MoneyLion Review

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1 Minute Review

MoneyLion has tried to hit every nook and cranny of what you might consider personal finance. From free money and wealth management tools to a points and rewards program, MoneyLion can cover you whether you want a personal loan or you just want a place to stash some cash. MoneyLion offers 2 different types of memberships: Core and Credit Builder Plus membership, so that you feel like you’re an actual part of a unique wealth-building community with a bank that’s on your side. Coverage at 360 degrees: It’s the best way to describe it.

Best For

  • App-savvy investors or savers
  • Those looking for a quick loan turnaround
  • Those with a lower credit score


  • Can save, invest and borrow all in the same place
  • Core membership offers every possible option free of charge
  • Easily-accessible loans
  • Can get cash back for purchases


  • The fee for Credit Builder Plus is high (though if you log in every day and use your MoneyLion Visa Debit Card, you can get up to $19.99 cash back each month)
  • Limited investment options — only offers a small range of ETFs
securely through MoneyLion's website

Ready for a different way to bank? MoneyLion is a mobile personal finance and lending app that may throw every notion you have of a bank straight out the window.

MoneyLion’s zero-fee checking account and managed investment account, low APR personal loans, and cashback rewards are proof that MoneyLion is a catch-all for everything related to your personal finances. One of its most unique features is that you can “borrow from your future self” and pay if back with no interest.

The most important thing to ask yourself is whether you want a one-stop-shop for all your money needs. Create a MoneyLion account for a completely revolutionized idea of what it means to put all your eggs in one (diversified) basket.

Who’s MoneyLion For?

MoneyLion may not appeal to anyone who favors a face-to-face conversation with a teller at a brick-and-mortar bank. After all, MoneyLion is digital-only and appeals to the tech set (and even if you’re not a techy person, its app is easy to use).

MoneyLion also genuinely puts forth an effort to help you accomplish your goals. If you’re after financial independence, MoneyLion can help you get there.

Then, there’s also a ready appeal in that it offers tangible rewards: investing, loans, rewards and free credit monitoring. If you’re the type of person who needs to see proof and results before your eyes, MoneyLion has got you covered.

MoneyLion’s Platform and Features

A single app platform gives you a snapshot of everything you’ll need to know about your finances — think of it as comprehensive as the dashboard of a car. Everything you need is there. 

MoneyLion remains in lockstep with you, offering step-by-step instructions for getting started and notifications that can help you avoid overdraft fees through its spending-tracking feature. The app gives you the option to resolve credit score surprises as well as unusual purchases that show up on your account. 

You can choose between two memberships: Core membership and Credit Builder Plus membership. 

MoneyLion Core Membership 

First, you put money into your checking account and it’s insured just like any other bank, but you can unlock so much more. You get zero monthly fees, zero overdraft fees, and you can borrow from your future self at — you got it — no interest and no extra charge. You’ll also get cash back on purchases.

Fees for money lion membership

Zero-Fee Checking

MoneyLion looks out for your interests with its Zero-Fee Checking account, which means zero monthly service fees, no overdraft fees and no required minimum balance.

Managed Investing

You can choose how much you want to invest and when, and MoneyLion takes over to help you reach your financial goals. MoneyLion partners with Wilshire Investing to formulate the best asset allocation for you based on your personal risk tolerance (whether conservative or aggressive). There are no management or trading fees.

MoneyLion chooses your assets for you, though — you don’t get a choice of which ETFs or asset class, and the ETF list is fairly limited. Vanguard ETFs make up the bulk of offerings. You can adjust your portfolio weightings to be as aggressive or as conservative as you choose.

asset classes and ETFs for money lion investment accounts

0% APR Instacash

You can get access to 0% APR Instacash cash advances up to $250 whenever you’re short a little bit of cash during the month, obviously a much better option than an interest-riddled payday loan

Cashback on Everyday Spending

You can get cash whenever you spend on regular purchases, linking your credit and debit cards for free. You can also get rewards for making payments on time and managing your credit well.

Free Credit Monitoring

MoneyLion can help you improve your credit score by enrolling in free credit monitoring. You can also get access to credit-building tips on how you can positively impact your credit score. 


SteadyIncome is a MoneyLion feature designed to earn clients a consistent (but relatively lackluster) 2.56% annual return. It’s intentionally designed to be a very conservative portfolio, investing only in fixed income (bond) ETFs. It’s best for buy-and-hold investors who favor stability or low-risk investments.

money lion app
Source: MoneyLion

Credit Builder Plus Membership

You’ll get the same no fee checking, managed investing, cash advances and credit monitoring as the Core membership with the MoneyLion Plus membership.

You’ll also get access to a $500 5.99% APR Credit Builder loan, Lion’s Share payouts up to $19.99 per month just for engaging with your membership and weekly credit score updates.

Credit Builder Loan

You can get a $500 5.99% APR Credit Builder loan anytime, even if you have less-

than-perfect credit. Also, a key part of MoneyLion’s Credit Builder loan is that the lender reports your payments to the credit bureaus. MoneyLion reports borrowers’ payments to the 3  major credit bureaus.

Financial Heartbeat

MoneyLion would be able to ease right into the fitness app world if it ever wanted to because it offers an aptly-named innovative tracker called Financial Heartbeat, which offers up 5 key financial pillars: Save, Spend, Shield, Score and Strive.

  • Save measures your savings account and investments related to your financial goals. 
  • Spend tracks your spending so you know if you’re under- or over-spending your money.
  • Shield lets you know if you’re covered in emergency situations, including health, life and auto insurance.
  • Score offers credit and credit score monitoring and credit score advice.
  • Strive is all about inspiration for positive financial behaviors.

Ultimately, MoneyLion’s platform also offers personalized tips and tools to improve your credit and achieve everyday savings. The app also gives you incentives when you make smart financial choices. Think of it as a grown-up sticker chart for making on-time credit payments or maintaining positive bank balances — with great rewards like loan discounts.

MoneyLion’s Ease of Use

MoneyLion’s app offers features you can’t get with the MoneyLion website, so it’s to your advantage to use the app.

As soon as you open the app, you’ll see a set of cards that provide tips and alerts that fit your personalized profile. You can swipe through any of the mobile app cards or tap on them to learn more  — all are incredibly intuitive.

This guidance is based on data you’ve provided by linking any other accounts you own (bank accounts, investments, credit cards, mortgage) to your MoneyLion account, so MoneyLion can evaluate your spending and saving habits and credit profile. 

MoneyLion’s website offers a couple of examples: A spike in your spending in a certain area (such as too many nights out to eat) may give you a mobile app card that alerts you and suggests your next steps.

MoneyLion might also “notice” that you’re paying more for your cellphone bill compared to other clients, so you may see a card that may encourage you to contact your cellphone provider. You also might get an alert when you’re low on funds or if you’ve used up your credit.

  • If you have an active loan, you can also view your upcoming loan payments.
  • You can also see your credit Quick View and credit score history in the app by selecting “Credit” from the bottom menu. 
  • You can update your personal information such as employment, address, and education. You can also add, update or remove accounts for financial tracking at any time. 

You can be confident that the app is slick and easy to use and offers a unique add-in as a Credit Builder Plus member: Lion’s Share payouts up to $19.99 every month based on how much you logged in and used your debit card.

MoneyLion’s Pricing

MoneyLion’s pricing depends on the number of features you want and need, so you’ll have to decide whether you’re interested in the Core or Credit Builder Plus membership.

MoneyLion Core Membership

MoneyLion’s Core membership is completely free. You’ll never pay overdraft, minimum balance or maintenance fees. You’ll get zero-fee managed investing, interest-free cash advances, cash back rewards, credit monitoring and fraud protection. 

MoneyLion Credit Builder Plus Membership

MoneyLion Credit Builder has a $19.99/month membership fee, which you can earn back in the form of a Lion’s Share payout by logging into the app every day and using your MoneyLion Visa Debit Card for everyday spending.

MoneyLion’s Customer Support

You can connect with MoneyLion via social media, snail mail and email at support@moneylion.com or via phone at 1-888-659-8244. No office hours are listed on MoneyLion’s website, and when we called to check in at 10 p.m. at night, office hours weren’t mentioned on the prerecorded message.

MoneyLion encourages complaints to be routed via email to its compliance team at complaints@moneylion.com. The website claims that MoneyLion aims to resolve all issues and respond promptly. Technical support issues or questions, however, should be directed to support@moneylion.com. 

Reach Your Financial Goals with MoneyLion

MoneyLion’s platform is all about turning financial goals into reality — without making a dent in your pocketbook or paying bank fees. MoneyLion takes the guesswork out of most of the fine print you’ll find on any website, so you’ll find yourself saying, “What the heck does that mean?” less often. 

Furthermore, any guidance MoneyLion provides makes sense for you personally with regard to risk tolerance and also incorporates your goals into the mix. Ultimately, if you’d like everything in one place and you’d like a bank that’s actually on your side, you’re in good hands with MoneyLion.