Moneylion Loan Options: Borrowing More Than $500

MoneyLion is a fintech company that offers lending, financial advisory, and investment services to consumers. It provides loans and other financial products, including a Credit Builder Plus membership that offers access to credit-builder loans of up to $1,000. MoneyLion does not run credit checks on applicants, but there are still certain criteria that must be met to qualify for a loan. The company has amassed 18.7 million customers as of September 30, 2024, and offers various tools to help users manage their finances. So, does MoneyLion offer loans larger than $500?

MoneyLion's Credit Builder Plus loan offers loans from $500 to $1,000

MoneyLion is a fintech company that offers lending, financial advisory, and investment services to consumers. The company's goal is to "rewire the financial system" and "give everyone the power to make their best financial decisions".

MoneyLion's Credit Builder Plus product provides loans of $500 to $1,000, with an interest rate that ranges from 5.99% to 29.99%. There is also a $19.99 monthly membership fee. The Credit Builder Plus loan is not available in Colorado, Indiana, Iowa, Maryland, Montana, Nebraska, Nevada, and Vermont.

The Credit Builder Plus membership provides access to a credit-builder loan of up to $1,000, giving borrowers the opportunity to make on-time payments, which may help their credit score. More than half of MoneyLion members have raised their credit score by 42+ points in 60 days.

MoneyLion does not perform credit checks on applicants, but there are still certain criteria that must be met to be approved for a loan. For example, if you have a negative balance or your bank account is less than 60 days old, you probably won't qualify for a loan.

MoneyLion also offers Instacash, an interest-free cash advance service. With a basic MoneyLion account, you can access a 0% APR cash advance of up to $500, though there is a fee to receive funds instantly. With a RoarMoney account, the Instacash limit goes up to $1,000.

There is a monthly membership fee of $19.99

MoneyLion is a fintech company that offers lending, financial advisory, and investment services to consumers. It provides loans and other financial products. MoneyLion's Credit Builder Plus product provides loans of $500 to $1,000, with an interest rate that ranges from 5.99% to 29.99%.

MoneyLion has been accused of making it difficult to cancel memberships and has been sued by the Consumer Financial Protection Bureau for violating the Military Lending Act by charging excessive fees to servicemembers and their dependents.

The $19.99 monthly membership fee provides access to the credit-builder loan, which can help individuals build their credit. MoneyLion reports to all three major credit bureaus, and borrowers can access up to $1,000 immediately upon approval. The membership also includes other features such as a zero-fee checking account and an investment account.

The monthly fee is separate from the interest rates on the loans, and it is important for borrowers to consider the total cost of borrowing when taking out a loan with MoneyLion. The combination of interest rates, fees, and the monthly membership fee can result in a very high total cost of borrowing, especially for those who qualify for MoneyLion's highest rates.

Interest rates range from 5.99% to 29.99%

MoneyLion is a fintech company that offers lending, financial advisory, and investment services to consumers. It provides loans and other financial products, including credit-builder loans with interest rates ranging from 5.99% to 29.99%.

The Credit Builder Plus product provides loans of $500 to $1,000 with this interest rate range. There is also a $20 monthly fee for this service. MoneyLion's InstaCash service is advertised as interest-free, but it comes with automatic fees that are equivalent to a high-interest payday loan.

MoneyLion's credit-builder loans are designed to help individuals boost their credit scores. The company does not perform credit checks on applicants, but there are still criteria to meet to qualify for a loan. For example, applicants must have a bank account in good standing for at least 60 days, with deposits showing steady income.

MoneyLion also offers interest-free cash advances of up to $500 with InstaCash. However, there is a fee to receive funds instantly, and it may take up to five business days to receive the funds without paying a fee.

While MoneyLion's interest rates are relatively low compared to some other lenders, borrowers should be cautious about the high fees that can make these loans expensive. The total cost of borrowing can be very high, especially when considering the monthly membership fee of $19.99, which is not included in the advertised interest rate.

MoneyLion does not perform credit checks

MoneyLion is a fintech company that offers lending, financial advisory, and investment services to consumers. It provides loans and other financial products, including Credit Builder Plus loans of $500 to $1,000, with an interest rate ranging from 5.99% to 29.99% and a $20 monthly fee.

MoneyLion's Credit Builder Plus loan is designed to help users boost their credit score. The company reports payments to all three major credit bureaus and offers credit monitoring services. However, there is a $19.99 monthly membership fee, which, when factored in with the interest, can make these loans expensive.

While MoneyLion does not perform hard credit pulls, some users have complained about multiple credit checks that have lowered their credit score and led to disappointment when not approved for a credit card or loan.

MoneyLion also offers Instacash, an interest-free cash advance of up to $500, with a fee for instant access or a wait of up to five business days for free. Instacash is available with a MoneyLion membership, which costs $9.99/month, or as part of the Credit Builder Plus membership for $19.99/month, which includes access to up to $50 in Instacash advances.

MoneyLion offers a free account with a zero-fee checking account and an investment account

MoneyLion is a fintech company that offers lending, financial advisory, and investment services to consumers. It provides loans and other financial products, including a free account with a zero-fee checking account and an investment account.

The MoneyLion RoarMoney account is a zero-fee checking account that offers an alternative to traditional checking accounts. It minimizes the service fees that often come with checking accounts, including debit card access at more than 55,000 no-fee ATMs. The account is completely digital, with no physical branches or checks, and can be managed through the MoneyLion mobile app.

The MoneyLion Investment Account is a zero-fee managed investment account that allows users to build a portfolio of low-cost exchange-traded funds. MoneyLion helps users create an investment strategy tailored to their goals, needs, and risk tolerance, and includes automatic rebalancing to maintain the desired asset allocation.

MoneyLion's bank accounts are provided through MetaBank, National Association, an FDIC-insured institution. This means that funds in the checking account are FDIC-insured up to $250,000, while investment accounts are not FDIC-insured.

In addition to its free account, MoneyLion also offers premium consumer services and loan applications through a premium membership. The Credit Builder Plus subscription provides access to loans of up to $1,000 with interest rates ranging from 5.99% to 29.99% without a credit check, payable over 12 months. However, there is a $19.99 monthly membership fee associated with this subscription.

MoneyLion has received recognition for its services, including the Best Financial Literacy Tool award from Benzinga. As of 2024, the platform has a 4.3-star rating on TrustPilot, with some negative reviews citing issues with customer service, promotion handling, and slower-than-promised fund transfers.

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