MoneyLion is an internet and app-based financial services company founded in 2013. The company offers financial services, free credit monitoring, and debit card memberships. This profile will focus on their short-term lending options.
MoneyLion offers a couple of membership options for access to its financial services. It's like a money club with three membership levels:
Core Membership — $0 per month
Credit Builder Plus — $19.99 per month
MoneyLion is an online hub for loans and credit. You can earn rewards, get membership access to insiders-only loans, investment, and money-management tools.
MoneyLion offers a credit builder loan through its Credit Builder Plus membership. This type of loan is a great opportunity for people that are having trouble finding credit-building opportunities. The membership costs $19.99 per month, but members have the opportunity to earn up to $19.99 in rewards each month in the Lion's Share Loyalty Program.
MoneyLion's InstaCash program offers consumers 0% APR cash advances by connecting your direct deposit to Money Lion. No credit check is needed. It borrows the money from your future paycheck and will just be deducted from your next direct deposit amount (up to $250 per pay period).
Money Lion's Credit Builder plus is not free. You have to pay for it, so, it's like paying for building credit. However, you do have the opportunity to offset some of the cost with the MoneyLion rewards programs. Additionally, credit builder loans are a proven method of improving your credit score. However, there may be lower-cost credit builder options for you. Check out local non-profits and credit unions before you pay for a monthly subscription plus interest.
Iulia Nedelcu Portland, OR
3 years ago