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Money Lion Personal Loans Review


Rating: 7 / 10 (Very good)
Disclosure: We receive advertising revenue from this partner.
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MoneyLion is a privately held company offering financial and loan services since 2013. It gives consumers access to a variety of financial solutions including credit monitoring and personal loans. MoneyLion also offers financial management tools that are designed to be simple and transparent. The company leverages the latest in technology that delivers data analytics and machine learning techniques for its loan services.

MoneyLion goes beyond a borrower’s credit score by utilizing other important financial information for underwriting and tailored recommendations.

Category

Direct Lender

Loan Details

Unsecured Loans

Yes

Minimum Loan Amount

$1,000

Maximum Loan Amount

$35,000

Minimum Loan Period

6 months

Maximum Loan Period

48 months

*Varies on the customer’s state of residency

Loan Rates

Starts at 7%

Direct Deposit

Yes

Application

Online Application Time

A few seconds

Response Time

Just a few minutes

Qualifications

  • Must be at least 18 years old
  • Must have a valid U.S. Social Security Number
  • Bank account information

How It Works

MoneyLion makes it easy for consumers to apply for a personal loan through its online platform. Applying for a personal loan starts by creating an account at the website. This gives them instant access to MoneyLion’s features and financial services. Personal loans of up to $35,000 is available with interest rates starting at 7%.

Rates and loan terms may vary according to a borrower’s state of residency. Currently, MonyLion only offers personal loan services to South Carolina, Georgia, Florida, Virginia, Ohio, Illinois, Missouri, Wisconsin, Texas, Oklahoma, New Mexico, Colorado, Utah, California, Washington, and Oregon.

Borrowers are required to submit their bank account information and social security number to proceed with their application. By submitting this information, borrowers can receive a decision within minutes. Borrowers who qualify for a loan are given the option of selecting the loan term which best matches their needs. Loan documents could be signed via eSign and get funding electronically transferred on the next business day.

Other MoneyLion Benefits

  • MoneyLion Rewards Program
  • Free Mobile Application
  • Free Credit Monitoring

MoneyLion Summary

MoneyLion offers borrowers quick access to its personal loan services. Funds can be transferred in as quickly as the next business day. Aside from personal loans, MoneyLion also offers other benefits such as reward programs, free credit monitoring and up to 15% in discounts.

 


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Customer Comments & Reviews

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S
Scott
Virginia Beach, Virginia
5/31/2017
It is my firm belief that Money Lion is a dishonest company. At first I was told I would qualify for a $900 loan, which would have allowed me to completely wipe out another loan I had and Money Lion's payments would have been manageable. As the application process went along, the amount dropped to $800, which still would have helped me almost wipe it out in one shot, then finally I received what I ultimately qualified for -- $500. Big whoop. That didn't allow me to do diddly-squat except get in more debt. At the first opportunity I got I paid off Money Lion early just so they would not get paid any more interest than I had already paid them by that time. If they want my business in... Read More



Our Partner
7.0 / 10
  • Personal Loans of up to $35,000
  • Get prequalified in as quickly as 5 minutes
  • Next business day fund deposits
  • eSign your loan documents
  • Free credit monitoring
  • MoneyLion Rewards Program
  • MoneyLion mobile app available
  • Get up to 15% discount on your loan for endorsements