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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

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A
angela m
5/4/2018
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

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

S
Sandra
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
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
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

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