MoneyLion Loans Review

MoneyLion Loans was started back in 2013 and since then has been helping people qualify for loans. Their first service was a phone app that could help customers manage finances. However, they now have expanded their business to include a wide variety of different services.

The app was designed to help you manage your credit score, check your checking accounts, and manage personal loans. Over the years, they have expanded to help more than 4 million users have better financial management.

Now, they have processed over 250,000 loans from borrowers. If you’re looking for quick cash and instant funds, then you can rely on MoneyLion Loans. We’ve also found the below information about the company;

Personal Loans

The company provides personal loans of $500. Personal loans usually require verified income, even if you have bad credit scores. If you need instant cash, you can get funding in less than 24 hours.

Personal loans are paid off over time. To make things easier, MoneyLion focuses on providing a payment date near your paycheck. Additionally, they try and avoid unnecessary high APR rates.

You’ll have a set amount of months to pay back your loan. The $500 is just the starting point. However, it depends on which state you’re living in. Once you accept the money, the repayment period will begin, and you will be responsible for paying them back on time.

What’s the Borrowing Process Like at MoneyLion?

To get a loan from MoneyLion, you will have to create an account on their mobile app or website. You will be prompted to provide certain personal information to help identify yourself. This ensures that there aren’t any identity theft issues.

First, you’ll need to live in a qualifying state that MoneyLion operates. If you do, then you can move onto the next step. Next, you’ll need to specify the loan amount before applying.

The application goes over basic personal info to see if you meet the requirement of a loan. This includes your income, credit score, etc. We’ve found that bringing as much documentation with you and keeping it on hand speeds up the process.

Once they go through the information with you, then they will ask you the loan amount. You will then need to provide documents such as your personal ID or state-issued ID. After that, they will propose a contract with you.

Read through the contract as it highlights the APR rates and extra fees. If they are not to your liking, you can try and adjust the repayment plan. However, most lenders keep their APR rates set.

Once approved, you can expect funds into your account within two days at a minimum; after getting approved, the funds will be deposited into your account. This will signify the beginning of your repayment schedule.

Is There a Max Amount You Can Borrow at MoneyLion?

MoneyLion loans have different amounts that they offer per eligible state. If you live in an eligible state, you can see a tremendous difference in the cost between each state. For an average, you can expect to, at minimum, borrow $500. For more considerable expenses, you can expect to stand anywhere from $500 to $3,000 if you have a decent income.

What Are the Moneylion Loans Rates & Fees?

MoneyLion Loans tries their best to avoid charging you unnecessary fees. Their APR rates are very low on their loans. For a $500 minimum loan, you will be charged a 5.99% APR rate.

This is a reasonable amount for a lender. The loan terms are flexible, but generally need to be paid within 12 months. Compared to other lenders, this is a good amount considering some charge up to 500% or more in interest.

However, one way they get you is that you have to sign up to get a big loan. The account has a membership plan that is $19.99. If you don’t want to use that much money upfront, you should try another lending service although we will say that this is still cheaper than the higher APR.

What Happens If You Miss or Skip a Payment at MoneyLion?

We’ve tried researching their late fees, but have not been able to find anything listed on their website. We found that there is a late fee, even if you are one day late.

However, we don’t know how this will affect your account in the long run. We wish we were able to provide more information about their non-payment terms, but we couldn’t find anything.

We’ve found mixed reviews about MoneyLion as a company. While they have expanded tremendously over the past few years, we found a lot of mixed reviews from previous customers.

First of all, the company is known for being hard to contact. Their representatives don’t usually work well with you to make repayments, which ends with you accidentally getting charged with late fees.

Some reviews say that they have paid back their loan, but have not seen their account closed. Aside from that, people who have successfully got a loan to help increase their credit have not found their credit score has improved. Overall, we’re skeptical about the company’s practices.

Steps to Applying for a Loan From Moneylion Loans

Head to their website and click the “join now” button. This will prompt you to make an account. From there, you can select applying for a loan. Fill in the necessary information to get approved for your loan.

You should hear a response from their company after 24 hours. Once approved, you can negotiate with the company your repayment schedule.

If the proposed schedule works for you, then you can eSign a loan and expect funds within another 24 hours. Just be aware that as soon as the funds are deposited into your account, you’re responsible for making the payment schedule.

MoneyLion Loans Requirements

MoneyLion needs you to provide and meet specific standards. To qualify for a loan, you will need to be able to document the following information;

• Be of at least 18 (19 in some states)
• Proof of identity (state-issued ID, driver’s license, passport, etc.)
• Be able to verify and meet income requirements (Bank statements, pay stubs, etc.)
• Be able to document a valid checking account with previous history (up to 45 days of payment history)
• Medium credit of around 600

The eligible States for Moneylion Loans

Live in a state where the loan is eligible – the following states are not available for loans; Indiana, Nebraska, Nevada, Vermont, Montana, and Iowa. Every other state in the United States can qualify for a basic personal loan.

To get an online loan from MoneyLion, you will need to either apply through their online app or website. Both options only take a few minutes and are useful if you’re in a hurry for funds. Having this information on hand can help you get through the loan process quickly.

Here is what you would need to get a loan online or by application;

• Personal Information (full name, date of birth, etc.)
• Contact Information (phone number, email address, mailing address)
• Proof of Income (pay stubs, bank statements, taxes, etc.)
• Social security number (SSN)

What Do You Need To Get A Payday Loan In-Store at MoneyLion?

As far as we could find, MoneyLion doesn’t have any physical locations. Instead, you can use their mobile app to apply. To do this, you will need some of the same information as applying online. However, the main difference is that you may have to take a picture of them.

Here’s what you’d need to apply through the online application;

• Personal Information (full name, date of birth, etc.)
• Contact Information (phone number, email address, mailing address)
• Proof of Income (pay stubs, bank statements, taxes, etc.)
• Social security number (SSN)
• Proof of Identity (state-issued ID, driver’s license, passport, etc.)

Support Service and Contact Information for Moneylion Loans

There isn’t a lot of information regarding the company’s operation. Instead, in one of its contracts, it highlights that “you agree that it is your responsibility to verify the states of any attempted transaction by revising your account or by contacting Moneylion customer support at 1-888-659-8244.”

Their customer support line is generally open from Monday to Friday from 8 am to 7 pm eastern standard time (ET). On Saturdays, they are open from 10 am until 5 pm ET.

If you have any other issues contacting the company, we suggest heading to their customer service page on either the website or app. They can direct you to their online chat, email address, and their customer support numbers. Here are just a few that you may need;

• (888)-659-8244
• (212)-905-4948
• (801)-252-4427

Final Thoughts

MoneyLion is an excellent lending company if you can pass their minimum requirements. The issue is that they do check your credit to see what kind of borrower you are. However, that won’t stop you from qualifying for a loan. Their company mainly focuses on approving people in need and who will have the appropriate income to cover the loan amount.

That being said, their APR rate is very low compared to others on the market. Their APR rate is around 6% and does go higher the more money you borrow from them. However, this can help you get the money you need. Whether it’s a big project, special event, or emergency, just take into account how much extra you can afford of interest each payment.

One thing that makes us not want to recommend them as a company is that they have membership fees. Their lowest tier is set at $19.99 and increases with other tiers. For people in a place of emergency, there is no way they can clear those funds to get the loan.

Those are just a few things we want lenders to consider MoneyLion. Overall, we’ve also looked online for businesses such as the Better Business Bureau, and they don’t have any complaints. Other review websites are mixed and sit at a three out of five state ratings. So, it’s up to you if you think they’d be a good fit for you and your family.