MoneyLion is a popular fintech app. It helps users manage money and access loans. Founded in 2013, it offers cash advances, credit builder loans, and banking services. This blog post explains how MoneyLion works. It covers features, fees, pros, cons, and more.

What is MoneyLion? 🤔

MoneyLion is a mobile app for financial services. It started in New York City. The app provides tools to borrow, save, and invest. Its main goal is to help people with limited credit. It offers cash advances called Instacash. It also provides credit builder loans and banking services. MoneyLion uses technology to make finance simple. It avoids traditional banking barriers. Users can access funds without credit checks. This makes it popular for those who need quick cash.

The app works on Android and iOS devices. You can download it from Google Play or the App Store. Setting up an account is easy. You need an email and a secure password. After signing up, you link your bank account. This lets MoneyLion verify your income. The app uses strong security to protect your data. Your login details are encrypted. This keeps your information safe.

MoneyLion is not a traditional bank. It’s a fintech platform. It offers personalized advice based on your spending habits. The app also has a rewards program. You earn points for actions like linking a bank account. These points can unlock perks or higher loan limits. MoneyLion aims to make money management easier for everyone.

Key Features of MoneyLion 📱

MoneyLion offers many features. Here are the main ones:

1. Instacash: Fast Cash Advances 🚀

Instacash is MoneyLion’s cash advance feature. It lets you borrow up to $500 without interest. There’s no credit check. You need a linked bank account with regular deposits. If you use RoarMoney (MoneyLion’s banking service), you can borrow up to $1,000. The money arrives in minutes with a Turbo fee. Without the fee, it takes a few days. Instacash is not a loan. It doesn’t affect your credit score. You repay it automatically from your next paycheck.

2. Credit Builder Plus Loan 🏗️

This loan helps you build credit. It’s for people with low or no credit. You can borrow up to $1,000. MoneyLion reports payments to credit bureaus. This improves your credit score over time. The loan requires a monthly membership fee. The fee can be $19.99 per month. Interest rates vary from 5.99% to 35.99%. You need to link a bank account and verify income.

3. RoarMoney: Mobile Banking 🏦

RoarMoney is MoneyLion’s online banking service. It offers a checking account with no minimum balance. You get a virtual debit card instantly. You can use it for online shopping or tap-to-pay with Google Pay or Apple Pay. RoarMoney users get paid up to two days early with direct deposit. The account also supports Round Ups. This feature saves spare change from purchases.

4. Rewards and Cashback 🎁

MoneyLion has a rewards program called WOW. You earn cashback on spending or financial decisions. For example, you can earn up to $50 by playing games in the app. The app also offers deals on loans, insurance, and shopping. You earn points for tasks like keeping low credit usage. These points unlock better offers.

5. Financial Tools and Education 📚

MoneyLion provides tools to track your finances. It offers tips to manage money better. The app analyzes your spending and gives advice. It also has articles and videos on budgeting, saving, and investing. These resources help users make smart financial choices.

6. Investment and Crypto Options 💰

MoneyLion lets you invest in stocks and cryptocurrency. You can start with small amounts. The app offers managed investing for beginners. It’s a simple way to grow your money. You can also buy and sell crypto like Bitcoin. These features are optional but useful for wealth-building.

How to Use MoneyLion: Step-by-Step Guide 📋

Using MoneyLion is simple. Follow these steps to get started:

1. Download the App: Go to Google Play or the App Store. Search for “MoneyLion.” Download and install the app.
2. Create an Account: Open the app. Enter your email and create a password. You can also sign up on the MoneyLion website.
3. Link Your Bank Account: Go to the “Accounts” section. Tap “Add Account.” Choose your bank and enter your login details. MoneyLion uses secure encryption.
4. Verify Income: Link the bank account where you get your paycheck. MoneyLion checks for regular deposits. This can be payroll, benefits, or pensions.
5. Apply for Instacash: Go to the Instacash section. Choose an amount up to $500 (or $1,000 with RoarMoney). Select delivery speed. Pay a Turbo fee for instant funds or wait a few days for free.
6. Explore Other Features: Check out Credit Builder loans, RoarMoney, or investments. Use the app’s tools to track spending or earn rewards.

MoneyLion Fees and Costs 💵

MoneyLion has some fees. Here’s a detailed breakdown:

Service	Fee Details
Instacash (Cash Advance)	No interest or monthly fees. Optional Turbo fee: $0.49 to $8.99 per $100.
Credit Builder Plus Loan	Monthly membership fee: $19.99. Interest rates: 5.99% to 35.99%. Origination or late fees may apply.
RoarMoney Banking	No minimum balance fee. $1/month for physical debit card (optional).
Investment Accounts	No fees for basic investing. Managed investing may have fees (varies).
Turbo Delivery	$0.49 to $8.99 per $100 for instant cash advance delivery.

Note: Turbo fees are optional. You can avoid them by choosing standard delivery (1-5 days). Always read the terms before signing up for a loan.

Pros and Cons of MoneyLion ⚖️

Here’s a table summarizing the advantages and disadvantages:

Pros	Cons
No credit check for Instacash.	High Turbo fees for instant cash ($8.99 per $100).
Helps build credit with Credit Builder Plus loan.	Monthly membership fee ($19.99) for Credit Builder loan.
RoarMoney offers early paycheck access (up to 2 days).	Limited cash advance amount ($500 or $1,000 with RoarMoney).
User-friendly app with financial tools and rewards.	Some users report poor customer service.
Wide range of services (banking, investing, crypto).	App glitches reported, like login or navigation issues.
Strong security for bank account data.	High interest rates on loans (up to 35.99%).

Who Should Use MoneyLion? 🎯

MoneyLion is best for specific users. It suits people with low or no credit. If you need quick cash without a credit check, Instacash is ideal. It’s also good for those who want to build credit. The Credit Builder Plus loan reports payments to credit bureaus. This helps improve your score. People who like mobile banking will enjoy RoarMoney. It’s great for early paycheck access and no minimum balance.

However, MoneyLion may not suit everyone. If you dislike fees, the Turbo fee or membership cost might bother you. Those needing large loans (over $1,000) should look elsewhere. Traditional personal loans offer higher amounts. If you prefer in-person banking, MoneyLion’s app-only service may not work for you.

How MoneyLion Compares to Competitors ⚡

MoneyLion competes with apps like Earnin, Dave, and Cash App. Here’s a comparison table:

Feature	MoneyLion	Earnin	Dave	Cash App
Max Cash Advance	$500 ($1,000 with RoarMoney)	$500	$500	$200
Credit Check	No	No	No	No
Fees	Turbo fee: $0.49-$8.99 per $100	Optional tip: up to $4.99 for $150	$1/month subscription, optional tip	No fees for standard delivery
Repayment	Automatic from linked account	Automatic from linked account	Automatic from linked account	Automatic from linked account
Other Services	Banking, loans, investing, crypto	Limited (cash advances only)	Banking, budgeting tools	Banking, investing, buy now pay later
Credit Building	Yes (Credit Builder Plus)	No	No	No

MoneyLion stands out for its wide range of services. It offers more than just cash advances. However, its Turbo fees are higher than Earnin’s. Dave has a lower monthly fee but fewer features. Cash App’s loans are smaller but have no fees for standard delivery.

User Experiences with MoneyLion 😊😣

User reviews are mixed. Many love MoneyLion’s ease of use. They praise the quick cash advances and rewards program. For example, one user earned $20 in hours by playing games. Another said the app helped them manage multiple accounts (loans, investing, crypto). They liked the user-friendly design and customer service.

However, some users had issues. Common complaints include high fees and poor customer support. One user said their bank account was unlinked without help. Another struggled with app glitches, like login problems. Some felt misled by referral bonuses that never arrived. A Reddit user warned about spam calls after applying for loans.

How to Avoid Common Issues with MoneyLion 🚫

To have a good experience, follow these tips:

1. Read Terms Carefully: Understand fees and repayment rules before borrowing.
2. Avoid Turbo Fees: Choose standard delivery to save money.
3. Check Bank Linking: Ensure your bank account stays linked to avoid issues.
4. Contact Support Early: If you face problems, reach out via the app or website (https://mlion.info/customerhelp).
5. Pay on Time: Repay advances or loans to maintain eligibility for future borrowing.

Is MoneyLion Safe and Legit? 🔒

MoneyLion is a legitimate fintech platform. It has thousands of positive reviews. The app uses encryption to protect your data. It’s been in business since 2013 and serves over 18 million users. It’s listed on the SEC and won awards, like “Best Financial Literacy Tool” in 2023. However, always be cautious. Read the fine print and avoid sharing sensitive info unnecessarily.

10 Frequently Asked Questions About MoneyLion ❓

1. What is MoneyLion’s Instacash?
   Instacash is a cash advance feature. You can borrow up to $500 without interest. No credit check is needed. Repayment is automatic from your next paycheck.
2. Does MoneyLion check credit?
   No, Instacash doesn’t require a credit check. Credit Builder Plus loans also avoid hard credit pulls. This helps protect your credit score.
3. How much can I borrow with MoneyLion?
   You can borrow up to $500 with Instacash. RoarMoney users can get up to $1,000. Credit Builder Plus loans go up to $1,000.
4. What are MoneyLion’s fees?
   Instacash has no interest but optional Turbo fees ($0.49-$8.99 per $100). Credit Builder Plus has a $19.99 monthly fee and interest (5.99%-35.99%).
5. How fast can I get money?
   With Turbo fees, funds arrive in minutes. Standard delivery takes 1-5 days.
6. Can MoneyLion help build credit?
   Yes, the Credit Builder Plus loan reports payments to credit bureaus. This can improve your credit score over time.
7. Is MoneyLion a bank?
   No, it’s a fintech platform. RoarMoney is its online banking service, but it’s not a physical bank.
8. What happens if I don’t repay Instacash?
   It won’t hurt your credit. However, you can’t borrow again until you repay.
9. Can I cancel my MoneyLion membership?
   Yes, but some users report issues. Contact customer support via the app or website. Read terms to avoid fees.
10. Is MoneyLion good for beginners?
    Yes, it’s user-friendly and offers financial education. It’s great for those new to managing money or building credit.

Conclusion 🎉

MoneyLion is a versatile fintech app. It offers cash advances, credit builder loans, and banking. Its Instacash feature is great for quick cash without interest. The Credit Builder Plus loan helps improve credit. RoarMoney provides early paycheck access and no minimum balance. The app’s rewards and financial tools are bonuses. However, high fees and mixed customer reviews are drawbacks. Turbo fees can be costly, and some users face app issues.

If you need small loans or credit-building tools, MoneyLion is worth trying. Compare it with apps like Earnin or Dave to find the best fit. Always read terms and avoid unnecessary fees. With careful use, MoneyLion can help you manage money better.

Disclaimer: This blog post is for informational purposes only. It is not financial advice. Always consult a financial advisor before making decisions. MoneyLion’s services have risks, including high fees and interest. Read all terms and conditions before using the app. The author is not affiliated with MoneyLion. Information is based on web sources and user reviews.