MoneyLion is all about empowering your financial goals without making a dent in your pocket. MoneyLion is an online personal finance and lending company that’s has all your needs individual financial needs well catered for.
Since it was launched in 2013, MoneyLion aims at empowering the customer by offering financial advisory, investment services, and lending facilities. Unlike other online lenders, you will find out that MoneyLion repayment terms and interest rates are amicable and won’t hurt your finances.
MoneyLion aims at boosting the credit rating of 70% of American consumers with an average saving income of $2,000. While you can still use the MoneyLion app for free, a report released by MoneyLion in March 2018 claimed that 93% of its first-time investors were MoneyLion Plus Members.
To understand more about MoneyLion and why it’s an excellent choice for your financial needs, here is a comprehensive guide of its features.
MoneyLion loan rates and repayment terms are among the best that you will find in the market today. With an APR of 5.99%, its low compared to similar credit-builder loans that you can find with other lenders. Here is a breakdown of what to expect from MoneyLion;
While not everyone can access MoneyLion loans, primarily due to the credit score limit, their rates are low which is right for you.
Also, by taking a loan with MoneyLion, you will be able to build your credit quickly as your payment reports are reported to 3 major consumers’ credit bureaus. They include Equifax, Trans Union, and Experience. This means that each month you repay your loan on time, you will be building your credit score.
According to MoneyLion, if you meet the minimum requirements and your loan is approved, it may take only 15 seconds for your loan to be funded. This makes MoneyLion a great place to rush in case of a financial emergency.
Who’s MoneyLion For?
While Money Lion’s personal loan services are favorable, they are not for everyone. For instance, if your credit score is below 640, then you won’t find help from MoneyLion. As well, the maximum loan limit for this lender is up to $500. If you need more credit, then you should explore other options.
However, MoneyLion is an excellent place to get funding, especially due to their friendly repayment terms and interest rates of 5.99%. In addition, MoneyLion is an excellent place for you if you are looking to build your creditworthiness quickly.
Why was I declined for a loan?
The best way to find out why your loan was declined is by contracting the MoneyLion loans customer service team.
Some of the reasons that could have led to the action may include – not meeting the minimum requirements, unverifiable information, inconsistent personal information, poor credit scores, and inconsistent income, among other factors.
To contact the MoneyLion credit team, you can call, send a written request, or email which is available on their page. However, you must submit the denial request within 60 days. You can expect to hear from them within the next 30 days.
What is the maximum loan amount limit?
With MoneyLion, you can get up to $500, which is repayable within 1 year, with an APR of 5.99%.
Will MoneyLion verify my income information?
Yes, MoneyLion, as well as most lenders, both traditional and online, will verify your income information before approving your loan.
To qualify for a loan with MoneyLion, the following minimum requirements are mandatory;
The following are just the minimum requirements and don’t guarantee that’s you will qualify for a loan if you meet them.
If you live in the following states, then you are not eligible for a loan with MoneyLion;
The MoneyLion customer support team is amiable and will reply to your concerns in a timely manner. You can reach them via their social media pages, email addresses at email@example.com or call them at 1-888-659-8244.
The loan application process at MoneyLion is different from most online lenders. To apply for the credit-builder loan, you must be a MoneyLion Plus Members, where you pay $19.99 per month.
The loan application can be completed through a mobile app or on your computer. The first step is to create a MoneyLion account where you sign up with your address and full names.
After that, go ahead and apply for MoneyLion Plus Membership. You will be asked to provide the following details;
You should also note that MoneyLion won’t pull your credit. And so there is absolutely nothing to worry about as far as your credit score is concerned. MoneyLion uses your primary checking account to determine whether you are eligible for a loan or not. This is unlike most online lenders.
Zero-fee checking account, low APR for personal loans, an investment account, and cashback rewards are some of the major aspects that make MoneyLion unique. Another great feature with MoneyLion is the “borrow from your future self” option with no interest repayment terms. Furthermore, it’s effortless and quick to build your credit with MoneyLion.
Whatever financial aid you need, you can be assured that you’re on good hands with MoneyLion.