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Updated on Tuesday, June 25, 2019
No origination fees
on LendingTree’s secure website
Fees and penalties
MoneyLion product details
Personal loans are just one aspect of MoneyLion. Collectively, MoneyLion is a personal finance platform with several products, many of which are free after you sign up for an account.
MoneyLion has two types of membership:
MoneyLion Core is the platform’s free membership plan. It features:
- Free credit monitoring. MoneyLion partners with TransUnion to offer free credit monitoring. Credit monitoring for users comes with a credit score simulator and scores updated each month.
- Financial tracking for users. With this feature, you can view your assets and debts all in one platform. Users can connect bank accounts, investment accounts and credit card accounts to the financial tracking dashboard to review their overall financial standing.
- Free checking account and debit access. With this membership, you’ll have access to 55,000 fee-free ATMs. There’s also a rewards program that gives points for using different MoneyLion features. These points can be redeemed for restaurant and retail gift cards. You can also receive points for taking out a MoneyLion Plus loan, enrolling in credit monitoring, making on-time loan payments and more.
- Free fraud protection for credit cards.
Again, each of the benefits above are free, but there’s an additional paid product called MoneyLion Plus that comes with a few extra perks, namely access to personal loans.
The MoneyLion Plus membership costs $19.99 per month.
MoneyLion Plus includes all of the features in MoneyLion Core, as well as:
- Loans of $500 at 5.99% APR, even if you have fair credit
- Other bonus cashback rewards, including 12% on everyday purchases at certain merchants.
- $10 cashback just for signing up for the membership account, plus $1 per day just for logging into the app.
- Minimum credit score: Not specified
- Minimum credit history: Less-than-stellar credit is acceptable for the BetterCash loan. Fair credit or better is required for the MoneyLion Plus loan product.
- Maximum debt-to-income ratio: Varies
There are two loan products to review here with slightly different terms and eligibility requirements. The payment schedule for MoneyLion Plus loans match your employer paycheck. If you get paid bi-weekly, your loan payment will also be bi-weekly. For each loan, you have to sign up to become a user of MoneyLion first.
- BetterCash: Those with less-than-stellar credit may borrow between $500 and $5,000. The BetterCash loan is for unexpected small expenses that pop up and need a quick payment. To be blunt, this product is comparable to a payday loan. Payday loans are meant to keep you afloat from one paycheck to another. Be careful with this type of loan — it can turn into a debt trap because you’re constantly relying on debt to put out financial fires.
- MoneyLion Plus: As we mentioned above, you may borrow $500 for 5.99% APR, but it’s only available if you sign up for the $19.99 per month MoneyLion Plus account.
Think twice about signing up for the MoneyLion Plus account for the sole purpose of getting access to these $500 emergency loans. It may not be constructive to pay around $20 per month just for access to these loans. That $19.99 would probably serve you better deposited into a dedicated savings account you use for emergencies.
MoneyLion Plus is available in every state except: Indiana, Iowa, Montana, Nebraska, Nevada and Vermont.
BetterCash loans are available in every state except: Colorado, New York, Vermont, Connecticut and New Jersey.
You also need to meet these conditions:
- Be of legal age in your state
- Pass an identity check
- Have verifiable income and employment
- Provide a valid checking account with at least 45 days of history
- Have income direct deposited into the checking account
Applying for a personal loan from MoneyLion
Here’s how to apply for a MoneyLion loan product:
Join MoneyLion. You have to sign up for MoneyLion at no initial charge if you’re not already a member to apply for a loan. Returning members can go into the MoneyLion dashboard and click “new loan.”
Complete the application. You can complete the application online. You will need a Social Security number, email address, home address, phone number, date of birth, and a checking account that’s been open for at least 45 days.
Loan decision. The decision on whether or not to fund your loan can happen within 24 hours. More information may be requested from underwriting before you’re approved.
Funding. If approved, funding can happen within one business day. The money is deposited directly into your bank account.
Who’s the best fit for a MoneyLion personal loan?
Cost is the biggest disadvantage of this loan. The interest rate range can be potentially high depending on the product (unless you invest in MoneyLion Plus). Sure, you can qualify for a BetterCash loan with less-than-perfect credit, but you could be paying on it for quite some time if you get a three-digit interest rate.
The MoneyLion products may be ones to consider when you’ve exhausted all other options. The best way to use a MoneyLion loan is to borrow fast when you need a quick buck and make early payments to pay it off; there are no prepayment fees. Repaying your loan quickly before the entire term can help you avoid paying a mountain of interest.
High-interest loans like this can lead to a debt cycle where you borrow money, another emergency comes along, and you struggle to keep up. Building up an emergency fund can help you avoid having to fall back on this type of last-minute debt vehicle.
Having bad credit doesn’t mean you have to fall victim to obscenely high-interest rates. Check out our list of personal loans for various credit profiles.
MoneyLion consumer reviews
Unfortunately, MoneyLion’s reviews on the Better Business Bureau (BBB) are less than stellar. The company is not accredited with the BBB, and it has an “F” rating for its customer reviews. It’s had 200 complaints in the past 12 months, as of June 2019.
On LendingTree (which is our parent company), there are 15 reviews for MoneyLion. Most of these reviews are positive — 14 out of 15, in fact. Most reviews tout excellent customer service, a simple and streamlined app, and good interest rates.
One reviewer, Kyle, from Prescott Valley, Ariz., says his experience was positive for multiple reasons: “It’s been a pleasant and easy experience so far. They offer great perks for signing up with them and as you continue to be a customer. Definitely would recommend them to anyone in any credit situation. I personally don’t have the best credit and was being denied left and right, but MoneyLion accepted me and gave me a shot and some stress relief at the same time!”
An anonymous reviewer, however, wasn’t as pleased with its customer service: “They have yet to cancel my husband’s account after repeated attempts to cancel,” she wrote. “This month and last month. They are taking $72 out our joint account every month.”
MoneyLion offers two different types of loans: BetterCash Loans and MoneyLion Plus loans. MoneyLion Plus loans are loans that can be accessed quickly, and they’re available for $500 at an APR of 5.99%. BetterCash loans are short, pay-day-style loans that are intended to help people get by in a pinch. BetterCash loans are available with APRs starting at 5.99% and terms of 12 months, depending on your credit.
If you have a Plus membership, you can expect to get access to loan funds within 24 hours. An additional paid feature, called Turbo, can get you access to your funds in under 30 minutes.
There are no stipulations for how you can spend your personal loan funds with MoneyLion.
With a BetterCash loan, the maximum amount you can borrow is $5,000, though this threshold could be lower depending on your credit score. MoneyLion Plus loans are available for $500.
If you’re just checking out loan terms, your credit will not be affected. If you actually apply for a loan, however, your credit will likely will be affected because MoneyLion will do a hard credit inquiry.
No. Although a good credit score could be beneficial if you opt for a BetterCash loan, a good credit score is not a requirement to become a MoneyLion Plus member.
In order to become a MoneyLion Plus member, you must be able to verify your identity, prove you have a consistent source of income, have a positive balance in your bank account, and have a bank account that has been open for more than 45 days.
The MoneyLion Plus membership fee is $19.99 per month, plus any outstanding loan payments you have. If you cannot make your monthly payments, you will not be able to take out a new loan, withdraw money from your investment account, or earn cash back points or rewards.
Alternative personal loan options
Minimum Credit Score
36 or 60
2.90% - 8.00%
Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More
Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
Upgrade lets you borrow between $1,000 to $35,000. You can check rates with a soft inquiry. After you’re approved for a loan, you can get access to funding within a day. There are no prepayment penalty fees, but there is an origination fee to consider. This loan is another one for borrowers with less-than-stellar credit that may be more affordable than MoneyLion.
Minimum Credit Score
24 to 84
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
SoFi has loans from $5,000 to $100,000 — if you need to borrow a large sum, this is one of the lenders that offers the most money, and there are also long loan terms that give you a decent amount of time to repay debt.
With SoFi, there are no fees and competitive interest rates (especially when using autopay), which is a sign that the loan is geared toward people with decent credit.
Marcus by Goldman Sachs®
36 to 72
No origination fee
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
Marcus by Goldman Sachs® is a personal loan that also has no origination fees, and does not require a hard inquiry to check rates. You can borrow up to $40,000 with longer loan terms than what MoneyLion has available. This is another loan that doesn’t specify a minimum credit score requirement, but would likely be best for borrowers with good credit or better because of the favorable terms. With that said, this is probably going to be a much more affordable option than MoneyLion. If your credit is in the high 600s or better, consider this loan. More than 80% of borrowers last year had a credit score of at least 660, according to Goldman Sachs’ most recent annual report.