Money Lion Personal Loans Review

Rating: 7 / 10 (Very good)
4 Customer Reviews - see all comments
Disclosure: We receive advertising revenue from this partner. Learn more.
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.

 


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

Latest Money Lion Reviews

Jay M
Arlington, Texas

1/22/2018
Well got to the point they wanted access to my checking account, sorry but that will never happen...


S
Sandra
, Texas

12/13/2017
I just received a denial letter and I NEVER APPLIED FOR A LOAN from this or any other company ! I have not yet seen a credit inquiry on my credit report but if I do I will definitely demand it is removed and will consider legal action. I am rebuilding my credit and have credit cards with an available credit line of $10,000, why in the hell would I apply for a loan from some second rate, high interest loan company ! I will continue to moniter my report and Lyin' Loans you better NOT show up on it !


T
tom
Spring, Texas

11/25/2017
Money Lion Loaned me $2,000 in September and as discovered they expect me to pay $241 for 30 weeks which amounts to $7,200 or interest of $5,200 on a $2,000 loan. If you do not think that is illegal or a scam. They must be funded by the Mafia and surely it is illegal. I caught this early enough I will get my bank to stop further withdrawals, but everyone should be aware what amounts to an annual interest rate of well over 500% interest.


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