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MoneyLion Personal Loans Review

465 Customer Comments & Reviews - see all comments
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MoneyLion is a privately held company based in Sandy, Utah that offers consumers one-stop management of savings, investments, purchasing, credit, and personal loans.

The company uses a membership model of customer relations.

Founded in 2013, the firm has offices in New York, Salt Lake City, San Francisco, and Kuala Lumpur.
 
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How is MoneyLion rated?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Overall Rating: 2.8 / 5 (Average)

MoneyLion is not primarily a personal loans company.

Rather, it's a novel attempt to consolidate a number of personal finance management functions into one app and website.

The firm's membership model is structured to encourage consumers to monitor their finances daily.

While this is certainly a creative approach, it's not a very attractive one when it comes to personal loans.

The firm only makes loans to people who have linked savings accounts with the firm--and even then, only offers loans of up to $500.

This raises the question of whether people who already have $500 in savings would be better off in withdrawing that sum from their savings accounts rather than borrowing it at interest.

Given MoneyLion's requirements and its monthly membership fees, consumers who want a loan of $500 or less might want to look elsewhere.

MoneyLion Loan Specifics

Loan Specifics - 3.8 / 5

MoneyLion offers personal loans of up to $500 to members who have linked savings accounts with the firm.

These loans are offered at reasonably low interest rates.

Loans are very easy to apply for via the company's mobile app.

However, many consumers may prefer to do business with a company that can loan them more than $500.
Loan Minimum
none
Loan Maximum
500
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
Instantaneous
Disbursement Time
Same day
Credit Insurance
No
Unemployment Protection
No

MoneyLion Qualification

Qualifications & Flexibility - 3.8 / 5

In order to qualify for a MoneyLion personal loan, consumers need to have a membership relationship with the company and to have a linked savings account.

While these qualifications are more forgiving than those of many of its competitors, it puts consumers in the paradoxical position of borrowing their own money.
Personal Income Considered
No
Hard Credit Pull
No

MoneyLion Cost of Loan

Costs, Interest Rates, Discounts & Fees - 3.8 / 5

MoneyLion offers fairly reasonable interest rates on its loans and does not charge origination fees or other fees.

However, in order to qualify for a loan, consumers must sign up to be members of the company's organization, which entails a monthly fee.

This fee can be reduced or even eliminated if consumers log into their MoneyLion accounts at least once every day.

However, for consumers who don't do this, the monthly membership fees would constitute a hefty percentage of even the maximum $500 loan the firm offers.
APR Range
5.99

MoneyLion Reputation

Customer Service and Reputation - 2.5 / 5

MoneyLion has only a handful of reviews with the BBB and about a dozen complaints, most of which concern billing and collection glitches.

It has a excellent rating with Trustpilot.

Its comparatively few CFPB complaints also generally concern billing issues.

This reputational profile is substantially similar to that of many other personal loan companies.
Type of Institution
Other Financial Institution
Year Founded
2013
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
7
Trust Pilot Rating
9.3 out of 5
Consumer Financial Protection Board (CFPB) Complaints
There are about two dozen CFPB complaints about MoneyLion, most of which concern membership billing issues.
Date Collected
2018-03-09
Headquarters Address
P.O. Box 1547, Salt Lake City, UT, 84091
Homepage URL
https://www.moneylion.com

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465 Customer Comments & Reviews

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J
JSmith
3/3/2020
Terrible customer service, terrible communication, unable to change accounts you wish to use. I got this loan to help with my credit and instead it has hurt my credit by them failing to update my payment account. I finally had enough and just paid my loan in full only for it to take 5 days to process my pay in full(came out of my bank account same day) to get more interest added and now they will not give me my escrow money due to me owing that. It appears if I do pay that, I will be waiting 5 more days in order to get more my money just to have more interest hit and I am stuck.

T
Tina B
10/30/2019
I cannot believe how bad their customer service is!!! I opened up a personal loan and an investment account. I read their website to make sure that I could use my investment account to pay off my loan. FIVE phones within a week to "supposedly" be put through to a manager and left on hold for over 20 minutes, hung up on. Still nothing done. Plus I think there is only "one" person that works there as they all sound the same with a different name. Sounds very suspicious to me!

K
kristi
7/10/2019
Since you switched "platforms" or got bought out, your customer service is absolutely horrible. I have had multiple loans in the past but now it's not worth doing business with your company. YOur website doesn't work, your email doesn't work, you can NEVER get anyone on the phone. Since you joined with better cash you are a horrible company There are too many other companies out there to deal with yours.

B
BRYAN T
6/14/2019
This is a scam company. Two months trying to get my money back and every phone call I get lied to. BEWARE!

C
Crystal H
3/24/2019
I saw online that MoneyLion is matching up to $170 for new customers but they never offered me that promotion when I joined.

Sean R
3/15/2019
Had a fraudulent transaction happen with my card 300 miles away from me, complained about the transaction, MoneyLion flat out told me there was nothing they could do. Cashing out and taking my business to a real bank. Would not recommend to anyone. Awful experience. I hope this resonates to those who are interested in setting up an account with them.

F
Fredrick
3/2/2019
Fast, easy, and convenient with one of the lowest rates around. Money in seconds when you have a MoneyLion checking account.

Jarad F
3/2/2019
This is a great bank with awesome opportunities for those that have compromised credit histories. I would be honored to recommend to anyone looking for an engaging bank that help you save and make money.

B
Brian P
2/25/2019
MoneyLion is simply AMAZING! They not only help you out financially but they aid in boosting your credit score. On top of that, the monthly fees go towards an investment that GROWS so it's a savings on top of credit repair on top of financial stability with a low APR loan! Who could ask for more?!? LOVE IT!

Amber L
2/24/2019
MoneyLion is simply AMAZING! They not only help you out financially but they aid in boosting your credit score. On top of that, the monthly fees go towards an investment that GROWS so it's a savings on top of credit repair on top of financial stability with a low APR loan! Who could ask for more?!? LOVE IT!

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