August 19, 2021

MoneyLion [Review 2022]

Are you looking for trustworthy credit builders and lenders who don't require credit checks and that are affordable? Do you want to improve your credit score, but aren't sure where to begin?

You've landed on the right page! This review will include information about MoneyLion's services, membership costs, and loans.

MoneyLion Review: All You Need To Know About A MoneyLion Credit-Builder

Product: NameMoneyLion Personal Loan Builder + Credit Builder

Maximum Loan Amount: $1,000APR5.99%-29.99%

Types of interest: RateFixed

Min. Min.

Lender Terms: Loans starting at 1 year

MoneyLion, a financial services provider, offers a member program. It offers financial products and services such as online banking, credit-builder loan, and cashback rewards.

MoneyLion provides a free account which allows you to open a checking or investment account. If you have an account, you can receive cash advances of up to $250 at 0% interest.

Credit Builder Plus membership is $19.99 per month. It includes all the features above as well as the credit-builder loans.

How does a MoneyLion Credit Builder Loan Work?

MoneyLion reports directly with all major credit bureaus. Credit-builder loans are loans that help you improve your credit score by paying on time.

MoneyLion offers credit-builder loans up to $1,000. MoneyLion will assess your financial situation and link to your checking account in order to determine if and how much they approve.

MoneyLion members are immediately eligible to access all or part of the $1,000 credit-builder loans once they have been approved.

All funds that are not transferred to your checking accounts until you have paid your entire debt will be deposited in interest-bearing credit reserves.

The APRs can be Competitive or High.

MoneyLion's credit-builder loan rates start at 5.99% on the low end and end at 29.99% for the high end.

MoneyLion's APR of 5.99 percent is an excellent deal compared to other lenders' credit-builder loan rates. However, this rate doesn't guarantee that you will be approved for a loan.

MoneyLion claims that they will consider a number of factors to determine which APR members are approved. MoneyLion charges $19.99 per month for a subscription.

Credit Builder Plus: A Chance to Recover Paid Membership

You must be a Credit Builder Plus member to qualify for a credit-builder loan. This requires you to pay $19.99 per monthly. The Share Loyalty Program pays half of your monthly subscription fee.

MoneyLion participants receive payments for fulfilling certain requirements such as signing up or performing a certain amount of transactions.

Platinum is the top category in Lion's Share Loyalty Program. Platinum Tier holders who meet the following criteria can earn $19.99 towards their MoneyLion Investment account.

  • To make at most 20 purchases of $10 or more per calendar month with the MoneyLion Visa Debit Card.
  • Log in to the app each month.

Credit Score: No Credit Check

MoneyLion doesn't require credit scores exceeding 700 to be eligible for credit-builder loans.

MoneyLion doesn't check your credit score. MoneyLion will however review your primary checking account. To be eligible for a loan, you must meet these conditions.

Potentially rapid funding

MoneyLion will check your financial status and deposit the amount it grants into your bank account. The remainder of the loan funds that you don't receive in advance will be put into a reserve account until your loan is paid off completely.

You may be eligible to receive the upfront funds right away depending on your qualifications.

It may take up three days to deposit funds via ACH into a third-party checking account.

Your bank might delay access to funds.

Who is MoneyLion Owned?

Diwakar Choubey, MoneyLion's CEO, is also the founder. As a high-ranking executive in Wall Street companies such as Citadel, Barclays Capital, and Goldman Sachs, he was previously employed by him.

MoneyLion also employs a Chief Information Officer Pratyush Tiwari and a Chief Tech Officer Chee Mun Foong.

Additional services included with MoneyLion Plus membership

These are the services that MoneyLion Plus members get:

  • Customized Investment Portfolio
  • Managed Investment Account (Free).
  • Cash Advances at 0% Interest
  • Free Account Checking
  • Weekly Credit Score Updates and a Free Credit Monitoring Service
  • Standard personal loans of up to $3,000 are available
  • 1 Reward Deposited To Investment Account Each Day When You Log in Each Day
  • $25 Reward for a Health Financial Status
  • Referral Service: 5 to $2,000 Bonuses
  • 5.500 ATMs are available in the country free of charge
  • Plus, Facebook Community Access

How much will this Loan Cost?

MoneyLion provides loans up to $1,000 for a 12-month period. The amount you get will vary depending on where you live.

The APR is between 5.99 percent and 29.99%. This includes the MoneyLion Plus subscription fee. MoneyLion claims that the monthly loan payment can be as low at $67.65. The amount you borrow and the APR you receive will impact how much you pay.

What are the Requirements to Qualify?

These conditions must be met in order to receive a loan from credit-builders.

  • Available for checking account for at least 60 days
  • Steady income source
  • Outstanding transaction history

MoneyLion does not require that you have a Plus member to open an account. You will need to sign-up for Plus membership in order to be eligible for Credit Builder loans.

Have a closer look at MoneyLion's Credit-Builder loan

MoneyLion's app for mobile can be used to apply for Credit Builder Plus membership. Before you apply, here are some important details:

  • No prepayment penaltyMoneyLion will not charge you a penalty for early repayment of your credit-builder loan.
  • You can apply at MoneyLion for deferment assistance if you are unable to pay.
  • Credit monitoring can be accessed online for free. It will help you identify any suspicious activity and errors in your credit reports. MoneyLion provides this service for no cost and is powered by TransUnion.
  • Additional membership benefits include cashback for shopping at participating brands. This perk can be yours when you open MoneyLion savings or checking account.

Who is a MoneyLion loan good for?

MoneyLion's Plus membership doesn't require you to have a credit score. This membership is for people who want to improve their credit scores or help with getting loans approved.

If you need to meet an immediate financial need, credit-builder loans should not be relied upon. It is a small amount and you will need to keep some of it in reserve before you can pay the debt.

Regular payments on the MoneyLion credit-builder loan will improve your payment history. You should get rid of debt as soon as possible to reduce interest rates and lower expenses.

If you are looking to improve your credit score and like MoneyLion products, this company may be the right match.

How do I apply with MoneyLion?

You can complete the MoneyLion credit-builder loan request on your smartphone or laptop. First, create an account to enroll in MoneyLion.

You can apply for Credit Builder Plus membership after you have completed the previous steps to be eligible for a credit-builder loan.

This is the last step of the whole operation.

  • Full name
  • Full email address
  • Social security number
  • Address at home
  • Verifiable phone number
  • A verifiable bank account that is in good standing (minimum 60 days old) and has deposits that show steady income

MoneyLion Reports to Credit

Yes. They do. Yes, they do. They will report your late, on time, and missed loan payments to all the major credit bureaus. MoneyLion reports all three major credit agencies. Credit-builder loans can help you improve your credit score by making on-time payments.

MoneyLion is a payday loan

MoneyLion lets you enjoy your money. MoneyLion will pay your borrowed money back on your next payday at no interest.

Can I Deposit Cash Into MoneyLion?

Visit any retail location that uses Reload@theRegisterTM powered by Green Dot(r) to add cash to your account.

Simply use your MoneyLion Debit Mastercard to transfer the cash to your account. It takes about 10 minutes to credit your account with the deposit.

How long does MoneyLion take to process a payment?

Lion's share payouts usually reach your MoneyLion account within five working days. Credit Builder Plus membership must remain current. Loan payments must also be in good standing at the end of each month to be eligible for a payout.

MoneyLion is a bank.

Lincoln Savings Bank, which is an FDIC member, offers MoneyLion accounts. This means that your checking account money can be insured up to $250,000

MoneyLion Direct Deposits Available Early

RoarMoney's mobile bank account allows for direct deposits up to two days prior to their due date!

After you receive your paycheck, it will be credited to your account. The timing of your payment will depend on the date it is transferred into your RoarMoney Account.

Three entities created RoarMoney: MetaBank MoneyLion, Mastercard, and MoneyLion. RoarMoney provides the latest mobile banking solutions to its users. These include Mastercard Tap andGo(r), contactless payments technology, and early paycheck delivery. It seamlessly integrates with MoneyLion cash advances, at zero interest.

MoneyLion makes it easy to get paid quicker.

RoarMoney lets you receive payment up to 2 days in advance

You will need your RoarMoney account numbers and routing numbers to do this.

You can link government revenue to your RoarMoney accounts by using the IRS's Get My Pay page.

Can MoneyLion allow me to withdraw money?

As long as the amount is less than the outstanding loan, you can withdraw any amount from your investment account. If your investment account balance is greater than $1,000, $500 will be the loan balance. You can withdraw $495.

How can I withdraw money from MoneyLion?

Send a request for withdrawal. You will receive the funds in your account.

It's easy to withdraw all of the MoneyLion Investment account balance.

What happens if the Lion doesn't receive his money?

MoneyLion can help you recover Instacash from eligible accounts if your payment is late. If your account is not sufficient, your bank/credit union may refuse to fund the transaction.

How does MoneyLion’s Referral Program work?

MoneyLion Plus members get a $10 bonus each time they refer a friend to become a Plus member. Refer three friends to receive a $50, $100 or $2,000 bonus.

Refer friends to MoneyLion and send them a referral code

Pros And Cons

By paying the MoneyLion Credit Builder Plus loan on time, you may be able to improve your credit score. This may not be the best choice for your financial situation.

Consider the pros and cons of each before you buy one.


  • Instant funding
  • No credit check required
  • TransUnion credit score – Weekly access


  • $19.99 per month membership fee
  • Only a portion of your funds is available
  • High APR at 29.99%

Review and complaints about MoneyLion

BBB accredited: No

BBB rating: C+

BBB customer reviews: 2.9 out of 5 stars, based on 104 customer reviews

Trustpilot Score: 4.5 out of 5 stars, based on 7,721 customer reviews

MoneyLion Plus is a top-rated app in Google Play and the App store, but its reviews are often negative.

Customers complain about poor customer service and difficulties with the loan process. This can lead to late payments.

MoneyLion receives positive feedback because it does exactly what it said: Building credit scores.

What are some Alternatives to MoneyLion's?

EarninEarnin allows cash advance transfers. This is a great option for those who need cash more than credit building.

If you're looking for more freedom to invest and a credit-builder mortgage that lets you save more money, SelfSelf could be the right option.

MoneyLion: How great is it?

MoneyLion received a variety of awards, including the 2020 Forbes Fintech 50 award and the 2019 Finovate Award for Best Digital Bank. MoneyLion was presented with the 2019 Benzinga Financial Technology Award for Innovation in Personal Finance.

Can MoneyLion really be trusted?

The application and web process are simple and standard. They provide excellent customer service, stellar quality, and fair interest rates.

Financer says MoneyLion is a great option for credit builders loans and other financial resources.

Is MoneyLion Legit?

MoneyLion is a licensed and legal banking service that uses both a secure website and the MoneyLion App.

You may need to sign up using a secure mobile login to access your bank account. MoneyLion has a privacy statement, as do all legal lenders. It describes what information MoneyLion has and how it uses that information.

They will not use your credit score to approve/denial an application, unlike other financial institutions or lenders. It reports to all major credit bureaus.

The best alternative to Jora Credit

Imagine not having to visit a lender or crumby lender ever again. Imagine your application not being denied because of a low credit score.

We will quickly talk about a business model that will give you the funding Sofi dreams of.

We're talking about...

Digital Real Estate!

Digital real estate means you don't need to worry about your credit score or personal credit.

Lenders won't ask for high credit limits because your business expenses are virtually non-existent.

Have a look

Many people need lenders to help them start a small business.

We're sorry...

It is difficult for businesses to enter brick and mortar markets right now because of the political climate and talk about a "new normal".

You should be looking at the digital real estate model.

It is enough to create a website and then do some on-page optimization.

Ok, that's great. But how valuable is a website at Google's top?

You need a website to call in jobs like tree service or roofing.

Let's suppose we have a roof.

A roofing job can have a value of $5,000 to $10,000. While a lead is worth $500 to $1,000, or 10%, it can cost anywhere from $500 to $1,000. This site can make you $5,000 per month if you make 10 calls or earn $50,000 in revenue.

This is a lot of rent for real estate!

Imagine this: This business can be scaled up.

These sites can be constructed in less than one hour. This is because we've tried.

Imagine how much you could make from just 10 websites.

Imagine not worrying about your credit score again or appearing before lenders.

But is it really so easy to convince clients to purchase something like this?

It's very simple! It's actually something our team tried!

Many business owners in the United States want to expand their business. If you can bring in new jobs each month, they'll give you 10%.

Even if you don't have a good credit score, it could still be used to finance a brick-and-mortar business.

Many of those who took the course in digital real estate started out just like this!

They wanted to increase their client base so they created a website and had it ranked on Google local.

In a matter of months, they received phone calls from their company, which was producing much more than Moneylion could.

They quickly realized the potential for great profits and began to expand their business into other markets and areas.

For those with poor credit ratings, this course in digital real estate is highly recommended.

This training will guide you through the entire process of creating these assets.

There will be a great group of people available 24 hours a day to answer your questions.

Fast funding is possible without the need to submit an application.

Check out this course!

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