MoneyLion app review – Established in 2013, the MoneyLion app is a mobile banking platform that extends a suite of financial services to its users. These offerings encompass credit builder loans with limits reaching up to $1,000, interest-free cash advances, no-minimum-balance banking featuring early paycheck deposits, expertly managed investment opportunities, cashback rewards, as well as comprehensive financial tracking and educational resources.
MoneyLion is on a mission to dismantle the conventional barriers to achieving financial well-being, ensuring that industrious Americans gain access to essential financial tools. This commitment empowers individuals to take charge of their finances and work toward their financial objectives.
Employing state-of-the-art artificial intelligence, advanced analytics, and machine learning technologies, MoneyLion excels in obtaining a holistic view of its customers’ personal financial situations. This enables the platform to provide highly personalized financial guidance and efficient underwriting processes.
What is MoneyLion?
MoneyLion is a comprehensive mobile banking platform offering a range of financial services, including credit builder loans, interest-free cash advances, no-minimum-balance banking with early paycheck deposits, expertly managed investments, cashback rewards, and financial tracking and education. It empowers users to take control of their finances and break down traditional barriers to financial well-being. Using advanced technologies like artificial intelligence and machine learning, MoneyLion provides highly personalized financial guidance.
How does the MoneyLion app works?
The MoneyLion app provides you with the flexibility to borrow up to 30% of your recurring direct cash deposit for each pay cycle, all without the need for a credit check. For instance, if your biweekly deposit amounts to $700, your advance can reach up to $210. The standard borrowing limit is set at $250, unless you opt for a MoneyLion RoarMoney account or become a Credit Builder Plus member, in which case you can access advances of up to $500.
Repayment for Instacash advances is structured around your upcoming direct deposit schedule. Should MoneyLion be unable to predict your forthcoming deposit, the repayment date may be scheduled for the second Friday following the day you secured the advance. In cases where your RoarMoney or external checking account lacks sufficient funds, MoneyLion will initiate a partial deduction and make a subsequent transfer attempt the following day.
Once you’ve settled your last Instacash advance and maintain your eligibility, you retain the option to request another advance.
MoneyLion app review
MoneyLion offers a robust mobile banking platform offering a wide spectrum of financial services, including credit builder loans, interest-free cash advances, no-minimum-balance banking with early paycheck deposits, expertly managed investments, cashback rewards, and comprehensive financial tracking and education. It is on a mission to dismantle traditional financial barriers and empower hardworking Americans to take control of their finances. The app’s standout feature, Instacash, allows users to borrow up to 30% of their recurring direct cash deposit without a credit check.
Is MoneyLion legit?
Yes the MoneyLion app stands as a legitimate banking service, boasting both a secure website and a dedicated app for users. During the signup process, it employs a secure mobile procedure that necessitates linking to your bank account. Committed to maintaining privacy and transparency, MoneyLion adheres to a comprehensive privacy policy that outlines the categories of information it gathers and details the purposes for which this information is utilized.
What sets MoneyLion apart from the majority of lenders is its unique approach to assessing loan applications. While it refrains from conducting traditional credit score checks as part of its evaluation process, it does contribute data to all three major credit bureaus.
MoneyLion app features
While MoneyLion does provide options for bank and investment accounts, these are not obligatory for accessing the Instacash feature, which allows you to secure up to $300 with ease.
Here are the notable features within this app:
- RoarMoney: RoarMoney is a no-cost checking account that comes devoid of hidden fees, ensuring you won’t encounter any unexpected charges. It doesn’t impose a minimum balance requirement and grants you fee-free access to a vast network of over 50,000 ATMs. Additionally, RoarMoney offers cashback incentives and exclusive discounts from renowned retailers such as Walgreens, Sam’s Club, Groupon, DoorDash, and more. A unique perk called “Shake n’ Bank” even offers you the chance to win up to $500 when making everyday purchases with your MoneyLion debit card.
- Instacash Advance: By linking your checking account, you gain access to instant cash advances of up to $500, all without incurring any APR (0% interest). This feature does not involve a credit check, and the requested amount is automatically deducted from your account with your next deposit, ensuring a seamless experience. Importantly, having a RoarMoney account is not a prerequisite, so there’s no need to modify your direct deposit arrangements if you prefer not to.
- MoneyLion Crypto: If you’re interested in entering the world of cryptocurrency, the MoneyLion app facilitates investing in Bitcoin or Ethereum through automatic round-ups. This means you can start your crypto journey with small, everyday purchases like coffee or brunch with friends. The app also enables cryptocurrency trading, although a RoarMoney account is required for this feature. MoneyLion also provides free resources to enhance your crypto knowledge.
- Investment Account: For those looking to venture into investing but unsure of where to begin, MoneyLion’s Auto Investing feature allows you to manage funds around the clock if you prefer a hands-on approach. Alternatively, you can opt for debit or credit card round-ups to automatically invest your spare change in a diversified portfolio of stocks and bond ETFs.
- Credit Builder Plus: MoneyLion offers a specialized program called Credit Builder Plus tailored to individuals seeking to improve their credit scores. This program provides access to competitive-rate credit builder loans (with APRs ranging from 5.99% to 29.99%) and grants immediate access to a portion of the borrowed funds. By establishing automated loan repayments, your on-time payments are reported to all three major credit bureaus, contributing positively to your credit score. MoneyLion also keeps tabs on your top four credit score factors weekly, with a significant portion of its members witnessing an impressive credit score boost of 42+ points in just 60 days.
MoneyLion app login
To login into the MoneyLion app, kindly follow these simple steps:
- Download the App: Start by downloading the MoneyLion app from your device’s app store.
- Launch the App: Open the MoneyLion app on your device.
- Enter Credentials: On the app’s login screen, enter your registered username and password.
- Login: Tap the “Login” or “Sign In” button to access your MoneyLion account.
- Access Features: Once logged in successfully, you can explore and utilize the various financial services and tools offered by MoneyLion, including credit builder loans, cash advances, banking services, investments, cashback rewards, and more.
Ensure the accuracy and security of your login credentials to protect your account and financial information.
Pros and cons of MoneyLion
Here’s an overview of the pros and cons of the MoneyLion app to help you make informed decisions:
Pros
- Comprehensive Financial Services: MoneyLion offers a wide array of financial services, including credit builder loans, interest-free cash advances, no-minimum-balance banking, managed investments, cashback rewards, and financial tracking and education. This all-in-one approach can simplify your financial management.
- Financial Inclusion: MoneyLion aims to break down traditional barriers to financial well-being, ensuring that hardworking individuals, including those with limited or no credit history, gain access to essential financial tools.
- No Credit Check: MoneyLion’s Instacash feature allows users to access cash advances without the need for a traditional credit check. This can be particularly beneficial for individuals looking to borrow money without impacting their credit scores.
- Credit Building: MoneyLion reports user data to all three major credit bureaus, helping users build or improve their credit history. The Credit Builder Plus program offers credit builder loans, which can be an effective tool for boosting credit scores.
- Convenient Mobile App: The MoneyLion mobile app provides a user-friendly interface for accessing various financial services, making it convenient for users to manage their finances on the go.
- Transparent Fees: MoneyLion’s RoarMoney checking account comes with no hidden fees, providing fee-free access to a substantial ATM network and offering cashback incentives.
- Crypto Investment: MoneyLion allows users to invest in cryptocurrencies like Bitcoin and Ethereum, making it easy for beginners to enter the world of digital currencies.
Cons
- Borrowing Limits: While MoneyLion offers cash advances, the borrowing limits may be relatively low for some users. Although it’s possible to access higher limits with a RoarMoney account or as a Credit Builder Plus member, these options may not be suitable for everyone.
- Repayment Timing: Repayment for Instacash advances is tied to your upcoming direct deposit schedule. If MoneyLion cannot predict your deposit, it may set the repayment date for the second Friday following your advance, which could potentially disrupt your budget.
- Account Requirements: While some features are accessible without additional accounts, others, like higher cash advance limits and cryptocurrency trading, may require a RoarMoney account, which might not be ideal for users who prefer to keep their existing banking setup.
- Credit Reporting: While MoneyLion reports to credit bureaus, users should be aware that late or missed payments on credit builder loans can negatively impact their credit scores.
- Limited Investment Options: MoneyLion’s investment offerings are somewhat limited compared to dedicated brokerage platforms, which may not cater to more experienced investors.
- Interest Rates: Interest rates for credit builder loans in the Credit Builder Plus program can be relatively high, ranging from 5.99% to 29.99% APR. Users should carefully consider the cost of borrowing.
Conclusion
In conclusion, MoneyLion is an all-in-one mobile banking app that offers various financial services to help people manage their money better. It aims to make finance more accessible and user-friendly. While it provides useful features like instant cash advances and credit building, users should be cautious about certain limitations and terms.