Money Lion Personal Loans Review
ConsumersAdvocate.org Rating: 7 / 10 (Very good)
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.
Minimum Loan Amount
Maximum Loan Amount
Minimum Loan Period
Maximum Loan Period
*Varies on the customer’s state of residency
Starts at 7%
Online Application Time
A few seconds
Just a few minutes
- 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 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.