MoneyLion Review (2024): Is This Lending Platform Legit?

Updated On: February 6, 2024

Welcome to my MoneyLion review. My goal is to answer common questions like: how much it costs, if it's a scam, and if you can actually make money with it. The end goal is to help you understand if it's a good fit for you personally, and if there are any better alternatives out there.
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This MoneyLion review has been throughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.

Table of Contents

Program At A Glance

What I liked
Same-day funding
No credit check
Weekly access to TransUnion credit score
What I Didn’t Like
$19.99 monthly membership fee
Only a portion of your funds is available
High APR at 29.99%

Are you seeking credit builders and lenders that don’t run a credit check yet are dependable and affordable? Do you have a pressing need to improve your credit but have no idea where to begin?

Here you are, just where you need to be! MoneyLion’s services, membership expenses, and loans will be covered in this review.

If you’re like most of my readers, you came across MoneyLion for one main reason:

You want to make more money than you currently make, ideally by leveraging your existing resources.

Maybe you’re even looking for a quick turnaround on some of your cash instead of waiting years or even decades for it to compound.

Well, you’re in good company – who wouldn’t want all of that?

There’s one thing you need to watch out for, though – legitimate scammers.

The idea of making 10X on your money in a day is obviously something that would entice the masses, and so it naturally attracts a lot of bad actors into the financial products space.

But for purposes of this review, let’s assume these people had the best of intentions.

Even with the most sophisticated systems out there, most experts barely manage to get it right 10% of the time…

Obviously, there’s an argument to be made that one winning bet can outshine ten losing ones…

But if you mess up and miss a trade even one time, your month can quickly turn sour.

Suffice it to say, there’s a whole lot of stress & uncertainty.

Don’t get me wrong; it doesn’t mean you’re guaranteed to lose money. I’m just saying that you need to be aware of what you’re getting yourself into.

But what if you could build a different income stream and start seeing profits within your first few days?

I’m talking about a system that doesn’t require:

  • Obsessively checking your phone and charts
  • The emotional turmoil of loss after loss, waiting for that win
  • Glorified gambling

Something that you could make anywhere from $2,000 – $10,000 with consistently, month after month?

A stream of income that you can build as high (or low) as you feel like building it without spending every waking hour watching for alerts and pouring over charts?

If that sounds interesting, you might want to think about using the Digital Rental Method.

If you wanna see what MoneyLion looks like on the inside, keep reading.

MoneyLion Review: What You Need To Know About A MoneyLion Credit-Builder Loan

Learn More About MoneyLion

Product Name: MoneyLion Credit Builder Plus personal loans

Max. Loan Amount: $1,000APR5.99% to 29.99%

Interest Rate Type: Fixed

Min. Credit Score: All credit scores accepted

Loan Term: From 1 year

An online bank, credit-builder loans, cashback incentives, and other financial goods and services are available to MoneyLion’s membership program members.

You can have a free account with MoneyLion, allowing you access to a checking account and an investment account at no extra cost. If you have an account, you can be qualified for cash advances of up to $250 at 0% APR.

The Credit Builder Plus membership is valued at $19.99 a month, including the features mentioned above and the credit-builder loan.

How A MoneyLion Credit-Builder Loan Works

How MoneyLion Works

You may use a credit-builder loan to improve your credit score by making on-time payments to MoneyLion, reported to the main credit agencies.

MoneyLion promises up to $1,000 in the credit-builder loan amount. They will review your finances and your linked checking account and determine whether you are accepted and how much money you will get.

MoneyLion members could get immediate access to any or even all of the $1,000 credit-builder loans once they have been approved.

Until your debt is fully paid, all of the funds not transferred into your checking account will go into an interest-bearing credit reserve account.

APRs Range From Competitive To High

MoneyLion credit-builder loans include interest rates ranging from 5.99 percent to 29.99 percent APR.

Compared with credit-builder loan rates provided by other lenders, MoneyLion’s APR is low at 5.99 percent. However, it is not a guarantee that you will get a loan approval at this rate.

According to MoneyLion, they will consider several factors to identify what APR members are approved for. Note that MoneyLion has a monthly subscription fee of $19.99.

Credit Builder Plus: A Chance To Offset Paid Membership

To be eligible for a credit-building loan, you must join Credit Builder Plus and pay a monthly fee of $19.99. The Share Loyalty Program payments may cover half or more of your monthly membership charge.

MoneyLion participants are paid in this program for fulfilling some requirements, which include signing into the app and completing a certain amount of transactions.

Platinum is the top category of the Lion’s Share Loyalty program. Platinum tier holders could earn a payout of $19.99 to their MoneyLion investment account provided they fulfill the requirements, which are:

  • To make at least 20 purchases (of $10 or more) per calendar month using the MoneyLion Visa Debit Card, and
  • Log in to the app daily every month.

Credit Score: No Credit Check

MoneyLion does not demand good credit ratings to qualify for a Credit Builder Plus membership while using the credit-builder loan.

It doesn’t check your credit score at all. Instead, they review your primary checking account, which must meet certain conditions so you can apply and be qualified to take out a loan.

Potentially Fast Funding

MoneyLion will deposit the loan amount you’ve been approved for into the bank account you choose after reviewing your financial situation. For as long as your loan isn’t paid in full, the leftover loan money you don’t get upfront is held in a reserve account.

If you want the money transferred to your MoneyLion debit card or MoneyLion checking account, you can have the upfront funds straight away, depending on your qualifications.

But having funds deposited into a third-party checking account via ACH will take up to three business days.

Remember, there may be some delay depending on your bank before you can access the funds.

Who Owns MoneyLion?

When Diwakar Choubey joined the MoneyLion team, he brought a wealth of Wall Street experience, including stints at Goldman Sachs, Barclays, and Citadel.

Other co-founders of MoneyLion are Pratyush Tiwari, Chief Information Officer, and Chee Mun Foong, Chief Technology Officer.

Other Services That Come With MoneyLion Plus Membership

Below are some of the services inclusive in the MoneyLion Plus Membership:

  • Customized Investment Portfolio
  • Managed Investment Account (Free)
  • APR Cash Advances at 0%
  • Checking Account (Free)
  • Weekly Credit Score Updates and Credit Monitoring Service (Free)
  • Standard Personal Loan Services of up to $3,000
  • $1 Reward Deposited into Investment Account when You Log in Each Day
  • $25 Rewards for Healthy Financial Status
  • $5 up to $2,000 Bonuses for Referral Service
  • Country-wide Access to 5,500 Free ATMs
  • Community Access

How Much Will This Loan Cost Me?

Depending on your state, you may be able to get a loan of up to $1,000 through MoneyLion.

The APR is from 5.99 percent to 29.99 percent, including your subscription fee for MoneyLion Plus. According to MoneyLion’s website, this means the monthly loan payment can be as low as $67.65. The cost could be higher based on the sum you borrow and the APR you’re given.

What Do I Need To Qualify?

You would need to satisfy these conditions to apply for a loan from a credit-builder:

  • Checking account available for 60 days at least
  • Steady income source
  • Good transaction history

MoneyLion does not carry out a hard check nor demand that you get a Plus membership to open an account. However, to be eligible for a Credit Builder loan, you would need to sign up for a Plus membership.

A Closer Look At A MoneyLion Credit-Builder Loan

You may apply for Credit Builder Plus membership using the MoneyLion app. Before submitting your application, keep the following points in mind:

  • No prepayment penalty — MoneyLion will not charge you with a prepayment penalty if you decide to pay off your credit builder loan early.
  • Access to deferment support — You can apply for deferment to MoneyLion if, in any case, you would need to delay payment.
  • Free credit monitoring — You can access your credit report for your review for any error or suspicious activity. This is provided by MoneyLion for free and powered by TransUnion.
  • Extra membership benefits — You can earn cashback whenever you buy from participating brands. This perk is available when you open your free MoneyLion checking account.

Who Is A MoneyLion Loan Good For?

When you apply for MoneyLion’s Plus membership, they will not conduct a hard credit inquiry, so it can be an alternative for you if you are trying to improve your credit or have trouble getting accepted for a loan.

But if you need to cover an emergency, you shouldn’t just count on this credit-builder loan. It is a very small amount, and before you pay off the debt, some of the funds will be put in a reserve account.

If you make on-time payments to your MoneyLion credit-builder loan, this will significantly and positively build your payment history. Try paying off the debt early to reduce interest rates to cut back on the expenses.

If you are looking to improve your credit and are drawn to the other products of MoneyLion, this company can be a good match for you.

How To Apply With MoneyLion?

You may conduct the MoneyLion credit-builder loan application process on a laptop or via the smartphone app. The first step is to create an account with MoneyLion and then sign up with your full name and address to enroll in the account.

After completing this step, you may now apply for a Credit Builder Plus membership to request a credit-builder loan.

This is what you’re going to need to finish the whole operation.

  • Full name
  • Full email address
  • Social Security number
  • Home address
  • Verifiable phone number
  • Verifiable bank account that’s in good standing (at least 60 days old and has deposits that show steady income)

Does MoneyLion Report To Credit?

Yes, they do. They report to the major credit bureaus if you’re on time, late, or have missed any loan payments to the major credit bureaus. Since MoneyLion reports to all three major credit bureaus, a credit-builder loan could improve your credit with on-time payments.

Is MoneyLion A Payday Loan?

With MoneyLion, you can enjoy your money. Whatever you borrow from your check will be paid back by MoneyLion on your next payday at no interest.

Can I Deposit Cash Into MoneyLion?

To add cash to your account, you can go to one of the retail locations that use Reload@theRegisterTM powered by Green Dot®.

Swipe your MoneyLion Debit Mastercard, and then the cash will be transferred to your account. It takes about 10 minutes to credit the deposit to your account.

How Long Does It Take MoneyLion To Process A Payment?

Lion’s Share payouts will usually be paid into your MoneyLion Investment Account within five business days from the end of the month. For you to get a payout, your Credit Builder Plus membership and loan payments need to be in good standing at the end of the month.

Is MoneyLion A Real Bank?

Via Lincoln Savings Bank, which is an FDIC member, MoneyLion bank accounts are provided, which means the money in your checking account has insurance coverage of up to $250,000

Does MoneyLion Direct Deposit Early?

With the RoarMoney mobile banking account, you can get your direct deposits up to two days in advance!

As soon as you receive your paycheck, it will be posted on your account. But the timing will vary based on when they transfer the payment to your RoarMoney account.

RoarMoney results from three entities: MoneyLion, MetaBank, and Mastercard. RoarMoney provides its users cutting-edge mobile banking solutions, i.e., Mastercard Tap & Go® contactless payments technology, early paycheck delivery, seamless integration with MoneyLion’s cash advances at zero interest, etc.

Do You Get Paid Faster With MoneyLion?

Receive Payment Up To 2 Days In Advance

You can receive payment up to 2 days in advance via RoarMoney.

In order to do this, you will need your RoarMoney account and routing numbers.

You can connect the payments to your RoarMoney account using the Get My Payment page of the IRS if you have government revenue (or expect a stimulus check as part of COVID relief bills).

Can I Withdraw Money From My MoneyLion Account?

As long as the investment account balance is higher than the outstanding loan, you can withdraw as much as you want from your investment account. If your investment account balance is $1,000, for example, $500 is the loan balance from which $495 can be withdrawn.

How Do I Withdraw Money From MoneyLion?

What you need to do is send a withdrawal request. The active positions are then liquidated depending on the amount to be withdrawn, and the funds will be credited to the account you have.

For the MoneyLion Investment Account, it is easy to process a withdrawal of the full balance of your account.

What Happens If You Don’t Pay Money Lion?

It’s good to remember that anytime you skip a payment, MoneyLion will still try to get your Instacash back from your qualified accounts. Your bank or credit union will opt whether to refuse or fund the transaction in the event of an inadequate balance in your account.

How Does MoneyLion’s Referral Program Work?

MoneyLion Plus members and every friend they refer to become a Plus member earn a $10 bonus each. You’ve got a shot to win a $5, $100, or even $2,000 referral bonus for every three friends you refer.

You will need to send your friends a referral code that they can use when signing up for MoneyLion.

Pros And Cons

Although you may be able to improve your credit score by making on-time payments to the MoneyLion Credit Builder Plus loan, this may not be the perfect choice for your financial condition.

Consider the pros and the cons before you pull one out.


  • Same-day funding
  • No credit check
  • Weekly access to TransUnion credit score


  • $19.99 monthly membership fee
  • Only a portion of your funds is available
  • High APR at 29.99%

MoneyLion Reviews And Complaints

MoneyLion Reviews And Complaints
RoarMoney by MoneyLion

BBB accredited: No

BBB Rating: C+

BBB customer reviews: 2.9 out of 5 stars, based on 104 customer reviews

Trustpilot Score: 4.5 out of 5 stars, based on 7,721 customer reviews

Although MoneyLion Plus receives high scores from the App Store and Google Play, many of its recent reviews have been poor.

Most of them complain about inadequate customer service and difficulties with the entire loan process, which also involves problems regarding payments being registered as late even before they are processed.

The favorable feedback MoneyLion receives for doing just as it promises: to build its customers’ credit scores.

What Are Good Alternatives To MoneyLion?

Earnin: Earnin provides cash advance transfers which can be a nice option if access to cash is a bigger priority for you than building credit.

Self: If you want the freedom to invest and save a little more money with a credit-builder loan, Self can be a nice choice to consider.

How Good Is MoneyLion?

MoneyLion has received various awards, including the 2020 Forbes Fintech 50, the 2019 Finovate Award for Best Digital Bank, the 2019 Benzinga Fintech Awards for Innovation in Personal Finance, and the 2019 People’s Voice Award for Webby.

Can MoneyLion Be Trusted?

Their web and application processes are standardized and easy. They provide fair interest rates, stellar quality, and effective customer service. proudly claims that MoneyLion is an outstanding choice whether you need credit builder loans or other financial resources.

Is MoneyLion Legit?

MoneyLion is a legit and legal banking service/ company that utilizes a secure website and MoneyLion app.

You may need to sign in to your bank account using a secure mobile process when you sign up. Like any legal lender, MoneyLion has a privacy policy outlining the kinds of information it receives and how it handles the information.

Unlike other lenders or financial services, they won’t check your credit score to decide on an application. However, it also reports to the main credit bureaus.

Is MoneyLion A Scam?

Alright, time for the $1,000,000 question: is MoneyLion a scam?

No, not technically. You can 100% make money with it, but it’s not NEARLY as simple as Diwakar Choubey wants you to think it is.

You need to understand that you are taking a very big risk with financial products.

So while you may hit the big leagues and retire to a vineyard… the path to get there is so stressful that it might just shave a decade off your life… IF you even get there.

A friend of mine actually writes advertisements for one of the largest financial program advertisers in the world… so believe me when I say – most of the great numbers they use in their ads & landing pages are borderline false.

They conveniently leave out the dozens of losing bets and trades that came before the big win you’re reading about.

Now, most people don’t have the emotional bandwidth to stick out three months of back-to-back losses before (hopefully) getting a big win.

I’d rather use that 3 months of work (in my spare time) building Digital Rental Properties and then collect a handful of nice little $500-$2,000 checks every single month afterward (AKA passive income).

Read Our In Depth Breakdown Of The Top 5 OtherOpp Courses For 2024

Did MoneyLion Make The List?

And the cool part is that you can do it in a lot less time than 3-months (I personally did it in my first 2 weeks of using the Digital Rental Method).

You can do it from anywhere in the world, so it’s a genuine “laptop-lifestyle” business.

All you need is a laptop and an internet connection.

Some of my friends are Digital Rental Method that run their 6-figure businesses from:

  • Camping trips at national parks
  • Beachfront in Hawaii
  • On the road in a camper-van (with a pet pig!)

They focus on living an enjoyable life first, and focus on income second. All thanks to this program

They can take weeks or months off, and money keeps rolling in.

Living happily is the top priority.

If the thought of living perpetually at your dream vacation spot interests you, being a Digital Landlord might be for you!

What Is My Top Recommendation In Making Money Online In 2024?

Digital Landlord Making Real Money Online

I’ve personally tried all of the major online business models:

  • I’ve traded crypto & purchased a bunch of fancy “insider stock tip” newsletters
  • I’ve sold fidget spinners through Amazon FBA
  • I’ve drop-shipped a toilet bowl putting green on Shopify (pic below)
  • I’ve sold women’s health supplements via Clickbank affiliate marketing

And I made money with all of them, so trust me when I say: there is no “perfect” business model.

That being said, my #1 recommendation for making real money online is, hands-down: being a Digital Landlord.

Whether you’re a complete newbie, or you’ve been around the block before but have never had that “big win” to propel you forward, using the Digital Rental Method is for you.


1)Time: If you’ve got a spare hour or two each day, you can do this. If you want to drop everything and go all in, you can do this. More time obviously means faster results, but even putting in a few hours per day is enough to see real success.

And because of that flexibility, you don’t need to trade your time for money. Once the income starts, it’s recurring.

That means you can take a month off, travel the country, pursue a passion project, chill on the beach, or charter a boat across the world.

But you can only do that once you’ve created an income stream that doesn’t require YOU to be there all day, every day.

2) You Own & Control EVERYTHING: When it comes to the markets, nothing is in your control. You have zero influence over market-shifting macroeconomic trends.

The number of people that have ACTUALLY beat the market consistently can be counted on one hand.
Why pour your soul into a business that you realistically have zero control over?

With the Digital Rental Method, you literally own all of the assets, which means you have ultimate control.

3) It’s Effectively Copy-Paste: Here’s my favorite part: once you have your first Digital Rental Property up, you can literally copy-paste another version of it and find another willing “renter” in a few days. DOUBLING your income doesn’t get much easier than that…

If you wanted to double your income in the markets, you would need to make twice as many winning trades or double your profit on each trade. And I can guarantee you that’s a lot harder than a few clicks & a phone call.

4) Make Money Helping Real People: When you make money in the markets, you’re not really helping anyone but yourself. There is a loser on the other end of that trade.

But With the Digital Rental Method, you’re helping solve REAL problems that people are ASKING for help with:

Small local businesses around the world need one thing: customers. Without them, their business would fall apart. If you can provide those customers, they’re going to be really happy – and they’re going to pay you for it.

You’re helping a struggling mother or father put food on the table for their families, put their kids through college, or simply live life a little bit more comfortably.

Having this type of impact on the world is what will help you sleep soundly at night.

So, the rest is up to you. You could keep looking at other programs like MoneyLion, which might make you money if you luck out.

You could keep researching and researching for the next few months (or a few years), never making a concrete decision.

OR, you can look deep inside, think about those dreams, hopes, & desires, and make the decision to ACTUALLY make it happen, just like it has for thousands of other students before you.

Making a fortune while actually helping real people that need it.

If this sounds like you, click here to see how it all works.



I make over $20,000/MO thanks to this platform... check it out below!