October 6, 2021

Are you looking for reliable credit builders and lenders that don't require credit checks, and are affordable?

Thank you for visiting our site! We will be reviewing MoneyLion's services and loan options.

MoneyLion Review - All You Need to Know About A MoneyLion credit-builder

Product Name: MoneyLion Personal Loan Builder + Credit Builder

Maximum Loan Amount: $1,000APR5.99%-29.99%

Types of interest: Rate Fixed

Terms of Lender: Loans Starting at 1 Year

MoneyLion is a financial services provider that offers a member program.

MoneyLion offers a free account that allows you to open an investment or checking account. You can get cash advances up to $250 at 0% interest.

Credit Builder Plus membership costs $19.99 per month. This membership includes all the above features as well as credit-builder loans.

What is a MoneyLion credit-builder loan?

Credit-builder loans can help improve your credit score.

MoneyLion provides credit-builder loans of up to $1,000. MoneyLion will link to your checking account to assess your financial situation.

MoneyLion members can immediately access all or part of the $1,000 credit-builder loan once they are approved.

All funds not transferred to your checking account until you have paid all of your debts will be deposited in interest-bearing credit reserves.

APRs may be high or competitive.

MoneyLion's credit builder loan rates start from 5.99% at the low end and go up to 29.99% at the high end.

The MoneyLion APR of 5.99% is a great deal in comparison to other credit-builder loan rates.

MoneyLion claims they will take into account a variety of factors in determining which APR members are approved. MoneyLion charges $19.99 a month for a subscription.

Credit Builder Plus: The Chance to Recover Paid Membership

To be eligible for a credit-builder loan, you must be a Credit Builder Plus Member. You will need to pay $19.99 monthly. The Share Loyalty Program covers half of your monthly subscription fees.

MoneyLion members receive payments when they fulfill certain requirements, such as signing up for the program or performing certain transactions.

Platinum is the top-tier category in Lion's Share loyalty program. Platinum Tier holders that meet the following criteria will earn $19.99 towards their MoneyLion Investment accounts.

  • Limit 20 transactions of $10 or more per month using the MoneyLion Visa Debit Card.
  • Each month, log in to the app

Credit Score: No Credit Check

MoneyLion does not require credit scores greater than 700 to be eligible for credit-builder loans.

MoneyLion does not check your credit score. MoneyLion however will review your primary checking account to determine if you are eligible for a loan.

Potentially fast funding

MoneyLion will review your financial situation and deposit the amount to your account. Any remaining funds will be placed into a reserve until you have paid your entire loan off.

Depending on your qualifications, you may be eligible for the upfront funds immediately.

Deposit funds via ACH to a third-party checking account may take up to three days

A delay in funds access by your bank could result.

Who owns MoneyLion?

Diwakar Choubey is MoneyLion's CEO and also the founder. He was previously employed as a Wall Street executive by Goldman Sachs, Barclays Capital and Citadel.

MoneyLion has a Chief Information Officer Pratyush Triwari and a Chief Technology Officer Chee Mun Foong.

Additional services offered with MoneyLion Plus Membership

These services are available to MoneyLion Plus members:

  • Customized Investment Portfolio
  • Managed Investment Account (Free).
  • Cash Advances at 0% Interest
  • Free Account Checking
  • Weekly Credit Score updates and a Free Credit Monitoring Service
  • Personal loans up to $3,000 are available
  • 1 Reward Deposited To Investment Account Each Day When You Log in Each Day
  • 25 Reward for a Financial Status
  • Referral Service: 5 to $2,000 Bonuses
  • 5.500 ATMs available in the country for free
  • Plus, Facebook Community Access

What is the cost of this loan?

MoneyLion offers loans up to $1,000 over a 12-month term. Your location will affect the amount you receive.

The APR ranges from 5.99 percent to 29.99%. The APR ranges from 5.99 percent to 29.99%.

What are the qualifications to be eligible?

You must meet these conditions to be eligible for a loan from credit builders.

  • Available for checking account for at most 60 days
  • Steady income source
  • Outstanding transaction history

MoneyLion doesn't require you to have a Plus account to open one. To be eligible for Credit Builder loans, you will need to sign up for Plus membership.

Take a closer look at MoneyLion’s Credit-Builder loan

MoneyLion can be used to apply for Credit Builder Plus membership.

  • There is no prepayment penalty.
  • If you are unable or unwilling to pay, MoneyLion can help you defer your payments.
  • Online credit monitoring is available for free. This will allow you to identify suspicious activity and errors in credit reports. MoneyLion is powered by TransUnion and offers this service at no cost.
  • Cashback on purchases at participating brands is another benefit of membership. This perk is available when you open a MoneyLion checking or savings account.

For whom is a MoneyLion Loan good?

MoneyLion’s Plus membership does not require you to have credit scores. This membership can be used by people who are looking to improve their credit scores and get loans approved.

Credit-builder loans are not recommended for people who have immediate financial needs. You will need to hold some in reserve to pay off the debt.

Making regular payments on your MoneyLion credit-builder loans will improve your payment history. To lower interest rates and lower expenses, you should get rid off debt as soon as possible.

This company might be a good match for you if you're looking to improve credit scores and like MoneyLion products.

How can I apply for MoneyLion?

Complete the MoneyLion credit-builder loan application on your phone or laptop.

After you have completed all the steps required to qualify for a credit-builder loan, you can apply for Credit Builder PLUS membership.

This step is the final one of the entire operation.

  • Full name
  • Full email address
  • Social security number
  • Address at home
  • Verifiable phone number
  • Verifiable bank account with at least 60 days of age and steady income.

MoneyLion Reports on Credit

Yes. MoneyLion will report late, on-time, and missed payments to all major credit bureaus. By making timely payments, credit-builder loans can improve your credit score.

MoneyLion offers a payday loan.

MoneyLion allows you to enjoy your money. MoneyLion will repay your loan money on your next payday with no interest.

Can I Deposit Cash Into MoneyLion?

To add cash to your account, visit any retail location that utilizes [email protected] powered By Green Dot(r).

Use your MoneyLion Debit Mastercard or MoneyLion Debit Mastercard for the transfer. The deposit will be credited to your account within 10 minutes.

How long does MoneyLion need to process a payment request?

Lion's share payouts typically reach your MoneyLion accounts within five working days. To be eligible for a payout, you must have your loan payments in good standing at each month's end.

MoneyLion can be described as a bank.

Lincoln Savings Bank is an FDIC member and offers MoneyLion accounts. This means your checking account money can get insured up to $250,000

MoneyLion Direct Deposits Available Early

RoarMoney offers mobile banking accounts that allow direct deposits up until two days before their due date.

Once you have received your paycheck, it will be credited into your RoarMoney account.

RoarMoney was created by MetaBank MoneyLion and Mastercard. RoarMoney seamlessly integrates with MoneyLion cash advances at zero interest.

MoneyLion makes getting paid faster simple.

RoarMoney allows you to receive payment up until 2 days in advance

To do this, you will need your RoarMoney account number and routing numbers.

Link government revenue to RoarMoney accounts using the IRS's "Get My Pay" page.

Is MoneyLion able to allow me to withdraw my money?

You can withdraw any amount from an investment account as long as it is less than the outstanding loan. You can withdraw $495.

How do I withdraw money from MoneyLion?

Request a withdrawal. The funds will be deposited into your account.

You can withdraw your entire MoneyLion Investment account balance.

What happens to the Lion if he doesn't get his money?

MoneyLion will help you get Instacash back from any eligible accounts if your payment has been late. Your bank/credit union might refuse to fund the transaction

What is MoneyLion's Referral program?

MoneyLion Plus members receive a $10 bonus every time they refer a friend. Refer three friends and you'll get a $50, $100, or $2,000 bonus.

Refer friends and family to MoneyLion by sending them a referral code

Pros And Cons

You can improve your credit score by paying your MoneyLion Credit Builder Plus loan in time.

Before you decide to buy one, consider the pros and cons.


  • Instant funding
  • No credit check required
  • TransUnion credit score - Weekly access


  • $19.99 per month membership fee
  • You have only a small amount of funds
  • High APR at 29.99%

Reviews and complaints about MoneyLion

BBB Accredited No

Rating by BBBC+

BBB customer reviews are based on 104 reviews

Trustpilot Score Based on 7,721 customer reviews 4.5 stars from 5 stars

MoneyLionPlus is a highly-rated app on Google Play and in the App Store, but many of its reviews are negative.

Customers complaining about poor customer service and problems with the loan process can lead to late payments.

MoneyLion gets positive feedback as it does exactly what its name says: It builds credit scores.

What alternatives are there to MoneyLion?

Earning offers cash advance transfers. This is an excellent option for people who require cash more than credit construction.

Self may be for you if you want more flexibility in investing and a credit-builder loan that allows you to save more money.

MoneyLion - How amazing is that?

MoneyLion won a number of awards including the 2020 Forbes Fintech 50 Award and the 2019 Finovate Award as Best Digital Bank. MoneyLion also received the 2019 Benzinga Financial Technology Award to Innovation in Personal Finance.

Can MoneyLion be trusted?

The web application and process are simple and standard. They offer excellent customer service, stellar product quality, and fair interest rates.

MoneyLion is an excellent option for credit builders' loans.

Is MoneyLion Legit?

MoneyLion, a legal and licensed banking service, uses both a secure website as well as the MoneyLion App.

To access your bank account, you may need to use a secure mobile login. This describes the information MoneyLion holds and how it uses it.

They won't use your credit score for approval/denial of an application, unlike other financial institutions and lenders.

The best option to Jora Credit

Visualize your application being refused because you have a poor credit score.

Let's quickly discuss a business model to get you the funding Sofi wants.

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Digital property doesn't require you to worry about credit scores or personal credit.

Lenders will not ask for large credit limits if your business expenses are almost non-existent.

Have a look

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We're sorry...

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Many Americans want to grow their businesses. They'll give 10% if you bring in new employees each month.

You can still use your credit to finance a brick-and-mortar business even if you don’t have good credit.

Many people who started the course in digital estate began their journey just like this.

To increase their client base, they created a website. It was ranked on Google Local.

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This course in digital realty is highly recommended for those with low credit scores.

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A great group of people will be available 24 hours a day to answer all your questions

You can get fast funding without submitting an application.

Take a look at this course!

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