MoneyLion personal loans review August 2018 | finder.com

MoneyLion personal loans review

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MoneyLion offers personal loans of up to $35,000 with rate discounts.

MoneyLion is a new kind of fintech lender that’s changing the way people borrow and spend money. Founded in 2014, it uses artificial intelligence (AI) to recommend and provide services to potential borrowers and help successful customers throughout the life of their loans.

Product NameMoneyLion Personal Loan
Min Loan Amount$1,000
Max. Loan Amount$35,000
APR7%–29.99%
Interest Rate TypeFixed
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 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. Like all personal loans, the amount you borrow is unsecured so you won’t have to worry about putting up collateral and risk losing it if you default.

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 August 16th, 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
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.075%–15.365% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (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)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
Bad credit accepted
$5,000
99%–199% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

Am I eligible for a MoneyLion personal loan?

MoneyLion recommends that you meet the following requirements:

  • You have a credit score of at least 640.
  • Your debt-to-income ratio is less than 40%.
  • You have a minimum annual income of at least $36,000.
  • You live in a state where MoneyLion is a licensed lender.
  • 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 valid checking account.

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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2 Responses

  1. Default Gravatar
    MikeAugust 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

    • finder Customer Care
      AshAugust 7, 2018Staff

      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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