Unbias MoneyLion Loan Review: Is It Worth Your Time?

Welcome to our unbiased review of MoneyLion loans. You’ve come to the right place if you’re considering using MoneyLion for your financial needs.

In this review, we’ll look closer at their loan offerings, fees, and customer experience.

By the end of this article, you’ll better understand whether MoneyLion is the right choice for you.

Key Takeaways:

  • MoneyLion is a comprehensive financial app offering mobile banking, credit building, investing, and cash advances.
  • The Lion’s Share loyalty program allows users to reduce or eliminate fees.
  • Pros include cash advance limits of up to $1,000 and access to automated investing portfolios.
  • Cons include slow delivery of payday advance funds and limitations on cash advance amounts.
  • Before deciding on MoneyLion, compare fees, interest rates, and customer reviews of different money-borrowing apps.

What Is MoneyLion?

MoneyLion is an NYC-based digital financial platform founded in 2013. Unlike traditional banks, it does not hold or lend customer funds directly.

Instead, MoneyLion’s banking partner, Pathward, holds customer deposits (FDIC-insured up to $250,000). The platform offers mobile banking, credit building, investing, and cash advances.

MoneyLion provides an all-in-one mobile banking experience and aims to optimize money management and savings while boosting credit for its users.

MoneyLion’s mobile app allows users to access their finances on the go. With features such as budgeting tools, bill payments, and real-time transaction alerts, it offers a convenient way to stay on top of your financial health.

The platform also offers credit-building tools, such as credit monitoring, personalized tips, and access to credit builder loans. These loans are designed to help users establish or improve their credit scores by making regular payments.

Additionally, MoneyLion provides access to automated investing portfolios. Users can set their investment goals and risk preferences, and MoneyLion will create a diversified portfolio tailored to their needs.

With automatic rebalancing and low management fees, it’s a hassle-free way to start investing.

Overview and Analysis of MoneyLion Product Offerings

MoneyLion offers a suite of financial products tailored to meet diverse needs. Whether you’re looking for mobile banking services, credit-building options, instant cash advances, or automated investing portfolios, MoneyLion has you covered. Let’s take a closer look at each of these offerings:

1. MoneyLion Mobile Banking (RoarMoney)

RoarMoney is MoneyLion’s mobile banking solution that provides a seamless banking experience.

With a RoarMoney account, you’ll have access to features like a checking account, a debit card, and ATM access.

One standout feature of RoarMoney is the ability to access your paycheck up to two days early, giving you more control over your finances. This can be especially beneficial when unexpected expenses arise.

2. Credit Builder Plus

MoneyLion understands the importance of having good credit, which is why they offer the Credit Builder Plus program. This program allows you to build or rebuild your credit through a credit builder loan.

By making timely loan payments, you can demonstrate your creditworthiness and improve your credit score over time. Plus, Credit Builder Plus members have access to additional benefits like personalized financial advice and access to zero-fee cash advances.

3. MoneyLion Instacash

For those moments when you need cash quickly, MoneyLion offers Instacash. This service allows MoneyLion members to get cash advances instantly without any interest or additional fees.

The amount you can borrow will depend on your financial profile, and once you repay the advance, you can borrow again. Instacash provides a convenient and hassle-free way to access funds when you need them most.

4. Automated Investing Portfolios

If you’re looking to grow your wealth through investments, MoneyLion’s automated investing portfolios are worth considering.

These portfolios are designed to align with your financial goals and risk tolerance, making investing more accessible to individuals of all experience levels.

MoneyLion’s automated investment service provides professional management with low fees, helping you maximize your investment potential.

Overall, MoneyLion offers a diverse range of financial products that cater to different needs.

Whether you’re looking to manage your day-to-day finances, build credit, get instant cash, or invest for the future, MoneyLion has options for you.

It’s important to carefully review the terms and conditions of each product to ensure they align with your financial goals and needs.

moneylion loan rates

With a strong foundation and a clear vision, MoneyLion continues redefining how individuals manage their finances. As the company expands its reach and introduces new features and services, consumers can expect more value and convenience from this dynamic digital platform.

Pros and Cons of Money Borrowing Apps

Money-borrowing apps have become increasingly popular for their convenience and quick access to funds. If you find yourself in need of fast cash, these apps can be a lifesaver. However, it’s important to consider the pros and cons before diving in.

The Pros:

  • Easy Accessibility: Money-borrowing apps are designed to be user-friendly, making it easy for anyone to apply for a loan. With just a few taps on your smartphone, you can submit your application and receive a response within minutes.
  • Fast Funding Times: One of the main advantages of money-borrowing apps is the speed at which funds can be deposited into your account. In many cases, you can expect to receive the money within the same day or even instantly, depending on the app and its processes.
  • Avoid Overdraft Fees: Another benefit of these apps is that they can help avoid hefty overdraft fees. Instead of risking overdrawing your account and incurring a fee from your bank, you can use a money-borrowing app to cover unexpected expenses.

The Cons:

  • High Borrowing Costs: Money-borrowing apps provide quick cash but often come with high costs. Interest rates and fees can add up quickly, so carefully reviewing the terms and conditions before accepting a loan is essential.
  • Potential Reliance: It’s crucial to be cautious with money-borrowing apps to avoid developing a reliance on them. These apps should be a temporary solution, not a long-term financial strategy. Addressing underlying budgeting issues is essential to avoid falling into a cycle of debt.

Before choosing a money-borrowing app, such as MoneyLion, comparing different options is essential. Consider the fees, interest rates, repayment terms, and customer reviews to make an informed decision that aligns with your financial needs and goals.

money borrowing apps

Remember, while these apps can provide immediate relief, using them responsibly and as a last resort is essential. Always prioritize financial stability and consider seeking advice from a financial professional if you face ongoing economic difficulties.

Conclusion

In conclusion, MoneyLion offers a comprehensive suite of financial services through its robust mobile app.

Whether you’re looking for mobile banking, credit building, investing, or cash advances, MoneyLion covers you. With its integrated rewards system, the Lion’s Share loyalty program, you can enjoy reduced or eliminated fees.

While MoneyLion has its strengths, it’s essential to carefully consider the pros and cons of money-borrowing apps, including MoneyLion.

The convenience and fast access to funds may be appealing, but comparing fees, interest rates, repayment terms, and customer reviews is crucial before deciding.

If you’re considering using MoneyLion or any other money-borrowing app, research and make an informed choice that aligns with your financial needs.

Remember, managing your finances responsibly goes beyond borrowing money – it’s about addressing underlying budgeting issues and building a solid financial foundation for the future.

FAQ

What services does MoneyLion offer?

MoneyLion offers mobile banking, credit building, investing, and cash advances.

What is the Lion’s Share loyalty program?

The Lion’s Share loyalty program is MoneyLion’s integrated rewards system that allows users to reduce or eliminate various fees.

What are the advantages of using MoneyLion?

Some advantages include cash advance limits of up to $1,000, no mandatory fees beyond a small $1 monthly charge, and access to automated investing portfolios.

Are there any drawbacks to using MoneyLion?

Some drawbacks include slow delivery of payday advance funds, high fees for instant cash advances, and limitations on cash advance amounts.

Where is MoneyLion based?

MoneyLion is based in New York City.

How does MoneyLion handle customer funds?

MoneyLion does not hold or lend customer funds directly. Its banking partner, Pathward, holds customer deposits, which are FDIC-insured up to $250,000.

What are the different products offered by MoneyLion?

MoneyLion offers MoneyLion Mobile Banking (RoarMoney), Credit Builder Plus, MoneyLion Instacash, and automated investing portfolios.

Who founded MoneyLion?

MoneyLion was founded by Diwakar Choubey, a Wall Street veteran, in 2013.

What are the pros of money borrowing apps?

Some pros include easy accessibility, fast funding times, and the ability to avoid overdraft fees.

What are the cons of money borrowing apps?

Some cons include high borrowing costs and the potential for reliance on these apps instead of addressing underlying budgeting issues.

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Olivia is a finance expert with years of experience in the industry. She is passionate about helping people make informed decisions about their finances, and her expertise lies in the areas of loans and insurance policies.

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