What is MoneyLion?
MoneyLion is a financial technology company that offers a range of financial products and services, including personal loans, cash advances, credit building tools, and investment opportunities. The company aims to provide users with a comprehensive platform to manage their finances, build credit, and achieve their financial goals.
Features of MoneyLion
MoneyLion offers a variety of features, including:
Instacash
Get cash advances up to $500 with no interest, no credit check, and no mandatory fees. Available in minutes for a variable fee.
Personal Loans
Get personal loan offers up to $100,000 with multiple loan options to choose from. Compare loan offers without affecting your credit score.
RoarMoney Mobile Banking
Get paid up to 2 days early, earn cashback on spending, and access your money when and where you want. RoarMoney is powered by Pathward, N.A., Member FDIC.
Credit Builder Plus Membership
Grow credit by paying off a small loan - no hard credit check required. Unlock savings after building credit and track your score over time.
Managed Investing
Start with as little as $17 and invest in fully managed portfolios tailored to your risk level. Auto Invest, Round Ups, and Auto Rebalancing features available.
High-Yield Savings
Earn up to 5.25% APY* on high-yield savings accounts with no monthly fees on most accounts. FDIC/NCUA insured up to $250K.
Fees of MoneyLion
MoneyLion charges a small monthly subscription fee for its services, including access to budgeting tools and gig opportunities. Expedited cash advance transfers may incur additional fees, but standard transfers are free.
Credit Check of MoneyLion
No credit check is required to use MoneyLion's cash advance services, making it accessible to users with limited or no credit history.
Subscription of MoneyLion
A subscription is recommended for users who want access to MoneyLion's budgeting tools and side hustle features, need regular access to small cash advances to avoid overdraft fees, or prefer the convenience of having all financial management tools in one app.
Helpful Tips of MoneyLion
To maximize the use of MoneyLion, users should:
- Use the budgeting tools to monitor spending and stay on top of finances.
- Set up alerts to avoid overdraft situations.
- Explore gig opportunities to increase income.
- Request cash advances responsibly and only when necessary to avoid dependency.
Frequently Asked Questions of MoneyLion
Q: Is MoneyLion a bank? A: No, MoneyLion is a financial technology company, not a bank.
Q: Is my data safe with MoneyLion? A: Yes, MoneyLion values user privacy and ensures your data is securely managed.
Q: How do I cancel my MoneyLion subscription? A: You can cancel your subscription anytime in the app.