MoneyLion Personal Loans Review
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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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Customer Comments & Reviews
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While I have to say the money came next day and it was a LOW 5.9% loan compared to others their fees were VERY misleading. It read a fee of like under $200 which read that it would be per loan. But they were taking my bi-weekly payment PLUS another $64 in "membership fees". For like $600... basically they are NO CHEAPER than these high interest pay loans... I don't know about ML Plus but their standard form SUCKS. I got cheaper pricing at Amscot. They also don't tell you those "membership fees" still go even AFTER the LOAN IS PAID OFF.... like Really I am going to pay your $126 month to only be able to borrow like $600... uhm NO THANK YOU. Please make sure you are not only reading terms... Read More
Well got to the point they wanted access to my checking account, sorry but that will never happen...
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 !
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.
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
- Personal loans of up to $500 at low interest ratges
- Personal finance app for savings, investment, and borrowing
- Next business day fund deposits
- eSign your loan documents
- Credit monitoring