MoneyLion is rewiring the American financial system to change the path of every hard-working American. They strive to make the 99% feel 100% about their future, and they provide personalized tools to help consumers bank, borrow, invest, and grow. With zero hidden fees, few barriers to entry, and a financial toolkit, MoneyLion enables people to choose great options at their convenience.
What is MoneyLion and What Does the Company Offer?
MoneyLion Inc. is an award-winning personalized fintech company and app experience that provides everything you need to live your best money life. MoneyLion is not a bank but strongly believes that if they’re not making people’s lives better, they’re just making tech. So they combined the latest innovations, data-driven insights, and motivational financial content into one powerful platform.
MoneyLion’s products help you take charge and own your finances. Their InstacashSM solution gives you access to funds when the unexpected happens. RoarMoney SM gives you the ability to round up your purchases to crypto, and GamePlan helps you reach your life goals.
How Does MoneyLion Work?
MoneyLion provides a one-stop shop to organize and strengthen your personal finances. Depending on what products or financial services you sign up for, your dashboard will show vital details such as your portfolio, cash advances, loans, credit-building progress, and banking account. Having this information accessible on a single dashboard has simplified finances for millions of users. MoneyLion offers personalized tips and insights that can improve your money management and create a portfolio that aligns with your risk tolerance and financial objectives.
Where Is MoneyLion Available?
MoneyLion is an all-in-one online experience, so their products and services are available to anyone in the U.S. who has access to a computer or smart device. They’re based in New York City and have offices in Salt Lake City, Sioux Falls, and Kuala Lumpur, Malaysia.
Types of Products
MoneyLion offers a suite of financial products and services that help customers strengthen their credit scores and bolster their finances:
RoarMoney Mobile Banking
RoarMoney provides users with everything they would want from banking for just $1/month. You can get your paycheck up to two days early (1) and unlock up to $1,000 in 0% APR cash advances with Safety Net when you add a qualifying recurring direct deposit to your RoarMoney account (2) . The Safety Net feature also lets you visualize your funds in a single place instead of logging into multiple accounts.
Once you open a RoarMoney account and add funds, you can get rewarded when you make purchases with a MoneyLion Debit Mastercard® or RoarMoney virtual card. Just go about your daily shopping and earn up to $500 on purchases over $10 every day by shaking your phone with Shake’ N’ Bank. Plus, you can request a refund of up to $250 if the price drops on your purchase within 90 days with Mastercard Price Mastercard Price Protection. (3) Customers can make up to four claims per year through this program.
The MoneyLion Debit Mastercard® has a vast ATM network through AllPoint. As a result, MoneyLion clients won’t have to worry about ATM fees at over 55,000 ATM locations. You also won’t have to worry about minimum balance fees or any hidden costs.
MoneyLion Investment Account
The MoneyLion Investment Account comes with an optional auto-investing feature to help you get consistently closer to your financial goals. You can also select the following personalized portfolios based on your risk tolerance and personal finance objectives:
- Steady Income
- Conservative
- Moderately Conservative
- Moderate
- Moderately Aggressive
- Aggressive
- Equity Only
These portfolios provide a blend of equities and fixed-income assets. A steady income focuses solely on fixed-income and bond ETFs, while an equity-only portfolio caters to investors who want to focus on the stock market and ignore bonds.
Interested in investing in your passions? Take control over your portfolio by adding thematic sets of exchange-traded funds (ETFs) aligned to specific topics like technology innovation and social responsibility. MoneyLion’s investment accounts come without minimum investment requirements or management fees.
Credit Builder Plus
The Credit Builder Plus membership helps users build credit and save with access to a credit builder loan of up to $1,000 without requiring a hard credit check (4) . You get a portion of your loan funds right away, with the rest stored for you in a Credit Reserve Account. The best part: The credit builder loan is proven to work! More than half of the members raise their score by 42+ points within 60 days. (5) These loans are best for credit invisibles who do not have any credit history and borrowers who want to repair their credit scores.
A Credit Builder Plus membership costs $19.99/month. This monthly payment does not cover the loan payments, but you can earn back the monthly membership fee through the Lion’s Share rewards program. You can recoup some or all of the $19.99 monthly payment based on your MoneyLion account and debit card activity. For example, if you make at least 20 purchases of $10 or more with your MoneyLion Debit Card and log into your MoneyLion account for 20 days of the month, you will get the full $19.99 back. You can also receive $2, $5, or $10 back each money from the Lion’s Share rewards program based on the number of purchases and logins.
You can also monitor your credit on a weekly refresh basis, save on everyday items with personalized discounts through PerkSpot, and more.
Instacash Cash Advances
Need extra cash? Get cash advances up to $500 any time with MoneyLion Instacash when you link your qualifying primary bank account. No interest, monthly fee, or credit check. You can unlock up to $700 in Instacash if you join Credit Builder Plus, and you can get up to $1,000 in Instacash if you open a RoarMoney account and add a qualifying recurring direct deposit to that account. (2)
MoneyLion will review your checking account’s activity and increase your Instacash limit as you make higher deposits. The Instacash limit is set to 30% of your recurring direct deposit amount per pay cycle. Every MoneyLion user has access to at least $25 of Instacash, and it can grow from there.
MoneyLion Crypto powered by Zero Hash
Looking to get into crypto? RoarMoney account holders can buy and sell cryptocurrencies through the MoneyLion app. The app currently supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, with plans to expand into future cryptocurrencies.
MoneyLion Round Ups
Buy Bitcoin or build your MoneyLion Investment Account while you spend with Round Ups. You can use any eligible linked credit or debit card. Here’s how it works: Let’s say you use your credit or debit card to pick up a morning coffee that costs $2.50. If you have Round Ups activated, the transaction gets rounded up to $3, and the extra $0.50 goes towards a MoneyLion Crypto purchase or into your MoneyLion Investment Account.
With Round Ups, this happens automatically every time you make a qualifying purchase. You won’t grow your portfolio much with a single purchase, but round-ups compound over time and can get you closer to your financial goals. If you have a hard time budgeting for your portfolio or want to increase your monthly contributions, Round ups can seamlessly work in the background.
You can choose where you want the Round Ups to go, and you can turn it off at any time in the app. So you’re in control every cent of the way.
Why MoneyLion?
MoneyLion has a lot of great perks that make the fintech company a compelling choice. Millions of people have chosen the MoneyLion financial app for their money management. There are many reasons why you would choose the MoneyLion financial app, but let’s go over some of its key features and what you can get out of them:
RoarMoney
- No hidden or minimum balance fees: Mobile banking that gives you more with complete transparency.
- Get paid up to 2 days early (1) : By connecting direct deposit, you can make Wednesday the new Friday. (Powered by MetaBank®, N.A., Member FDIC)
- Find a lower price? Nice: With Mastercard® Price Protection (3) , if you find a lower price within 90 days of an eligible purchase, you can get a refund for the difference up to $250 per claim, four times per year.
Safety Net
- Access up to $1,000 in Instacash (2) and see all your funds in one place: Banking now comes with a Safety Net when you set up and receive a qualifying recurring direct deposit into your RoarMoney Account.
Shake ‘N’ Bank
- Earn up to $500 on eligible purchases every day just by shaking your phone: Get cash rewards on each purchase of $10 or more with Shake’ N’ Bank.
Instacash
- Get cash when you need it: Get up to $500 in cash advances. No credit check. No interest. No hidden fees.
Credit Builder Plus
- Build your credit: More than half of Credit Builder Plus members raise their score by 42+ within 60 days with a credit builder loan. (5)
Investing
- Invest on autopilot: Reach your goals with fully managed portfolios and optional auto investing with a MoneyLion Investment Account.
MoneyLion Crypto
- Get a convenient way to access crypto: Buy and sell cryptocurrencies in the MoneyLion app when you have an open and active RoarMoney account.
Round Ups
- Round Up to crypto or investments: Now, you can convert your spare change into Bitcoin or ETFs with every eligible purchase.
GamePlan
- Become your best financial self: GamePlan is your one-stop personalized action plan to help you achieve your goals with our products and outside resources — all in one place.
Financial Heartbeat®
- Stay motivated on your financial journey: Monitor your financial health with America’s first financial fitness tracker.
MoneyLion Reviews
MoneyLion helps millions of hard-working Americans navigate their finances, so it’s no wonder they have stellar reviews. You can see for yourself on Trustpilot, App Store, or Google Play.
How to Get Started with MoneyLion
You can create an account on MoneyLion’s website or app. Just click the “Join Now” button and fill out the form. It will require you to enter information in order to verify your identity. Once you verify, you’ll be able to see your MoneyLion dashboard.
