This online lender offers personal loans of up to $35,000 with rate discounts for “boosts” from your family and friends.
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 Name||MoneyLion Personal Loan|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$35,000|
|Min APR||From 7 - 29.99%|
|Minimum Loan Term||1 year|
|Maximum Loan Term||3 years|
|Requirements||Must 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 boosts||Rate discount|
|5 to 9 boosts||2.5%|
|10 to 14 boosts||5%|
|15 to 19 boosts||7.5%|
|20 to 24 boosts||10%|
|25 to 29 boosts||12.5%|
|30 or more boosts||15%|
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
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:
- New York
- West Virginia
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.
2. Enter your name, email address and password and click Create Account.
3. Click New Loan at upper right.
4. Complete the two-step application and submit.
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.
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.