MoneyLion personal loans review April 2018 | finder.com

MoneyLion personal loans review

This online lender offers personal loans of up to $35,000 with rate discounts for “boosts” from your family and friends.

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MoneyLion is a new kind of fintech lender that’s changing the way people borrow and spend money. Founded in 2014, this lender uses artificial intelligence (AI) to recommend and provide services to potential borrowers as well as help successful customers throughout the life of their loans. But some customers warn online of spotty customer service and high interest rates. Read our review of MoneyLion personal loans to learn if this lender could be a good fit for your borrowing needs.

Product NameMoneyLion Personal Loan
Min Loan Amount$1,000
Max. Loan Amount$35,000
APR7%–29.99%
Minimum Loan Term1 year
Maximum Loan Term3 years
RequirementsMust have a credit score of 640 or higher and live in a state where MoneyLion operates.
  • 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

Do I qualify?

To get a loan from MoneyLion you must at least:

  • Have a credit score of 640+
  • Make at least $36,000 annually
  • Live in an eligible state
  • Be at least 18 years old
  • Be a US citizen or permanent resident

What makes MoneyLion loans unique?

MoneyLion personal loans come with something it calls “boosts.” Similar to what you’ll find with other referral programs, boosts are social endorsements from your friends that MoneyLion advertises can “reduce your rates by up to 50%.” Boosts are an incentive for you to promote MoneyLion’s services

Actual discounts vary by the APR that you’re ultimately offered.

MoneyLion rate discounts for loans with APRs of up to 36%

Number of boostsRate discount
5 to 9 boosts2.5%
10 to 14 boosts5%
15 to 19 boosts7.5%
20 to 24 boosts10%
25 to 29 boosts12.5%
30 or more boosts15%

What are MoneyLion personal loans?

MoneyLion offers unsecured personal loans with terms between one and three years. You can take advantage of additional perks, like rate discounts for social endorsements from friends and family and on-time repayments.

What are the benefits of MoneyLion personal loans?

Borrowers with excellent credit may get the best rates that MoneyLion offers, but all customers can take advantage of benefits that include “boost” discounts for referrals.

  • No prepayment penalty. You can pay off your MoneyLion loan early without unexpected fees.
  • Referral program. Depending on your loan, you could reduce your rate by half through friend endorsements called “boosts.”
  • Fast turnaround. Once approved, you could receive your loan as soon as the next business day.
  • Free credit monitoring. Through a relationship with TransUnion, you may be eligible to check your credit for free and without affecting your score.

What to watch out for

While there’s no downside to getting a free rate quote from MoneyLion, you should keep an eye on these potential pitfalls.

  • Origination fees. Personal loans come with origination fees of up to 6%. This fee is deducted from the total loan amount, thereby reducing what you ultimately receive.
  • Limited services. MoneyLion isn’t licensed to provide loans in all 50 states.
  • Unhappy customers. Some users have complained about customer service, loan rates and unauthorized account withdrawals. You may want to contact customer service yourself before signing a loan offer to see how feel about their level of support.

Compare more personal loan options

Rates last updated April 20th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
5.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$25,000
typically around 18.49%* (fixed)

Compare up to 4 providers

Am I eligible for a MoneyLion personal loan?

MoneyLion recommends that you meet the following requirements:

  • You are at least 18 years old.
  • You are a US citizen or permanent resident.
  • You have a Social Security number or Taxpayer Identification Number.
  • You have a credit score of at least 640.
  • Your debt-to-income ratio is less than 40%.
  • You can prove a minimum annual income of at least $36,000.
  • You have a valid checking account.
  • Live in a state where MoneyLion is a licensed lender.

MoneyLion isn’t available to residents of:

  • Colorado
  • Connecticut
  • New York
  • West Virginia
  • Vermont

How do I apply?

To apply for a personal loan with MoneyLion, prepare to submit your personal information, the loan amount you’re interested in and the purpose of your loan, among other details.

1. Click the “Go to site” button on this page to go to MoneyLion’s website and click Join for Free at upper right.

Money Lion Personal Loans Review Page 1
2. Enter your name, email address and password and click Create Account.

Money Lion Personal Loans Review Page 2
3. Click New Loan at upper right.

Money Lion Personal Loans Review Page 3
4. Complete the two-step application and submit.

Money Lion Personal Loans Review Page 4

I got a MoneyLion loan. Now what?

  • Automatic payments. You can set up autopay through MoneyLion’s website so that you don’t miss a payment.
  • Avoid unnecessary fees. Keep an eye on your account to avoid late and insufficient funds fees.
  • Customer service. Get support from MoneyLion via phone or email if needed.

5 repayment hacks to save money on interest

Bottom line

A MoneyLion personal loan could be a good fit for those with good to excellent credit who are looking for a loan to repaid within three years. If you’re looking for a personal loan with a longer repayment term, you can compare more options to find the right fit for you.

Frequently asked questions about MoneyLion personal loans

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