MoneyLion Review

MoneyLion Review [Pros, Cons, and Pricing 2022]

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MoneyLion Review

MoneyLion is a financial service company that provides access to up to $1,000 in interest-free credit. This financial services company is set up in such a way that Americans with high debt profiles are relieved through the provision of low-interest loans combined with excellent customer service. Nonetheless, this credit provider has some inherent challenges that can be tough to deal with. Here is what you need to know right now about MoneyLion, so you can decide whether or not it is a good fit for you. 

Onto our MoneyLion review!

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About MoneyLion

MoneyLion, which was founded in 2013, is a credit provider. This credit lending platform offers mobile loan services, tracking, and advice to users, and its services can be especially beneficial to new lenders who may have little knowledge about credit selection. This Webby Awards 2019 People’s Voice Award-winning platform collects personal information from its users and uses it to find financial products that are a good fit for their financial situation.

Additionally, the platform provides credit builder loans of up to a thousand dollars. Minimum balance requirement, over 15% cashback rewards on purchases, interest-free cash advances, nice investment perks, and other benefits are also available when obtaining credit through this platform. Even so, the mobile credit app provides excellent financial tracking, allowing users to gain control over how their money is spent. MoneyLion also provides early paycheck deposits and a customized investment plan. Furthermore, it employs AI and ML to ensure that financial advice is personalized and tailored to the needs of its users.

This platform is headquartered in New York, United States, and is a member of the 2020 Forbes Fintech 50. It has approximately 7 million customers, making it one of the largest credit companies in the country.

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MoneyLion Pros and Cons

Before we take a deep dive into our MoneyLion review, here are some of the platform’s key pros and cons. 


  • Broad Loan Amounts. MoneyLion has one of the most extensive loan offerings in the United States. This credit ranges from $1,000 to $35,000. As a result of these impressive figures, there isn’t much of a limit on the amount of credit to apply for.
  • Flexible Repayment Loan Term. MoneyLion offers loan repayment terms ranging from 6 to 72 months. Given the low interest rates, this is unquestionably commendable. Customers are given enough time to repay the loan without much of a credit pull as a result of the lengthy repayment period.
  • Comparison of Multiple Products. MoneyLion provides users with a diverse range of credit providers from which to choose. Comparing these financial products will give you an idea of the rates you’re up against and will also help you decide which one is best for your financial situation.
  • Free Interest Charges on the first $10,000 Invested For First-Timers. This mobile lending platform offers a free $10,000 investment for new users. The incentive’s goal is to provide practical real-world experience on how its investment works. This will help to ensure that clients understand how the company’s financial products work as well as the ideals of the company.
  • Expert and Consumer Review. MoneyLion has received positive feedback from many critics as a reliable credit provider. On Trustpilot, it has an excellent review rate of 5 stars out of 5. This credit provider also employs expert credit advisors, whose role it is to advise loan applicants on which deal to accept or reject based on the terms and conditions of their financial situation. This all adds up to positive online reviews.
  • Availability of educational Content. MoneyLion provides a wealth of financial education content. Users are provided with up-to-date information on all financial products and services, which will assist them in selecting the best credit provider to apply with.
  • No Overdraft or Hidden Fees. MoneyLion’s charges are all transparent, so customers know how much they will have to pay before, during, and after obtaining loans. Even so, there is no overdraft fee, which is a good thing for most customers.
  • No minimum Balance. Before offering credits, MoneyLion does not require a minimum balance. It allows customers to set their account balance to any value they want.


  • Credit Builder Plus costs $19.99 Per Month. Because the free version’s features are limited, the plus plan is required, but it is somewhat pricey. The MoneyLion credit builder plus plan costs around $20. This plan provides access to additional services as well as extended loan options.
  • The Age Barrier Factor. MoneyLion requires its users to be at least 18 years old. The credit provider’s account will not be accessible unless a customer meets such conditions.
  • 25% to 30% Equity is Required. Down payment requirements have been and continue to be one of the most difficult aspects of mobile loan apps. The equity required for MoneyLion is in the range of 25% to 30%, which is high given the time frame in which the payment must be made.
  • Not A Direct Financial Service Provider. There is no denying that MoneyLion’s products and services are excellent, but this credit provider is still merely an online mobile financial platform. It does this by providing financial tracking through its online customer service in order to find the best credit for customers. This is accomplished by comparing one credit company to another, so the platform is more akin to a third-party app.

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Key Features Of MoneyLion

The MoneyLion platform offers numerous advantages, ranging from customized investment to interest-free cash advances. The key MoneyLion platform’s key features include: 

  • Large Market. MoneyLion’s market power should not be underestimated. The platform is affiliated with numerous credit lending brands, so users benefit from the flexibility that comes with having all of those major financial powerhouses in your corner. The app’s comparison of credit providers – assigning low-budget users to cheap loan options – is another key feature. As a result, the ease of repayment becomes lighter and less financially demanding when compared to what is obtained through other credit apps. Also, cases of its users making incorrect financial decisions are reduced, reliability is guaranteed, and the chances of MoneyLion’s users obtaining lower interest rates are increased.
  • Auto Investment Account. One of the key factors that help determine an individual’s financial health is investment. MoneyLion, in addition to providing users credit, also features an automatic investment plan. The MoneyLion investment plan is super easy to use and the program allows customers to earn a percentage of their investment as a profit. A key benefit of this program is that users are not constantly reminded to invest, or just left on their own to invest their money; instead, the process is automated, and interest accumulates over time. This concept, in one way or another, provides subscribers with the opportunity to earn passive income while sourcing for credits.
  • Debit Card Rewards. Like many other financial apps, this platform offers users debit cards. The MoneyLion debit card provides users with up to 12 percent instant cash back on all online purchases. So, if you were thinking of only using the card to repay a loan, the good news is that you’ll also get shopping discounts.
  • Calculators. MoneyLion has a powerful, built in financial toolkit that allows users to calculate their repayment and estimate the amounts that will be due. This calculator function can be found on the credit company’s official website and is completely free to use.
  • Credit Builder Plus Plan. Building a credit score is one of the most important financial accomplishments because it is absolutely critical when you are applying for credit. A better credit score can lead to lower interest rates and a longer repayment period, among other benefits, while a poor credit score can leave loans completely out of reach. If your credit rating is less than stellar right now, MoneyLion credit builder plus can help with that. Furthermore, this plan provides users with access to other financial products and services, monitors credit, and provides loan options. The MoneyLion credit builder plus plan costs around $20.
  • Content. It is critical to obtain informative content about financial products and services. This data enables users to gain critical insights into various credit providers, including their benefits and drawbacks. In this vein, MoneyLion publishes articles on credit cards, debt management, and other topics. This is done to assist customers in avoiding unnecessary debts and obtaining credit in a wise manner.
How Does MoneyLion Work?

How Does MoneyLion Work?

Obtaining credit is difficult due to the stress of submitting various applications to numerous credit companies. This can be both time-consuming and frustrating.

How do you avoid this stress while still obtaining credit? This is where MoneyLion comes in. This credit service provider does not necessarily make loans, but rather connects its customers with reputable credit companies. Given the abundance of options, users will be free to select the creditor who best meets their financial needs. Furthermore, this credit provider offers a fixed APR ranging from 4.99 percent to 19.63 percent, a zero minimum balance, an investment account, and a variety of other financial products and services.

However, in order to obtain loans through this mobile financial app, you must be at least 18 years old and have an account with them. The next step is to begin submitting applications, but before you do so, you should consider listening to the app’s advisory team about what to look for in a creditor. When you eventually apply for a loan, you will be asked to provide your monthly or yearly income, credit scores, full name, address, social security number, contact address, and other financial information.

You’ll be matched with a credit company that fits your budget and needs in due course. When this occurs, proceed to accept the loan’s terms and conditions and wait for your bank account to be credited. It is also worth noting that MoneyLion does not charge for overdrafts and has no hidden fees, ensuring that the loan process is straightforward.

MoneyLion Alternatives 

While MoneyLion is a great platform, it certainly isn’t the only game in town. Here are several other platforms that offer similar services.

  • Super Money: Super Money, like MoneyLion, examines lenders’ financial profiles and matches them with credit companies that fit their situation.
  • The Credit Review: This competitor provides tax relief, payroll services, and other financial services. It provides a general guideline for achieving the best results when dealing with these financial pointers.
  • Prevent Loan Scams: Prevent loan scams is another great alternative to MoneyLion. It investigates credit providers and provides reports to their customers to help them avoid loan modification scams.

Each of these platforms offers comparable services to MoneyLion’s and have their own unique advantages and drawbacks, but they are definitely worth a look. 

MoneyLion Reviews & Complaints

MoneyLion’s customer service is absolutely solid. The phone number and email address are both available 24 hours a day, seven days a week. Meanwhile, its three social media accounts, Facebook, Instagram, and Twitter, are active and easily accessible. However, the platform’s service record does have some shortfalls. For example, despite being available 24 hours a day, MoneyLion’s response time to calls and messages is considered somewhat slow by many user reviewers. 

Nonetheless, the MoneyLion mobile financial platform receives a perfect 5 out of 5 stars on Trustpilot. Many users agreed that the platform’s advisory team was doing an excellent job. Others agreed that its financial products are excellent, and some were pleased with its customer service.

MoneyLion Review Conclusion 

MoneyLion is a great mobile financial app that excels at connecting users with credit providers. It also provides a variety of financial products such as RoarMoney, Investment Account, Credit Builder Plus, Instacash Advance, and MoneyLion Crypto.

MoneyLion provides users with many benefits, such as flexible repayment terms and low loan amounts. The financial service company also stands out due to its zero minimum balance requirement, excellent customer service, and competitive APR fixed rate of 4.99 percent to 19.63 percent. However, as noted earlier, the platform also has some flaws. The fees charged for its Plus plan, which includes the majority of the company’s improved services, are exorbitant. Overall, MoneyLion provides customers with access to lenders as well as a variety of amazing services. It is definitely worth checking out if you need access to credit and are having challenges getting it. 


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