MoneyLion Plus personal loans review December 2018 | finder.com

MoneyLion Plus personal loans review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Improve your finances and borrow a $500 loan at 5.99% APR.

MoneyLion is a new kind of fintech lender that’s changing the way people borrow and spend money.

It recently started offering a membership program that helps you improve your finances, invest and get access to personal loans with competitive rates. While it might be inexpensive, it’s much more involved than your typical short-term loan.

Product NameMoneyLion Personal Loan
Min Loan Amount$500
APR7%–29.99%
Interest Rate TypeFixed
Minimum Loan Term1 year
RequirementsMust be a MoneyLion Plus member, have a job that pays with direct deposit, a checking account with a positive balance, a verifiable identity, proof of ability to repay and live in an eligible state.
  • 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 MoneyLion Plus loan, you must be a MoneyLion Plus member. To join, you must:

  • Have a job that pays with direct deposit.
  • Have a checking account with a positive balance.
  • Make enough money to repay your loan.
  • Have a verifiable identity.
  • Live in an eligible state.

MoneyLion doesn’t consider your credit score when applying for Plus membership.

What makes MoneyLion Plus loans unique?

MoneyLion Plus loans are only one part of becoming a MoneyLion Plus member. Membership comes with access to a wide range of other financial services, including a personalized investment portfolio, credit score updates and 0% APR cash advances.

Plus membership costs $29 a month, in addition to a mimimim monthly deposit of $50 into your investment account. But you can earn your membership fee back — MoneyLion offers to deposit $1 into your investment account each day you log into its app.

What is a MoneyLion Plus loan?

A MoneyLion Plus loan is a credit builder loan. Credit builder loans are a type of low-interest, small-dollar personal loan that you can spend on anything. However, they’re primarily meant to improve your credit rating by establishing a history of on-time repayments.

It works the same way for all borrowers: Request a loan through the MoneyLion app and receive $500 at 5.99% APR with a year to pay it back. There are no prepayment penalties, so if you repay your loan within a month, you’d only pay $1.15 in interest and fees.

What are the benefits of MoneyLion Plus loans?

  • Funding in seconds. There’s no need to fill out an application when you’re already a member. And MoneyLion can deposit your loan directly into your checking account.
  • No credit check. This means two things: You don’t need good credit to qualify and it won’t temporarily hurt your credit rating.
  • No application after membership. You never have to apply for a MoneyLion Plus loan after you become a member.
  • Chance to improve your credit. These low-cost, small-dollar loans are meant to help you increase your credit score. MoneyLion claims that more than two-thirds of members improved their credit score by 20 points after 30 days.
  • Competitive rates. All members in good standing get the same 5.99% APR.

Other services that come with a 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

What to watch out for

  • Monthly membership costs. MoneyLion charges a $29 monthly membership fee and makes a $50 deposit into your investment portfolio.
  • Loans might not be immediately available. If you don’t pass MoneyLion’s bank verification process, you won’t be able to take out a loan for the first 30 days.
  • No refinancing. Currently, MoneyLion doesn’t allow members to refinance its Plus loans.
  • Not for large expenses. While you might be able to access higher loan limits if you establish a history of paying off your loans on time, you generally can only borrow $500.

Compare more personal loan options

Rates last updated December 19th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

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.
550
$100,000
3.84% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
640
$40,000
6.95% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
550
$100,000
3.34% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (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)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

What do customers say about MoneyLion Plus?

Since MoneyLion Plus is a new service, there isn’t a lot out there in terms of customer reviews. But the company itself has a mixed online reputation as of December 2018.

It earns a B- from the Better Business Bureau based on the fact that it has over 85 customer complaints filed against it. However, customers give it an average of 4 out of 5 stars based on 33 reviews. And Trustpilot reviewers give it an average of 8.8 out of 10 — slightly lower than other lenders.

Some customers had trouble using the MoneyLion app, while others claimed they actually ended up in more debt after taking out a loan. But many said MoneyLion had really helped them save.

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.

Am I eligible for a MoneyLion Plus loan?

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

  • A job with direct deposit. Your employer must deposit your income directly into your checking account.
  • A checking account with a positive balance. You can’t become a member if your account is currently in overdraft.
  • The proven ability to repay. MoneyLion considers how much money you have available each month to make sure you’re able to afford monthly repayments.
  • Verifiable identity. You need to provide your Social Security number or taxpayer ID to become a member.
  • Residence in an eligible state. MoneyLion Plus loans aren’t available in seven states.

MoneyLion Plus isn’t available to residents of:

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

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.

Steps to apply with application screenshots

Once you’ve set up your account and MoneyLion verifies your bank information, you can apply for a MoneyLion Plus loan through the app. The money can be deposited in your MoneyLion checking account in a matter of seconds.

I got a MoneyLion Plus loan. Now what?

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.

    Bottom line

    A MoneyLion Plus loan is ideal if you’re interested in improving your financial health and think you might need a fast short-term loan in the future. But it’s not the best option if you’re just looking for a quick small-dollar loan — becoming a member involves a lot more than just filling out an application.

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

    Frequently asked questions about MoneyLion personal loans

    Was this content helpful to you? No  Yes

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

    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

    Go to site