Are MoneyLion loans legit?

Asked by: Selena Heller  |  Last update: February 9, 2022
Score: 5/5 (5 votes)

Is MoneyLion Legit? Yes, MoneyLion is a legit and legal banking service/ company that utilizes a secure website and MoneyLion app. When you sign up, you may need to sign in to your bank account using a secure mobile process.

Can MoneyLion be trusted?

Does Recommend MoneyLion? Yes, we do. This is one of the most popular lenders we have reviewed, and it's definitely no surprise. Their site and application process are streamlined and simple, they offer reasonable interest rates, and they provide high-quality and reliable support.

Can you borrow money from MoneyLion?

You can get access to up to $1000 in a personal loan that helps build your credit with a few taps on your smartphone as a MoneyLion Credit Builder Plus member. MoneyLion offers loans at competitive with no required credit checks. Take the next step toward healthier finances and become a MoneyLion member today!

How does the MoneyLion loan work?

MoneyLion's Credit Builder Loan is a membership-based loan to help those with poor or no credit build credit while saving money at the same time. Our membership comes with access to a competitive interest rate loan. A portion of the funding is made accessible to you right away.

How long does it take MoneyLion to approve your loan?

How long does it take to get a MoneyLion loan? Depending on how you choose to receive your money, you'll either get it instantly or within 48 hours.

MoneyLion $500 Loan for Bad or Good Credit Low Interest Personal Banking App Review

33 related questions found

What banks work with MoneyLion?

MoneyLion partnered with MetaBank N.A. (Member FDIC) to bring you just that.

What happens if you don't repay MoneyLion?

If you miss a payment on a zero-percent teaser rate card, chances are you'll forfeit that promotional rate and get moved up to the default interest rate. Once the major credit bureaus are notified (after 30 days), a late payment can stay on your credit report for seven years.

Do you have to pay back MoneyLion?

Unlike alternative payday loan options, you won't need to worry about paying back your loan as fast as possible to avoid interest charges with MoneyLion.

Can you get a loan with a 550 credit score?

A 550 FICO® Score puts you in the very poor credit score range, which goes from 300 to 579. ... You can still qualify for some types of financing with a 550 credit score. However, personal loans are often unsecured loans, which means the lender is giving you money based solely on the promise that you'll repay the loan.

Does KOVO report to credit bureaus?

Does Kovo report to the consumer reporting agencies? Yes. We typically report your account to one or more consumer reporting agencies on a monthly basis. ... Typically, your account and payment performance will appear on your credit report 30 to 90 days after you make your first payment.

How do you get a cash advance from MoneyLion?

How to get an online cash advance from MoneyLion
  1. Step 1: Open an account. The first step is to open a MoneyLion account. ...
  2. Step 2: Set up direct deposits. To access Instacash, you'll need to set up direct deposits or attach your bank account. ...
  3. Step 3: Request your Instacash. ...
  4. Step 4: Use your money!

How do I qualify for a 500 loan?

To get a loan for 500 dollars, you have to match the criteria below.
  1. Be 18 years of age or older;
  2. Be a citizen or a permanent resident of the US;
  3. Have a steady source of income, whether it is a job or other payments;
  4. Have an active checking account.

What apps can you borrow money from?

Here are five apps that let you borrow against future earnings, and some less expensive options worth considering.
  • Earnin: Best for low fees. ...
  • Dave: Best for small advances. ...
  • Brigit: Best for budgeting tools. ...
  • Chime: Best for existing customer overdraft protection. ...
  • MoneyLion: Best for multiple financial products.

Does MoneyLion hurt credit?

Cash Advances with Instacash

MoneyLion's Instacash service handles this process. You apply for the service on the MoneyLion app and qualify if you meet the checking account requirements. Even better, the cash advance comes with no interest and doesn't hurt your credit.

Is fast loan advance legit?

Fast Loans is not licensed by DFI to conduct the business of a consumer lender. ... DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity.

Where is MoneyLion located?

MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia.

Can I buy a house with a 553 credit score?

The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify.

How can I raise my credit score 100 points overnight?

How To Raise Your Credit Score by 100 Points Overnight
  1. Pay Off Your Delinquent Balances.
  2. Keep Credit Balances Below 30%
  3. Pay Your Bills on Time.
  4. Dispute Errors on Your Credit Report.
  5. Set up a Credit Monitoring Account.
  6. Report Rent and Utility Payments.
  7. Open a Secure Credit Card.
  8. Become an Authorized User.

What is the minimum credit score for a loan?

Ideal credit score to avail a personal loan

The minimum CIBIL score for a personal loan is between 720 and 750. Having this score means you are creditworthy, and lenders will approve your personal loan application quickly. They may also offer you your chosen loan amount at a nominal interest.

How do you pay back MoneyLion?

To repay manually: Simply go to the same screen where you request Instacash and click the "Repay" button instead. Choose the debit card that you have linked for repayment or your MoneyLion Checking account.

How long does MoneyLion take to process?

Lion's Share payouts will generally be deposited into your MoneyLion Investment Account within five business days of month-end. Your Credit Builder Plus membership fees and loan payments must be in good standing at the end of the month for you to receive a payout.

How can I get instant cash?

19 Ways to Find Fast Cash
  1. Sell spare electronics. ...
  2. Sell unused gift cards. ...
  3. Pawn something. ...
  4. Work today for pay today. ...
  5. Seek community loans and assistance. ...
  6. Ask for forbearance on bills. ...
  7. Request a payroll advance. ...
  8. Take a loan from your retirement account.

Who owns MoneyLion?

MoneyLion is headed by co-founder and CEO Diwakar Choubey, who previously worked on Wall Street, where he held senior positions at firms including Goldman Sachs, Citadel, and Barclays Capital. Chief Information Officer Pratyush Tiwari, and Chief Technology Officer Chee Mun Foong are also co-founders.

Is MoneyLion a real checking account?

MoneyLion bank accounts are provided through MetaBank, National Association, which is an FDIC member. That means the money in your checking account is covered by FDIC insurance, up to $250,000.

What is MoneyLion limit?

$2,500.00 daily maximum deposit for ACH transfers into Account initiated from the Mobile App; $10,000.00 deposit limit for first 30 days post-Account opening, then no monthly limit on ACH transfers initiated from the Mobile App.