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;
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.