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MoneyLion Plus personal loans review

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MoneyLion Credit Builder Plus personal loans
Finder score
Max. Loan Amount
5.99% to 29.99%
Min. credit score
All credit scores accepted

Our verdict

Improve your credit score with on-time payments — but you'll have to sign up for Plus membership.

MoneyLion is ideal for borrowers looking for a small loan to help build their credit. It offers loans up to $1,000. Since it reports repayments to the major three credit bureaus, it's also a good way to build your credit by paying on time each month. And while you won't necessarily receive 100% of your loan funds right away, the rest is put into a savings account that builds interest.

You'll need to become a Plus member before you can apply, which comes with a $19.99 monthly fee. Its rates may also be high — some loans have an APR of 29.99%.

Need a higher loan amount? Check out more options and compare lenders using our table.


  • Funding in seconds
  • No credit check
  • No application after membership
  • Chance to improve your credit
  • Competitive rates

In this guide

  • Our verdict
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question


Product details

Loan Amount $1,000
APR 5.99% to 29.99%
Interest Rate Type Fixed
Min. credit score All credit scores accepted
Loan term No data available From 1 year

Contact info

Phone number 801-252-4427
Customer service hours 9 a.m. to 7 p.m. ET, Monday through Friday
Twitter @MoneyLion
Facebook @MoneyLion

Is MoneyLion legit?

Yes, MoneyLion is a legit banking service with a secure website and app. It will require you to sign in to your bank account through a secure mobile process when you sign up. Like all legit lenders, it has a privacy policy that explains the types of information it collects and how it uses that information.

Unlike most lenders, it won’t pull your credit score to make a decision on your application. But it does still report to the three major credit bureaus.

How much will this loan cost me?

MoneyLion offers loans up to $1,000 — although the exact amount depends on your state — with a standard 12-month term. The APR ranges from 5.99% to 29.99% and includes your MoneyLion Plus membership fee. This means your loan payment could be as low as $67.65 per month, according to MoneyLion’s website. Your payment may be higher depending on the amount you borrow and the APR you’re offered.

You can estimate the potential cost of your loan — as well as your monthly repayment — with the calculator below.

Monthly repayments calculator

Calculate how much you could expect to pay each month
Your loan
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Loan terms (in years)
Interest rate

Fill out the form and click on “Calculate” to see your estimated monthly payment.


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How pricing works

MoneyLion’s Credit Builder Plus loan is meant to build your credit — not fund expenses. Because of this, you’ll only receive a portion of your loan funds upfront. Depending on your loan amount and credit, it can range from $75 to $500. The remaining funds are put into a Credit Reserve Account and are available once you pay your loan off.

The amount you can borrow and your APR are determined by your credit history, previous loans and finances. As you borrow and pay off loans, MoneyLion will make more available upfront. And as your credit score increases, your APR should also decrease. MoneyLion rewards its members for repeat borrowing, which means you’ll have better loan options if you take out — and pay off — multiple loans.

What do I need to qualify?

To qualify for a credit builder loan, you will need to meet these requirements:

  • Checking account open for at least 60 days
  • Regular source of income
  • Positive transaction history

MoneyLion doesn’t do a hard check on your credit or require you to have Plus membership to open an account, but you will need to sign up for Plus membership to qualify for a Credit Builder loan.

Where is MoneyLion available?

MoneyLion does not offer loans to residents of these six states:

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

What information do I need to apply?

Once you’ve signed up for MoneyLion membership, you will only need to enter your pay schedule and last pay date to get started with its Credit Builder Plus loan.

Pros and cons

While you may be able to raise your credit score with on-time payments to the MoneyLion Credit Builder Plus loan, it may not be the best option for your financial situation. Consider the benefits alongside the drawbacks before you take one out.


  • Same-day funding available
  • No credit check
  • Access TransUnion credit score every week


  • $19.99 monthly membership fee
  • All of your funds aren’t immediately available
  • High maximum APR of 29.99%

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
  • Standard personal loans up to $3,000
  • $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

See other personal loan options

If a credit builder loan isn’t quite what you’re looking for, or you just want to compare what else is out there, check out these other lenders before signing up.

1 – 6 of 6
Name Product Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

MoneyLion reviews and complaints

BBB accredited No
BBB rating C+
BBB customer reviews 2.9 out of 5 stars, based on 104 customer reviews
Trustpilot Score 4.5 out of 5 stars, based on 7,721 customer reviews.
Customer reviews verified as of 12 October 2020

While MoneyLion Plus earns high scores from the App Store and Google Play, many of its recent reviews are negative. Most complain about poor customer service and problems with the loan process — including issues with payments being reported as late before MoneyLion processed them. However, the positive reviews praise MoneyLion for doing exactly what it claims: Building their credit scores.

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.

How do I use the app?

If you aren’t already a Plus member, these steps will help you set up your account if you qualify for a loan.

  1. Go to the MoneyLion website and download the app.
  2. Open the MoneyLion app and navigate to theLoanstab.
  3. TapCredit Builder Plus Loan, thenGet started.
  4. Select how often you’re paid and your last pay date.
  5. Read the membership details and tapActivate your membership.

There’s no full application for the loan itself. Simply select it and agree to the terms when you’re ready to borrow.

What happens after I apply?

MoneyLion will advance a portion of your loan into your bank account. The rest is deposited into a Credit Reserve Account to help build your savings. From here, you will make monthly payments — your membership fee is included in the APR — toward your loan. MoneyLion will report your payments to improve your credit score.

When your loan is paid in full, MoneyLion will deposit the remaining loan funds into your bank account for you to use as you need.

How do repayments work with MoneyLion?

Each Credit Builder Plus loan has a 12-month term. Payments are deducted from your bank account every month on or around your pay date. But MoneyLion doesn’t charge any prepayment penalties — which means the sooner you’re able to repay your loan, the sooner you’ll have access to any funds in your Credit Reserve Account.

If you need to defer a payment or change your payment due date, contact MoneyLion.

For loans that you’ll have access to right away, read our guide to personal loans. Or, read our review of MoneyLion Instacash for more information about quick paycheck advances available to MoneyLion customers.

Frequently asked questions

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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?



February 20, 2020

Hi Amika,

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

While major credit reporting agencies calculate credit scores differently, they weigh open accounts more heavily than closed accounts so paying off a loan might increase your credit score but sometimes it may have no effect at all. It all depends on your overall credit profile and the type of credit score you’re checking.

It generally makes more sense to focus on the major scoring factors if you want to improve your credit score such as making on time payments and keeping your credit utilization rate low.

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



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August 06, 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 /



August 06, 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.



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