NorthWestern Financial Review


MoneyLion Overall rating: ★★☆☆☆ 1.6 based on 11 reviews.
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Online Payday Personal Consumer Loans up to $5,000

Easy Application, Fast Processing, Quick Approval, Any Credit Score

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MoneyLion logo

MoneyLion is a finance app that offers a range of financial products and services. It offers a membership program that includes online banking services, cash back rewards, interest-free cash advances, managed investing, credit-builder loans, financial tracking and education, and more. The company was founded in 2013. It is headquartered in New York City and has more over 6 million users. MoneyLion has achieved various awards of recognition.

Company name MoneyLion Inc.
Founded 2013
Address 30 West 21st Street Ninth Floor New York, NY 10010 USA
Phone number
MoneyLion site


  • Fast online applicaion
  • No hidden fees
  • Quick funding
  • Loans up to $1,000 with competitive rates
  • Credit monitoring and tracking 24/7 in the app
  • All credit scores accepted
  • Help build your credit score
  • Access to 0% APR Instacash cash advances
  • Exclusive cashback rewards
  • LiveChat function
  • No hard credit check
  • Easy repayment
  • Early repayment option


  • Not available nationally
  • Too many bad reviews
  • Hefty monthly fee required
  • You may only qualify to borrow less upfront
  • Your monthly payments could be “trapped” for a year

Bottom line

MoneyLion credit builder loans are best for consumers who can’t get a loan in other financial institutions due to bad or zero credit. Since the company reports all credit payments to the three major nationwide credit bureaus, its loan products can help you build or improve your credit history. Their loan products come with low APRs, however, its monthly membership charge can be quite high, depending on your loan amount. It seems to us that it makes no sense to borrow small amounts from this lender and pay its $19.99 monthly fee.

Types of loans

MoneyLion loan options are very limited. They only offer credit-builder loans (up to $1,000) that could help you fix or build your credit with on-time payments.

Eligibility criteria

To get approved for a MoneyLion loan, you must:

  • be 18 or older;
  • have U.S. citizenship or permanent residency;
  • have a Social Security number;
  • have a checking account in good standing that has been open for at least 60 days.

Category: Online Loans

Tags: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming

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MoneyLion Reviews

I noticed fraud on my account twice from various countries… Their security is probably the worst I’ve ever experienced.
- Pamela Garrett

Their customer service is the worst I’ve ever experienced. They carry out fraudulent activities from their app.
- Willie Diehl

All they do is lie lie lie. Worst customer service, zero protection of customers money…
- Richard Moore

MoneyLion is a total rip-off, they demand you repay loans that you never get. Stay away from this organization!
- John Whitted

MoneyLion will steal your money and tell you there’s nothing they can do! they are 100% scammers and must be in prison!
- Megan Cruz

I love them. Just makes borrowing so easy for me. They always are there when I need fast cash.
- William Morrison

They were lying to their clients. Worst customer service. They are constantly changing their policies. A very greedy lender. And a monthly fee for investment is sky-high. Do not do business with them! There are many better options are out there. Do some research!
- Amanda Jenson

Nice app to navigate. But interest is crazy!
- Kevin Romero

I received a loan and they took the repayment on the wrong date!! Not recommended.
- Brian Houle

There are no pros to this company… this was the worst mistake of my life. I got a loan for $1000 but they only gave me $300 and now I have to pay interest on a $1,000 loan for 24 months.
- Betty Glover

I really like this company. Their loans are really helpful. I got access to $1,000 and also member benefits. In general, I’m satisfied with the experience. But they didn’t connect to my bank and I had trouble with this issue.
- Jermaine Prunty

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