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MoneyLion Plus personal loans review

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Improve your finances with a $500 loan — after you sign up for Plus membership.

  • Best for borrowers with less-than-stellar credit who need quick cash.
  • Pick something else if you don't want to pay membership costs.

Starting from 5.99%

APR

640

Min. Credit Score

Details

Product NameMoneyLion Personal Loan
Min. Loan Amount$500
APRStarting from 5.99%
Interest Rate TypeFixed
Min. Credit Score640
Minimum Loan Term1 year
Go to MoneyLion's website

Expert review

Aliyyah Camp

Review by


Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

MoneyLion is ideal for borrowers with less-than-perfect credit looking for fast cash. It offers loans up to $500 with the same 5.99% APR for everyone. Since it reports repayments to the major credit bureaus, it’s also a good way to build your credit by paying on time each month.

But you’ll need to become a Plus member before you can apply, which comes with a $19.99 monthly membership fee. And you might not get all of your funds immediately — it depends on your income and other factors.

Not sure about MoneyLion? Compare your other options below.

First, am I eligible?

To be eligible for a MoneyLion Plus loan, you must be a Plus member in good standing. Here’s what you need to join:

  • Must have a credit score of 640 or higher
  • Must live in a state where MoneyLion operates
  • Must be 18 or older
  • Must have a steady source of sufficient income

Where is MoneyLion available?

MoneyLion services residents of every state except:

  • Indiana
  • Iowa
  • Montana
  • Nebraska
  • Nevada
  • Vermont
  • Washington

Pros

  • Funding in seconds
  • No credit check
  • No application after membership
  • Chance to improve your credit
  • All members get the same 5.99% APR

Cons

  • $19.99 monthly membership fee
  • All of your funds won’t be immediately available
  • No refinancing through MoneyLion
  • Low maximum amount

Other services that come with MoneyLion Plus membership

  • Personalized investment portfolio
  • Free managed investment account
  • Free checking account
  • 0% APR cash advances
  • Free credit monitoring and weekly credit score updates
  • $1 deposited into investment account for each day you log in
  • $25 rewards for healthy financial behavior
  • $5 to $2,000 bonuses for referring friends
  • Access to 5,500 free ATMs across the country
  • Access to the Plus Facebook community

Compare other personal loan providers

Updated February 27th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
Monevo Personal Loans
3.49% to 35.99%
450
$50,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Even Financial Personal Loans
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
36% to 38% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Upgrade Personal Loans
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
PenFed Credit Union Personal Loans
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi Personal Loans
5.99% to 20.91%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers say about MoneyLion Plus?

BBB accreditedNo
BBB customer reviews3 out of 5 stars, based on 78 customer reviews
Trustpilot score4.2 out of 5 stars, based on 2,653 customer reviews
Customer reviews verified as of20 December 2019

While MoneyLion Plus earns high scores from Trustpilot, its most recent reviews are all negative. Most complain about MoneyLion’s poor customer service and problems with the loan process. On the Better Business Bureau, the majority of reviews are negative, with borrowers complaining about dropped credit scores and slow responses from customer service.

MoneyLion settles lawsuit with Virginia’s attorney general

In February 2018, MoneyLion settled a lawsuit with Virginia’s attorney general. The attorney general argued that MoneyLion falsely claimed it was licensed to lend in Virginia and charged interest rates higher than the state cap of 12%.

As part of the settlement, MoneyLion refunded over $2.35 million in interest charges to over 2,600 customers in addition to other refunds and fines.

Go to MoneyLion's site

How do I apply?

Before you can get a MoneyLion Plus loan, you must first become a Plus member. Follow these steps to sign up.

What information do I need to apply?

When you sign up for MoneyLion, make sure you have the following information on hand:

  • Estimated annual income
  • Date of birth

MoneyLion may require you to provide additional documents to finalize your account. You will also need to set up Plus membership to have access to its personal loan option.

Steps to apply with application screenshots

What happens after I apply?

Once you’ve set up your account and MoneyLion verifies your bank information, you can request a MoneyLion Plus loan through the app. There’s no application, and your loan funds can be deposited into your MoneyLion checking account within seconds.

How do repayments work with MoneyLion Plus?

Once you have your MoneyLion Plus loan, you have up to a year to pay it back. But since MoneyLion doesn’t charge prepayment penalties, you might want to consider paying it back early to save on interest.

If you have any questions about repaying your loan, you can reach out to customer service by filling out an online form or calling 888-659-8244.

To learn more about how personal loans work and compare lenders, check out our guide.

Frequently asked questions

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4 Comments

  1. Default Gravatar
    AMIKA
    February 20, 2020

    Being a Money Lion Plus Member, If I pay off my Lion Loan in full in my 1 year term, how high does my credit score go up?

    • Avatarfinder Customer Care
      nikkiangco
      February 20, 2020

      Hi Amika,

      Thanks for your comment and I hope you are doing well.

      As it says on this page, when you responsibly manage different types of accounts — home loan, personal loan and credit cards — it broadens the financial diversity of your credit history and may improve your score.

      This page explains in-depth information about your credit score increase or decrease activities. Additionally, the factors below are what credit bureaus use to calculate your overall credit score but they don’t give any quantitative information for each increase or decrease in your report.

      Payment history. Whether you’ve paid past and current credit accounts on time is a major factor in your overall score.
      Credit utilization ratio. Experts advise carrying a balance with a utilization of 30% or less. For example, if your credit limit is $1,000, keep your balance below $300, which is 30% of your limit.
      Length of credit history. A credit report that’s been active a long time can improve your score.
      Types of credit. For instance, holding an account with a bank carries a different level of risk than a store finance provider.
      New credit accounts and inquiries. Frequent applications for credit raise your risk index and lower your credit score. Thankfully, there are ways to prequalify for a card without affecting your credit.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

  2. Default Gravatar
    Mike
    August 6, 2018

    I HAD Maybe 2 loans with you. my taxes for my house is due $1200 can I get a loan for that Mike Sowder 217-276-1000 / trader6000@gmail.com

    • Avatarfinder Customer Care
      Ash
      August 7, 2018

      Hello Mike,

      Thank you for contacting finder.

      Loan approval will still depend on the Lender’s assessment of your financial status and repayment capability. You may need to reach out directly to MoneyLion if you can still apply for another loan as their maximum loanable amount is $35,000.

      I hope this helps.

      Let us know if there is anything else that I may assist you with.

      Cheers,
      Ash

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