and VERY predatory / maninpulative. I have never in my life seen a place that takes money a customer did not owe or authorize. 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

I wish I could give this place negative stars. They will screw up your accounts and take money prior to what you agreed then fix their documents to show otherwise. Will NEVER use them again. Crooks!

0 votes

Absolutely terrible! After saying we were approved via phone and e-mail (for only $400 mind you) we were given the run around for two weeks which the money should have been deposited the next day. We've called 4 times, have been told twice there was no notes in their system or proof of us calling then they changed their mind after the fourth call and told us we'll have to apply again! Are you kidding me? Totally sketchy company with rude customer service. And ... all we were trying to do was buy our new borns medicine from the pharmacy which is really expensive because of his numerous health issues. We were counting on the loan since we were told more than once we got approved, so this whole ordeal has screwed us. We'll be posting reviews on numerous resources including the BBB. Don't waste your time out energy on this awful, complicated, "company"! More Less


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.


0 votes

Yes I definately recommend money lion loan any one. When I was in a financial bind their help was indeed a big help. Thank U!!


0 votes

I have trust Money Lion because they never steered me wrong. I love their perks they make you feel part of the family.


0 votes

Money Lion is a good company to get a new loan. Have had nothing bad to say about them, always kind and friendly.


0 votes

I've been a non-loan customer for about a year and I've noticed they've really improved their credit monitoring, personal financial management, and rewards products in the past 6 months. Their app just had a big revamp and is a great tool to check your credit score. I like seeing the graph of my net worth over time. I also like how the company rewards you with points when you are responsible with your money; I've already claimed 2,500 points for a $25 gift card :)


0 votes

I've been a non-loan customer for about a year and I've noticed they've really improved their credit monitoring, personal financial management, and rewards products in the past 6 months. Their app just had a big revamp and is a great tool to check your credit score. I like seeing the graph of my net worth over time. I also like how the company rewards you with points when you are responsible with your money; I've already claimed 2,500 points for a $25 gift card :)


0 votes

I just took a personal loan with MoneyLion after receiving an offer in the mail. The application was quick and easy and I had my money the next day. I also signed up for the free credit monitoring. So far, I'm a fan of this company.


0 votes

Much easier to use than mint.com. MoneyLion is hands down the best personal financial management tool in the App Store.


0 votes

Good customer service. People there are easy to deal with. I'd recommend them for personal loans. Ended up signing up for free credit monitoring too, which is handy as I want to improve my credit score.


0 votes

so i downloadedd moneylion's mobile app and it's actually pretty cool. the app lets me get my credit score for free, has a nifty credit simulator tool, and sends me email alerts when there are changes to my credit. i've improved my credit score by 12 points since downloading the app! i haven't taken out a personal loan yet and will report back if i do, but the rates seem fair and their customer service looks pretty good.


0 votes

Complete scam!! They only want your banking information. They tell me im preapproved for a loan. They ask to verify my income and e sign thr loan. I send them. 3 months of bank statements then they tell me my loan has been canceled. I call and ask what happened cause id already e signed the loan agreement then they tell me reapply cause the application had been withdrawn. They had n reasons why it was withdrawn. So i reapply then im denied cause they couldn't verify my income tbey ... say. Every paycheck shown on my statements showed i made at least $2000 but somehow that couldn't be verified. Theyre full of it. Only want your social and ba k info. Get a loan from somewhere else!!! More Less


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


2 votes

Edited to add: 4 days later, still nothing. I called to complain and a rep named Jennifer said all I had to do was sign online loan docs. I did, and the website said Id be recieving my funds tomorrow. I later went back to the site, and it said my loan had been withdrawn and canceled due to not submitting proof of income. NOT ONCE WAS I ASKED DURING MY 3 PHONE CALLS, NOR ONLINE!!! I've now waisted 5 days with these shisters!!! I will be filing a grievance ... with the consumerfinance.gov and federal consumer affairs. DO NOT TRUST THIS COMPANY!

Original review: I applied 2 days ago, and still haven't received funds. The website claimed they'd be deposited today, and they haven't. I called and the man said "they haven't gotten around to my application. If they did today, the money would be here Monday. If not, then Tuesday." I wouldn't have applied if I had know that! I needed the funds to fix my car for a required trip this weekend! Super disappointed. Too good to be true.
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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