Moneylion Review (2022): What Is It And Is It Legit?

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moneylion review

If you're looking for a comprehensive Moneylion review, you've come to the right place. In this article, we will take a look at what Moneylion is, how it works, and whether or not it's a legitimate app. We'll also compare Money Lion to some of its top competitors so that you can make an informed decision about whether or not this is the right choice for you.

What Is Moneylion - Is It A Bank, An Investment Platform, Or Something Else Entirely?

MoneyLion is a financial technology company that offers online loans and other financial products. It is also an investment platform that offers users the ability to invest in a portfolio of stocks and bonds, as well as receive access to a variety of other financial services.

The mobile banking app allows users to access their money quickly and easily. The app also offers features that allow users to save money, and borrow money. It is a great option for those who are looking for a one-stop-shop for all of their financial needs.

The company was founded in 2013 and is headquartered in New York City.

If you're wondering what bank Moneylion is, the answer is that MoneyLion is not a local bank.

So, What bank does moneylion use? The financial platform is powered by Pathward, N.A. Member FDIC.

Even if the company is not a bank, through this partnership they offer users the ability to deposit money into their account and then use that money to invest in various securities. The company also offers a wide range of other financial services, including loans, credit monitoring, and investing advice.

Overall, MoneyLion is a great option for people who are looking for a one-stop shop for all their financial needs. The platform is easy to use and offers a wide variety of securities to invest in. Additionally, the company offers excellent customer service, which is always important when it comes to your finances.

Is MoneyLion Legit or a Scam?

MoneyLion is a legitimate company that has been in business since 2013. It is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia.

The mobile banking platform has raised over $477.5M. On September 23, 2021, its shares of Class A common stock and public warrants began trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “ML” and “ML.WS”, respectively.

Moneylion joins other recently public fintechs such as SoFi, Robinhood, and Square's Cash App.

Currently, the company has over 4.9 million Total Customers.

MoneyLion is not a scam. It is a legitimate company that provides financial services through its mobile app. Its products include investment portfolios and credit products.

How Does Moneylion Work And What Products Do They Offer?

The Moneylion app is available for download on both Android and Apple devices. Once the app is downloaded, users are required to create an account. Accounts can be created by creating a username and password.

After the account is created, users can begin to take advantage of all of the features that Moneylion has to offer. The platform offers a variety of products, including:

Instacash℠ Advance

MoneyLion is one of the apps like Brigit. Instacash℠ Advance is a service that allows you to get up to $250 in cash without having to go through a credit check. You simply download the MoneyLion app, link your checking account in order to get 0 APR cash advances, and then use the Instacash℠ Advance button to request funds.

The money is automatically deducted from your account on the due date - usually within two weeks - and there is no interest charged. You can also select the amount you want, with free standard delivery or a small fee for Turbo delivery.

The Moneylion cash advance service can be helpful in a number of ways. Perhaps you need some quick cash to cover an unexpected expense, or maybe you're trying to build your credit and need a short-term loan. In any case, Instacash℠ Advance can help you get the money you need without hassles or complicated procedures. And because there's no interest or monthly fees, it's a cost-effective way to borrow money.

So if you're looking for a fast, easy way to get some extra cash, be sure to check out MoneyLion's Instacash℠ Advance service. It's a great way to get the money you need without having to go through a credit check.

RoarMoney℠ Mobile Banking

A RoarMoney account is a digital account that allows users to store, send and receive money. The account can be used to make online and in-store purchases, as well as to pay bills. RoarMoney also offers a debit card that can be used to withdraw cash or make purchases.

RoarMoney accounts offer a number of features to account holders. These include early access to direct deposit paychecks (up to two days early) and access to fee-free withdrawals at over 55,000 ATMs. RoarMoney account holders can also earn cash back on their debit card transactions.

There are two ways to earn cash back with the RoarMoney accounts. The first is Shake ‘N’ Bank. This feature allows you to earn cash back up to the full amount of your purchase each time you spend $10 or more just by shaking your phone. You'll also find more traditional cash back offers from top retailers inside the Money Lion app.

To open a RoarMoney account, users must first download the app and create a profile. They then need to enter their name, email address and password. After this, they will be asked to provide some additional information, such as their date of birth, Social Security number and phone number.

Once the account is open, users can add funds by transferring money from a bank account or by using a credit or debit card. They can also use the account to receive payments from others. Funds can be transferred between RoarMoney accounts for free, and there is no minimum or maximum amount that can be stored in an account.

Users can access their RoarMoney account through the app or through the website. The app is available for iOS and Android devices, and the website is accessible on desktop and mobile devices. The app and website offer a variety of features, including:

  • Viewing account balances and transaction history
  • Sending and receiving money
  • Making in-store purchases with the debit card
  • Paying bills
  • Send a paper check

Credit Builder Loan Products

MoneyLion is one of the credit building apps and a unique way to build credit history in addition to using a credit card. It’s a personal loan program that allows you to boost your credit score by borrowing up to $1,000 with no hard credit check.

The credit builder program is a great way to build credit history while you have access to a portion of your funds up front, with the rest saved for you in a Credit Reserve Account.

You can then pay off your loan over 12 months, timed to your pay cycle, and have your on-time payments reported to all three credit bureaus each month. Once you’ve paid off your full loan amount, you unlock your savings from the Credit Reserve Account.

With no hard credit check, it’s a quick and easy process to get started.

To use this service, a person first needs to become a member and pay a monthly fee of $19.99 per month. This can be done by downloading the app, or by signing up on the website. After becoming a member, the person needs to set up a profile. This includes providing information like name, address, and date of birth.

After setting up a profile, the person can then begin with the credit building program. Keep in mind that the Credit Builder Plus has an APR ranging from 5.99% to 29.99%.

Investment Accounts

In addition to borrowing money, Moneylion also allows people to invest money. One way is by investing in individual stocks and ETFs (exchange traded funds). Moneylion offers a wide variety of stocks and ETFs to choose from, making it easy for users to find investments that fit their specific needs and goals.

Another way to invest money with Moneylion is by investing in peer-to-peer loans. With this feature, users invest in loans that have been issued by other individuals. This can be a great way for users to earn interest on their investments while helping others achieve their financial goals as well.

Using the Auto Invest feature is a great way to invest your money and grow your savings over time. With Auto Invest, you can choose to have MoneyLion invest a set amount of money from your checking account on a recurring basis.

You decide how often you want the deposit to be made (weekly, biweekly, or monthly), and we'll take care of the rest. They will invest your money in a mix of stocks and bonds that has been tailored to meet your specific goals and risk tolerance. This can help your money grow at a steady pace without you having to worry about it.

The return on investment varies depending on the investment. For example, someone investing in a bond might expect a return of 2%, while someone investing in stocks might expect a return of 10%.

Moneylion Lawsuit

A Money Lion review will be incomplete without talking of the latest news of the company including the recent Lawsuit.

BestReferralDriver provides the right information to their users, which is why we are one of the most trusted websites when it comes to money and job opportunities. We never use deceptive practices to lure in users, and this is something that is really important when it comes to making money or finding a job.

So, is there anything you should watch out for before signing up with Moneylion?

The CFPB has sued MoneyLion for overcharging consumers. The lawsuit claims that MoneyLion and its subsidiaries engaged in unfair, deceptive, and abusive practices by misleading consumers about the cost of their loans, the amount of money they would have to repay, and their eligibility for other products. The CFPB also alleges that MoneyLion's practices caused consumers to incur millions of dollars in harm.

More specifically, MoneyLion is alleged to have violated the Military Lending Act by charging more than the legally allowable 36% rate cap on loan. The company falsely led many consumers to believe that they could cancel their memberships at any time, when in fact the company refused to cancel memberships or stop charging membership fees when consumers had outstanding loan balances. In some cases, MoneyLion refused to cancel memberships after loan payoff if consumers still had unpaid membership fees.

The CFPB also alleges that MoneyLion engaged in unfair and deceptive practices. For example, the company allegedly misled consumers about the cost of its products.

MoneyLion has denied the allegations in the lawsuit. In a statement, the company said that it "acted in good faith at all times and intends to vigorously defend ourselves against these allegations."

The CFPB's lawsuit against MoneyLion is just the latest in a series of lawsuits targeting financial technology companies. In recent months, the CFPB has sued several companies for overcharging consumers or engaging in other deceptive practices.

👀 Related Article: Apps Like Moneylion

How Does Moneylion Compare To Other Similar Platforms Available On The Market Today?

Self Lender vs MoneyLion

Both Self Lender and Moneylion offer a unique way to save money and improve your credit score. They both have their pros and cons, so let’s take a look at them in more detail.

Self Lender is a company that allows you to save money by putting it into a CD. You build your credit score, and you can access your money whenever you need it. You can also choose to have your payments auto-deducted from your bank account, making it easy to save without having to worry about forgetting to make a payment.

Moneylion is an app that helps you manage your finances. Moneylion helps you budget, save, and invest your money. It offers lower interest rates on loans, cash back rewards, and investment opportunities.

So, which one is right for you? If you want to save money easily and don’t mind locking your funds away for a while, Self Lender is a great option. If you want more flexibility and a more complete app-based solution, Moneylion is the better choice.

What Are People Saying About Moneylion, Both Good And Bad?

MoneyLion has a 4.7 out of 5 stars rating on the App Store, with over 94,000 ratings.

Users love the app for its convenience and helpful features. Some of the most common compliments mention the ease of use, great customer service, and helpful tips and advice.

There are a few complaints about the app, but they are relatively minor. A few users have complained about incorrect account information, glitches with the app, or being charged for services they didn't want. However, these complaints are in the minority, and the vast majority of users are very happy with MoneyLion.

Final Thoughts On Whether Or Not To Sign Up With Moneylion

Moneylion is a good mobile banking app that offers tons of features for users to take advantage of. Whether you're looking to save money, invest money, or borrow money, Moneylion has you covered! However, if you are a gig economy worker there are other ways to make cash fast. If you are looking for ways to build your credit score you can consider Kovo and Kikoff.

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