MoneyLion Review

MoneyLion is a well-known digital currency exchange that many people use to trade fiat currency for bitcoins and vice versa. What sets this company apart from other exchanges? Here’s our MoneyLion review.

The “moneylion complaints” is a review of the MoneyLion app, which helps users to manage their finances. The app has a lot of features and is available for both Android and iOS.

MoneyLion Review

Do you want to read a MoneyLion review? Is MoneyLion a rip-off?

MoneyLion is a digital financial services platform that offers a one-stop shop.

MoneyLion may seem similar to other platforms from afar, but it focuses on easy-to-use and effective solutions for anybody looking to improve their financial situation.

MoneyLion makes it simpler to overcome financial obstacles, such as developing credit and opening an investment account, with its integrated financial centre and cutting-edge mobile app.

However, with so many internet frauds, you may be unsure whether or not you can trust it.

I’ve spent years reviewing hundreds of comparable online platforms like MoneyLion because I’m passionate about assisting individuals in discovering the greatest money-making possibilities online.

I’ve spent the last week researching the MoneyLion so that I can tell you all you need to know about it.

As a disclosure, I am not involved with MoneyLion and have not been compensated to write this review. As a result, you can be certain that my opinions are impartial.

At the conclusion of this MoneyLion review, I’ll reveal the finest method for earning a five-figure income online.

In this MoneyLion review, I’ll talk about the following topics:

What exactly is MoneyLion?

MoneyLion, a Banking on the go platform created in 2013, provides credit-building loans up to $1,000, interest-free cash advances, early salary deposits and no minimum balance, managed investment, cashback incentives, financial monitoring and education, and managed investing.

MoneyLion is based in New York City and has more than 6 million members.

MoneyLion eliminates conventional obstacles to financial health by providing financial services to hardworking Americans, allowing them to take charge of their money and achieve their objectives.

MoneyLion obtains a 360-degree perspective of its clients’ personal finances and provides highly specialized advise and underwriting using artificial intelligence, superior analytics, and machine learning technology.

Machine-learning technology was employed by a team of computer experts and bankers to analyze individual spending trends and deliver personalised suggestions.

MoneyLion also offers modest loans to consumers to assist them manage their monthly income and expenditures.

Customers earn points via a reward program by linking a bank account or keeping their credit usage low.

MoneyLion’s system is modeled after credit card systems like Chase Ultimate Rewards and American Express Membership Rewards, which provide points for purchases.

Forbes Fintech 50 in 2020, Finovate Award for Best Digital Bank 2019, Benzinga Fintech Award for Innovation in Personal Finance 2019, and the Webby Awards 2019 People’s Voice Award are just a few of the accolades they’ve received.

A Account with MoneyLion, which includes both a checking and an investing account, is completely free to create. If you have a checking account, you may get a cash advance of up to $250 with a 0% APR.

Plus-Credit-Builder memberships are $19.99 per month and include all of the aforementioned services as well as a credit-building loan.

Recommendation: This Is The Most Effective Alternative

Who Is the Founder of MoneyLion?

Diwakar Choubey, the CEO and co-founder of MoneyLion, has held senior roles at Goldman Sachs, Barclays Capital, and Citadel.

Pratyush Tiwari, MoneyLion’s chief information officer, and Chee Mun Foong, the company’s chief technology officer, are also co-founders.

MoneyLion is growing consumer banking services through mobile phones, having just appointed Jon Stevenson, the former director of alternative investments at Stifel Financial, as the head of its banking and wealth management business.

The corporation maintains offices in San Francisco, Salt Lake City, and Kuala Lumpur, Malaysia, in addition to its headquarters in New York City.

In five rounds of fundraising, the company has received $269.5 million, with the most recent Series C round bringing in $160 million in July 2019.

Its key investors are Edison Partners and Greenspring Associates. Investors include Sanhua Capital, Fintech Collective, and Grupo Sura.

These funds have been utilized by MoneyLion to compete against both large and small fintech firms.

MoneyLion’s earnings and market worth are kept under wraps.

Recommendation: This Is The Most Effective Alternative

What services does MoneyLion provide?

Banking on the go

You receive a fee-free, FDIC-insured checking account with RoarMoney.

You may get your paycheck up to two days earlier if you set up automatic direct transfers.

This practically fee-free account has no minimum balance restriction.

You’ll get cash back if you use your RoarMoney debit card at qualifying retailers.

If you locate anything you bought for a lesser price, you may seek a refund for the difference.

You can monitor your spending and set your budget using RoarMoney.

Instacash

You may apply for a no-interest cash advance of up to $250 using the MoneyLion app.

You must have a bank account that is at least 2 months old, has a history of regular deposits, has a positive balance, and is visibly active in order for Instacash to operate. You’ll also need to verify account ownership in addition to your identification.

By pressing Obtain and entering the amount and transfer date in your app, you may request a cash advance.

Plus-Credit-Builder

Plus-Credit-Builder combines savings and credit building in one account. Small credit builder loans are available through this subscription service. If you apply, you won’t have to worry about a credit check and you can borrow up to $1,000.

With the Plus-Credit-Builder loans, you’ll build up your credit score over a 12-month period by paying on time.

You’ll receive weekly updates on many credit-related indicators, such as payment history and credit use, in addition to credit monitoring.

You may earn incentives and obtain Instacash up to $50 at 0% APR with RoarMoney and the MoneyLion app.

The whole amount of the loan will then be in your savings account, which you may access and spend whenever you choose.

Investing that is fully automated

MoneyLion has no maintenance fees or minimum balance limitations when it comes to investing.

With Risk Slider, you can choose an investing time horizon and risk tolerance for your portfolio.

Make a portfolio that is both customized and adaptable.

Dynamic rebalancing and fully Investing that is fully automated are available.

You may arrange your assets according to your aims when it comes to theme investing, such as concentrating on socially responsible investments.

With auto invest, you may contribute to your investment account on a regular basis via a scheduled, automated transfer from your associated bank account.

In this long-term investing strategy, you may change your allocation as often as every 5 days.

MoneyLion is a cryptocurrency.

It’s powered by Zero Hash and isn’t accessible in New York or Hawaii.

Round-ups of cryptocurrency are an excellent method to get Bitcoin.

They provide crypto buying, trading, and holding services 24 hours a day, seven days a week.

They also assist with the management of Bitcoin and Ethereum.

Personalized Financial Tracking & Education

MoneyLion’s Financial Heartbeat is a fitness tracker-style app that keeps track of your money.

MoneyLion’s Financial Heartbeat combines a simple but dynamic framework for tracking financial health, encouraging users to improve their financial condition on a daily basis.

By launching the MoneyLion mobile app and viewing their Financial Heartbeat — a stunning visual image of a beating heart that changes colors depending on progress – members can instantly understand where they are on their financial health journey.

MoneyLion Financial Heartbeat includes five important financial pillars: Save, Spend, Shield, Score, and Strive, as well as regular insights to help users improve their scores.

Smart Banking on the go

RoarMoney, MoneyLion’s financial solution, is a collaboration between MetaBank and Mastercard.

RoarMoney has the following offers:

Direct payments arrived up to two days early.
Up to $250 in Instacash SM advances are available at 0% APR.
There are no minimum balance requirements or fees at 55,000 ATMs.
MoneyLion Debit Mastercard® is a cashless debit card with Price Protection 3 and Zero Liability 4.
You will get a RoarMoney virtual card after you have opened your account.
Every week, we compile spending reports per category.
There are no hidden costs and the price is clear.

What Is MoneyLion and How Does It Work?

Account with MoneyLion

You must have a Account with MoneyLion to use MoneyLion’s services.

MoneyLion provides a variety of free and paid services, as well as the ability to create a free account (such as Instacash advances).

In addition to a credit builder loan, credit monitoring, and access to other services, Plus-Credit-Builder costs $19.99 per month. MoneyLion charges a low, transparent fee and discloses it on their website.

Account with MoneyLions can only be opened by users who are 18 years old and have a bank account. Users can access MoneyLion’s services once they have created an account on the MoneyLion website.

Plus-Credit-Builder

A Plus-Credit-Builder membership has been proven to build credit. For $19.99 per month, you get:

Plus-Credit-Builder Membership
You may borrow up to $1,000 at low rates.
You should record your payments to all three credit agencies in order to improve your credit score.
You can keep an eye on your progress by monitoring and tracking your credit status via the app 24 hours a day, 7 days a week.
With Instacash, you may get a cash advance with a 0% APR.
You may receive up to $19.99 back every month in special cashback benefits with Lion’s Share.
Accounts Payable (Free)
Updates on your credit score every week and a credit monitoring service (Free)
Personal Loans up to $3,000 are available as a standard service.
When you log in every day, you’ll get a $1 reward deposited into your investment account.
$25 Reward for Good Financial Standing
Bonuses range from $5 to $2,000 for referral services.
Access to 5,500 free ATMs around the country
Plus, you get access to the Facebook community.
Portfolio of Investments Tailored to You
Account for Managing Investments (Free)

Recommendation: This Is The Most Effective Alternative

What Is a MoneyLion Credit-Builder Loan and How Does It Work?

Due to MoneyLion’s reporting to the main credit bureaus, a credit-builder loan may help you establish credit by making on-time payments.

MoneyLion offers credit-building loans up to $1,000. Your finances and associated bank account will be scrutinized, and they will evaluate if you are eligible for the loan and how much money you will get.

MoneyLion members may get one or more of the $1,000 credit-builder loans right away if they are accepted.

The cash will be kept in an interest-bearing credit reserve account until your obligation is completely paid off.

The APR may vary from low to high.

Interest rates for MoneyLion credit-builder loans range from 5.99 percent on the low end to 29.99 percent on the high end.

MoneyLion’s APR for credit-builder loans is 5.99 percent, which is inexpensive when compared to other lenders. This does not guarantee that you will be accepted for a loan at this interest rate.

MoneyLion considers a lot of parameters when determining what APR members are qualified for. MoneyLion’s membership is $19.99 per month.

Plus-Credit-Builder: A Chance To Offset Paid Membership

In order to qualify for a credit-builder loan, you need to become a Plus-Credit-Builder member and pay $19.99 per month. Your monthly subscription fee might be paid in part or in full via the payouts from their Share Loyalty Program.

Participants in this program get paid if they join up with MoneyLion and complete a particular number of transactions.

The Platinum level of the Lion’s Share Loyalty program is the highest. Platinum tier members may earn $19.99 in their MoneyLion investing account if they complete the following requirements:

To use the MoneyLion Visa Debit Card for at least 20 purchases (of $10 or more) every calendar month and to check in to the app every day.

There will be no credit check. is required.

MoneyLion’s Plus-Credit-Builder membership does not require great credit scores to qualify for the credit-builder loan.

With MoneyLion, you don’t have to be concerned about your credit score. They look at your main checking account to see whether you qualify for a loan, and it must match specific criteria.

Fast Funding Possibilities

MoneyLion will transfer the loan money into the bank account of your choosing once it has checked your finances. All loan proceeds that are not received immediately are placed in a reserve account until the loan is paid off.

You may have the upfront cash deposited to your MoneyLion debit card or MoneyLion bank account as soon as you qualify.

ACH deposits to a third-party checking account, on the other hand, may take up to three business days.

Depending on your bank, you may have to wait a few days before you can access the cash.

Recommendation: This Is The Most Effective Alternative

Are there any account minimums with MoneyLion?

There is no minimum balance requirement for any MoneyLion account, including your investment account.

Some features may demand that you have a particular amount of money in your account. If you use Instacash, be sure you have enough money set aside to handle the automatic payback deduction that is set up when you request an advance.

What Is the Cost of a MoneyLion Loan?

It provides loans for up to $1,000 with terms of up to 12 months, although the precise amount depends on your state.

Subscribers to MoneyLion Plus will have an APR ranging from 5.99 percent to 29.99 percent.

This means that your monthly loan payment may be as low as $67.65, according to MoneyLion. Depending on the amount borrowed and the APR given, costs may vary.

What Are the Requirements for a MoneyLion Credit Builder Loan?

To be eligible for a credit builder loan, you must satisfy the following criteria:

A checking account that has been open for at least 60 days is required.
a reliable source of revenue
A good track record of transactions

MoneyLion does not conduct a background check on you or need you to be a Plus member in order to establish an account.

However, in order to be eligible for a Credit Builder loan, you must first join up for a Plus membership.

Membership in Plus-Credit-Builder can be applied for using MoneyLion’s app. Please consider the following details before you apply:

There is no penalty for paying in advance.

MoneyLion will not charge you a prepayment penalty if you pay off your credit building loan early.

Deferment assistance is available.

If you need to postpone a payment in any way, you may ask for a deferral with MoneyLion.

Credit monitoring is provided at no cost.

You may evaluate your credit report if you see any errors or unusual activities. MoneyLion’s free service is powered by TransUnion.

Additional membership perks

You receive money back when you purchase from participating companies. This benefit is available if you create a free MoneyLion checking account.

Recommendation: This Is The Most Effective Alternative

Who Can Get A MoneyLion Loan?

MoneyLion’s Plus membership may be an option for you if you are having problems being accepted for a loan or are seeking to improve your credit.

You should not depend only on this credit-building loan to meet an emergency. There is a tiny sum, and part of it will be put into a reserve account before the obligation is paid.

Making on-time payments on your MoneyLion credit-building loan will considerably and favorably improve your credit history. You may save money by paying off your debt early and lowering your interest rates.

This firm may be a suitable fit for consumers wishing to improve their credit and attracted to MoneyLion’s other goods.

What is the MoneyLion Fee and Pricing Structure?

MoneyLion is a platform that is mostly fee-free. The following services are provided without charge:

55,000 in-network ATM withdrawals
Transfers that are standard
Cards that need to be replaced
a transaction in another country
Opening a bank account
Make a payment stop
Inactivity
Item must be returned
Transactions that are excessive

Only out-of-network ATM withdrawals and automated account filling are charged by MoneyLion.

A Plus-Credit-Builder account costs $19.99 per month plus your monthly loan payment. You will not be charged anything extra for your Investing that is fully automated account – there is no minimum balance requirement and no management fee.

MoneyLion is governed in what way?

MoneyLion is a fintech business, a neobank, or a challenger bank, rather than a bank.

Despite this, according to the SEC, Money Lion is regulated by the US Securities and Exchange Commission and is incorporated in Delaware.

MoneyLion’s subsidiary, ML Wealth LLC, is a Securities and Exchange Commission-registered investment adviser regulated by FINRA.

Your MoneyLion Mastercard is issued by FDIC-member MetaBank, MoneyLion’s bank partner that provides your RoarMoneySM debit card and retains your MoneyLion debit card balances.

Recommendation: This Is The Most Effective Alternative

How to Open a Account with MoneyLion?

A Account with MoneyLion can be opened by anyone. With a MoneyLion Core membership, you get a MoneyLion RoarMoney fee-free checking account as well as a MoneyLion managed investment account.

When you have set up your account, you can also apply for a Plus-Credit-Builder account, which will allow you to apply for small credit builder loans up to $1,000. Your Plus-Credit-Builder account will be credited once you have paid off the loan.

Both the Apple App Store and Google Play include the MoneyLion app. You may register on the MoneyLion website or via the MoneyLion app.

Here are the actions to take:

Step 1: Fill out an online application.

MoneyLion allows users to join up via both a website and a mobile app. To get started, you’ll need to provide your complete name and email address.

Step 2; Apply for a Plus-Credit-Builder Membership

Upon signing up, you will have the option to apply for a Plus-Credit-Builder membership and request a credit builder loan.

You’ll need your social security number, address, phone number, and bank account number in addition to your name and address.

What is the MoneyLion Managed Investment Accounts investment style?

A brief questionnaire is required for MoneyLion Managed Investment accounts.

MoneyLion strives to build a portfolio that is tailored to your investment goals and risk tolerance. They’ll build your portfolio based on your choice of five basic investment portfolios or, if you’re a more discriminating investor, one of two portfolio designs at either end of the risk-reward range.

For a consistent income strategy, asset allocation should be conservative and careful. Bond exchange-traded funds (ETFs) may assist you in increasing your net worth.

You’ll normally earn greater returns here than you would in a savings account, and you’ll be protected from market volatility.

Portfolio with a conservative outlook

With a concentration on fixed income ETFs rather than equity/stock ETFs. Despite possibly reduced profits, the architecture offers more liquidity and more stability.

Moderately Portfolio with a conservative outlook

Investing more in fixed-income ETFs and transferring some weight to equities ETFs to seek higher gain.

Portfolio with a moderate risk level

A more balanced strategy that aims for long-term growth while reducing risk. Fixed income and equities ETFs are about equal in popularity, although equity ETFs are significantly more popular. While this design is prone to volatility, it is often less so than the market.

Portfolio with a moderate amount of risk.

Increase the possibility for long-term growth by adding more risk. The majority of funds are invested in stock exchange traded funds, with income ETFs acting as a hedge against volatility.

Portfolio with a lot of action

Equity ETFs account for the majority of the portfolio, with fixed-income ETFs accounting for less than 20%. Increased volatility exposure with an emphasis on long-term gains.

Equity-only portfolio with a high level of risk

Offerings geared at high-return investors can withstand a high degree of risk. This portfolio, which is completely made up of equities ETFs, is best suited for long-term investors who can handle volatility.

MoneyLion also provides themed investing for even more customization. You may integrate topics like technology or socially responsible investing in your portfolio design to further simplify your asset allocation.

You may also invest automatically and on a regular basis from your savings account. As you pick how much and how frequently to send, you may see your investment balance increase with consistent and regular contributions.

Recommendation: This Is The Most Effective Alternative

Pros of MoneyLion

1. MoneyLion is a reputable company.

MoneyLion has gotten mostly favorable feedback from us. According to online research, many customers who have profited from the company’s goods and services have left favorable feedback.

When MoneyLion faced a difficulty, they swiftly reacted with a potential remedy.

2. MoneyLion offers excellent customer service.

MoneyLion offers excellent customer service. A live chat option and a chatbot for basic enquiries are included in the MoneyLion app.

You may also reach them via phone or through their website.

3. MoneyLion’s website is easy to navigate.

The MoneyLion website is both simple and beautiful in terms of functionality and appearance, while remaining loyal to its stated mission: “Rewire the American banking system to positively shift the financial path for every hard-working American.”

Plus-Credit-Builder’ website is easy to navigate, and applying for a loan was very straightforward.

In less than 10 minutes, you may finish the application.

On their website, they prominently display all of the items and services they provide to members.

4. MoneyLion has a low-interest rate.

MoneyLion’s Plus-Credit-Builder loan begins at 5.99% APR. For cash advances through Instacash, the APR is 0%.

MoneyLion does not do a hard credit check.

The loans are available to people with all levels of credit. Customers who apply on the MoneyLion app and link a checking account may get approval in minutes.

6. MoneyLion is inexpensive to use.

Instacash, MoneyLions’ 0% APR cash advance product, and other valuable features are included with the $19.99 a month Plus-Credit-Builder membership.

You may also earn back your membership cost via their Lion’s Share rewards program.

MoneyLion is a company that provides quick finance.

MoneyLion’s Credit Builder loan offers a unique feature that allows you to get a part of the loan amount beforehand.

Those payments may be received immediately or within 48 hours (depending on your funding method).

The remainder of your loan is retained in a Credit Reserve Account in your name after you have paid off your whole loan total.

MoneyLion makes it simple to pay.

Payments are set in stone and will not change over time.

There is also the option of paying off the loan early. MoneyLion does not impose a fee for paying off a loan early. There are no extra charges if you pay off your loan early.

MoneyLion has a transparent fee structure.

There are no surprises throughout the borrowing process since all costs are revealed.

MoneyLion Plus Members Have Access to Premium Services.

For Plus-Credit-Builder members, the administrative fee for banking and investing is refunded, and they can earn exclusive Lion’s Share cashback.

Recommendation: This Is The Most Effective Alternative

Real User MoneyLion Positive and Negative Feedback

Making on-time payments to the MoneyLion Plus-Credit-Builder loan may help you improve your credit score, but may not be the best choice for your financial situation.

Consider the advantages and disadvantages before pulling one out.

Positive MoneyLion Reviews

Funding on the same day
There will be no credit check.
Availability on a weekly basis Credit score from TransUnion

Negative MoneyLion Reactions

The monthly membership charge is $19.99.
You only have access to a part of your cash.
With a rate of 29.99 percent, this is a high APR.

Is MoneyLion a Scam or Legit?

MoneyLion is not a scam, in my opinion. MoneyLion’s online banking solution, which uses the MoneyLion app as well as a secure website, is legitimate and legal.

It has simple and standardized online and application procedures, reasonable interest rates, and excellent customer service.

MoneyLion is a good alternative for credit builder loans and other financial resources, according to Financer.com.

When you join up, you may be required to utilize a secure mobile method to sign in to your bank account.

MoneyLion, like any other legitimate lender, has a privacy policy that spells out what information it collects and how it utilizes it.

Unlike other lenders or financial institutions, they will not use your credit score to determine whether or not your application will be approved. However, it does report to the major credit agencies.

MoneyLion Review: The Bottom Line

This brings my MoneyLion evaluation to a close. Despite the fact that MoneyLion seems to be a reliable firm, I do not suggest entering into debt.

Instead, seek for methods to increase your income via a company. The greatest approach to improve your revenue is to create a digital asset.

You don’t have to be concerned about your credit score or personal credit when purchasing a digital item.

You don’t even need to speak to lenders regarding a big credit limit in general since your company costs are basically non-existent.

You’ll be at the top of Google in no time with a basic website and some on-page and off-page SEO. In the following part, I’ll tell you more about this money-making possibility.

Recommendation: This Is The Most Effective Alternative

Make Passive Income Online as a MoneyLion Alternative

If you’re reading this MoneyLion review, you must be hungry to earn more money.

The world has changed dramatically in recent years as a result of the Internet. Making money on the internet has grown lot simpler in recent years.

Building a digital asset that creates income flow for you while you sleep is the best way to rapidly increase your wealth.

To put it another way, it is quite conceivable to create passive income rather than slogging away at a 9-to-5 work and live a financially secure existence.

“If you don’t discover a means to create money while you sleep, you will labor until you die,” Warren Buffet stated.

I recommend starting an affiliate marketing company if you genuinely want to create a steady and reliable source of passive income.

Affiliate marketing is ideal for those who are fresh to the world of internet business.

Affiliate marketing has been the simplest and most gratifying internet business plan I’ve tried so far.

You can virtually completely free affiliate marketing while generating a consistent and long-term passive income to meet your expenses. It doesn’t take any start-up money, and it may even be done as a side business.

And if you’re serious about learning affiliate marketing and starting a company from the ground up, I suggest starting with the most respected affiliate marketing platform available: Wealthy Affiliate.

Wealthy Affiliate is a one-stop shop for starting an affiliate marketing company from the ground up. It provides you with a free account (including a free website) as well as complete SEO (free traffic tactics) training, allowing you to begin affiliate marketing right away without spending any money.

However, how much money can you make with affiliate marketing?

A 21-year-old student from my #1 rated affiliate marketing training platform earned $7,395 in only one week, or more than $1000 per day…all while utilizing free traffic strategies and affiliate marketing.

MoneyLion review

Wealthy Affiliate has been around for almost ten years and has a long list of success stories.

Here are some more inspirational success stories from Wealthy Affiliate members to offer you additional examples.

You may also check out Wealthy Affiliate’s 4.8/5 rating on Trustpilot.

MoneyLion review

What is the best way to join Wealthy Affiliate?

Wealthy Affiliate offers a very straightforward price structure. It offers both free and paid membership options.

You may join up for the beginner membership here if you want to get a feel for Wealthy Affiliate (no credit card required). You may choose to be a free member for an indefinite period of time.

As a starting member, you’ll get immediate access to the community, live chat, over 500 training courses, two classrooms, networking, comments, one free website, and the keyword tool.

You may take advantage of all of these benefits without spending any money.

So I highly urge you to create a free account and check it out for yourself.

Recommendation: This Is The Most Effective Alternative

MoneyLion Review Frequently Asked Questions

1. Does MoneyLion provide credit bureau reports?

They do, in fact. They notify the main credit bureaus about your late, on-time, and missing loan payments. MoneyLion reports to all three main credit agencies if you make on-time payments on a credit building loan.

MoneyLion Is It A Payday Loan?

MoneyLion allows you to enjoy your money. MoneyLion will give you back the money you borrowed from your check on your next paycheck, with no interest.

3. Can I make a cash deposit into MoneyLion?

You may top up your account with cash by going to a store that utilizes [email protected] powered by Green Dot®.

After you swipe your MoneyLion Debit Mastercard, the money will be credited to your account. It normally takes a few minutes for your account to be credited.

4. How Long Does MoneyLion Take To Process A Transaction?

After the end of the month, Lion’s Share rewards are normally deposited to your MoneyLion Investment Account within five business days.

Plus-Credit-Builder memberships and loan payments must remain in good standing at the end of the month in order to receive a payout.

5. Is MoneyLion a Trusted Financial Institution?

MoneyLion bank accounts are supplied by Lincoln Savings Bank, which is a member of the Federal Deposit Insurance Corporation (FDIC), which means your money is guaranteed up to $250,000.

6. Does MoneyLion provide an early direct deposit option?

You can receive your direct deposits as early as two days in advance using the RoarMoney Banking on the go app!

As soon as your paycheck arrives, it will be transferred into your account. The timeframe varies since payments are deposited to your RoarMoney account at various times.

RoarMoney is the result of the merger of MoneyLion, MetaBank, and Mastercard.

RoarMoney offers its users cutting edge Banking on the go solutions, such as Mastercard Tap & Go® contactless payments technology, early paycheck delivery, and seamless integration with MoneyLion’s cash advances at zero interest.

7. Do you get paid quicker with MoneyLion?

You may get payments up to two days ahead of time using RoarMoney.

This requires RoarMoney and routing numbers.

If you have government income, you may link payments to your RoarMoney account via the IRS’s Get My Payment website.

8. Can I Withdraw Money From Account with MoneyLion?

You may take as much money as you like from your investment account as long as it is more than the existing loan sum.

If your investment account balance is $1,000, your loan amount is $500, and you may take $495 from it.

9. What is the procedure for withdrawing money from MoneyLion?

A withdrawal request must be submitted. Active positions are liquidated and monies are credited to your account based on the amount to be withdrawn.

It’s straightforward to withdraw your full account amount with the MoneyLion Investment Account.

10. What Happens If Money Lion Isn’t Paid?

Remember that if you miss a payment, MoneyLion will attempt to reclaim your Instacash from your qualifying accounts.

Your bank or credit union will either deny or finance the transaction based on the amount in your account.

11. What Is MoneyLion’s Referral Program and How Does It Work?

MoneyLion Plus users who recommend friends to become Plus members get a $10 incentive. You may earn a $5, $100, or even $2,000 referral incentive for every three friends you recommend.

You’ll need to provide your friends a referral code in order to recommend them to MoneyLion.

12. Where can I find MoneyLion reviews and complaints?

No accreditation with the Better Business Bureau

C+ BBB rating

Based on 104 consumer reviews, the BBB has given it a rating of 2.9 out of 5 stars.

4.5 out of 5 stars on Trustpilot, based on 7,721 user reviews

MoneyLion Plus has garnered generally unfavorable reviews in recent months, despite garnering good ratings on the App Store and Google Play.

Many of them complain about bad customer support and problems with the whole loan procedure, which might lead to their payments being marked as late even before they are completed.

MoneyLion’s favorable reviews are based on their ability to deliver on their promise of boosting their clients’ credit ratings.

13. What Are Some Good MoneyLion Alternatives?

Earnin: Earnin provides cash advance transfers, which might be an excellent alternative if you value access to cash above developing credit.

Self: Self may be worth considering if you’re searching for a credit-builder loan that allows you to invest and save a bit extra money.

Is My Money Secure?

MoneyLion employs encryption on its website and app. It also keeps an eye on its website and database for threats 24 hours a day, seven days a week. MoneyLion’s app, which gives real-time transaction notifications, may also be used to freeze a stolen card.

MoneyLion follows strong privacy and data security guidelines. You can be confident that your personal information will be kept private. Your MoneyLion checking account and debit card are both FDIC-insured. If you invest, you might lose money.

15. How can I get in touch with MoneyLion?

If there are no MoneyLion locations in your region, you may contact the firm via phone, email, or live chat 24 hours a day, 7 days a week. Call us at 888-704-6970 for more information.

Based on internet evaluations, MoneyLion seems to provide exceptional customer service. On Trustpilot, the firm has a 4.7/5 “Excellent” rating based on over 21,000 client reviews.

Is MoneyLion a Good Investment?

MoneyLion has a lot of perks, such interest-free cash advances and free ATM access. Early direct deposits are available in addition to cash back benefits, investment, and early direct deposits. As a consequence, MoneyLion is an excellent all-in-one financial app.

There are no fee-free Account with MoneyLions (RoarMoney, Investing, or Plus-Credit-Builder). Furthermore, both its Auto Invest and MoneyLion is a cryptocurrency. accounts have limited asset support. You can probably save a lot of money on fees if you’re willing to deal with opening up separate brokerage, banking, and cryptocurrency accounts.

Finally, if you find yourself in need of little loans every now and again to get you through a few months, the Plus membership may be right for you. Because these loans are costly, repay them as soon as feasible.

Is MoneyLion a credit monitoring service?

With the $19.99 monthly membership for Plus-Credit-Builder, credit monitoring is included.

18. Is it possible to discontinue your Credit Plus membership early?

It doesn’t seem to be the case. The only way to cancel Credit Plus memberships without paying fees is to repay your Plus-Credit-Builder loan in full.

What is MoneyLion Overtime, exactly?

Overtime is a MoneyLion service that will be available shortly and will enable customers to take out zero-fee installment loans of $50 to $600 over four months.

20. Does MoneyLion have any special offers?

MoneyLion does not currently provide a signup incentive, but if it does in the future, we will update this review.

21. What is MoneyLion’s Cash Back Rewards Program?

RoarMoney customers may earn cashback on purchases every day. This isn’t your average cashback deal.

In this situation, the cashback is placed in the customer’s fully managed investment portfolio, where they may choose to withdraw it or let it to grow.

22. What Is MoneyLion Managed Investing and How Does It Work?

MoneyLion’s auto investing and fully managed portfolios help you invest and attain your objectives quicker, with no management fees or minimums.

MoneyLion asks you a few questions on the app before recommending a basic portfolio based on your answers.

Change the level of aggression or add investing topics like Future Innovations to make it your own.

You can invest automatically and fill your account even quicker with MoneyLion.

For a nominal monthly cost of $1, you may get investment management services including trading and rebalancing.

Plus-Credit-Builder members will receive a $1 reimbursement per month for the administrative fee.

23. Do you have a MoneyLion review video on YouTube?

Yes, if you’d like to see a video review of MoneyLion, it’s available here:

Recommendation: This Is The Most Effective Alternative

The “moneylion reviews reddit” is a review site that focuses on the MoneyLion app. It’s a mobile banking app that allows users to transfer money, pay bills, and more using their phone. The reviews are generally positive and many people have found success with it.

Frequently Asked Questions

Is MoneyLion legit?

A: No, its a scam.

Does MoneyLion affect your credit?

A: Yes, a little. This game is not available in some countries and restrictions are enforced by local law due to gambling being prohibited in those regions.