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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

Loading Reviews ...
D
Disappointed
11/6/2018
Had nothing but the worst experience. Won't loan again, delete my account and membership. My online account was closed after the company made a mistake and sent the money to the wrong checking account. Right after the phone call I had to confirm this mistake I went online to double check my account and I couldn't sign in, merely coincidence? Merely not, why couldn't I sign back in right after the phone call? Sounds like a cover up to me.

Greg C
11/5/2018
Only have been a member for few days now, was hesitant in the beginning, but the way they handled everything was so easy the app is great, money in my account when they said, will be opening checking soon, thank you, now go make me some money.

Art A
11/4/2018
I thought it was bull! I was wrong.Best application ever! Highly recommend!

C
Courtney L
10/28/2018
Easy to use & good rates. Understand what you’re committing too and it’s excellent!

S
Stephanie
10/27/2018
Very good company.. Blessed to be a part of it.. Very accurate in what they say..

C
Cindi F
10/27/2018
Money lion is great it helped me get a loan and helped me build my credit. And I'm still with them saving and maintaining.

A
amberczook
10/15/2018
I absolutely love this app. Would recommend to everyone. The loan was easy.

S
Star
10/8/2018
Excellent service. Will recommend to a Friend or family member. Had a wonderful experience.

J
Jessica M
7/31/2018
I had a wonderful experience with the 500$ advanced loan feature. I would pay off and then be able to apply again and receive as needed. I never missed a payment and utilized the feature 5-6 times. I opted to invest in the investment account feature. After Trying to obtain funds in my account and being told multiple incorrect pieces of information on what the balance can have or when I can pull funds. I decided to pay off my last loan and liquidate my investment account with over 330$ dollars. I was told when I cancelled my membership on 7/6 I will received funds in 7-10 business days. I waited and called back 7/14 and was told the actual process had not be started yet but a manager would... Read More

Grey M
7/3/2018
So you want to a MoneyLion Loan? Well.... you have to be a MoneyPlus member to get a loan, you are then required to pay $80 a month as a MoneyPlus member (a fee that is completely hidden by fancy info graphics and clever wording in the sign up process). Here's where they get sneaky. Once you get a loan, you must autopay the member fee of $80 in addition to a loan payment every month on time. Here's where they get even more sneaky. They say $50 of that fee goes into to your "investment account" (more on that later) claiming that you're actually saving money you only end up with $30 as a monthly fee (even though $80 in real money still leaves your bank every month) So.....MoneyLion... Read More

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