MoneyLion
MoneyLion is a financial platform that provides banking, lending, and investment services in one mobile app. It offers customers access to banking services, loans, credit monitoring tools, and investment capabilities to take control of their financial lives.
banking
loans
investing
credit
financial-services
MoneyLion: One-Stop Financial Platform
MoneyLion is a financial platform that provides banking, lending, and investment services in one mobile app. It offers customers access to banking services, loans, credit monitoring tools, and investment capabilities to take control of their financial lives.
What is MoneyLion?
MoneyLion is a financial technology company that provides an all-in-one platform for banking, borrowing, and investing. Its flagship mobile app allows users to open a FDIC-insured bank account, apply for instant loans, build their credit, and invest in stocks and ETFs.
Some of the key features MoneyLion offers include:
- Banking - Customers can open a free checking account with no minimum balance, monthly fees, or overdraft fees. The account comes with a debit card and access to over 55,000 fee-free ATMs.
- Instacash - This feature allows eligible customers to advance up to $250 of their next paycheck interest-free to avoid overdrafts or meet short-term needs.
- Credit builder loans - Low-cost loans designed to help customers establish credit history and improve their credit scores over time.
- RoarMoney cashback rewards - Customers earn 2.5% cashback rewards on qualifying purchases when they use their MoneyLion debit card.
- Managed investment accounts - MoneyLion provides access to managed investment accounts with portfolios customized based on a customer's risk profile.
- Credit tracking services - Customers get free access to their Credit Score Plus report including key factors influencing their score and advice to improve it.
MoneyLion uses technology and data analytics to provide customers with an affordable, convenient way to take control of their finances in one place. Its mobile-first platform is designed to make managing money simple and intuitive.
MoneyLion Features
Features
- Banking services
- Loans
- Credit monitoring
- Investing
- Cash advances
- Credit builder loans
- Instacash
- RoarMoney account
- Managed investment accounts
- Credit score tracking
- Financial education content
- Rewards program
Pricing
- Freemium
- Subscription-Based
Pros
Easy access to loans
Can build credit
Get paid up to 2 days early
No fees
Free credit monitoring
Rewards program
Educational content
Investment options in one app
FDIC insured bank accounts
Cons
High APR on loans
Potentially predatory
Hard credit check for loans
Investments may have high fees
Limit on number of loans per year
Official Links
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