MoneyLion Reviews (2024 Update): Best Credit Builder Loans?

Welcome to my MoneyLion Reviews Review. My goal is to help you understand what the program is all about, how much it costs, if it's a good use of your time, your money, and much more! It should be less than 10 minutes start to finish, so let's dive in!


This MoneyLion Reviews review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.

Firstly, Why Am I Writing The Review?

Nice to meet you, my name is Brittney!

My story starts like many do… “slaving away” at a 9-5 job that I didn’t really enjoy, but hey – it paid the bills.

I worked for a large Fortune 500 company that performed background checks for other companies when they wanted to hire a new employee… so you know, not exactly exciting stuff.

For a lot of people, a nice stable job and predictable check coming in every month is the picture of success, but for me, it felt like I was missing out on life.

Clocking in every single day, doing the same tasks over and over again, getting home with barely enough time to make dinner and enjoy some time to myself… only to wake up again the next morning and do it all over again.

I just wanted to enjoy life without being shackled to an unfilling job.

I wanted to be able to take vacations whenever I wanted, for however long I wanted.

I didn’t want to have to beg my boss for a salary increase that barely matched inflation.

I just wanted to be free and happy.

Then about 4 years ago (as a stroke of luck), I stumbled across a program that taught me how to make money online by actually helping real people (local US businesses).

Who Cares About That?

99% of reviewers out there don’t have experience running an actual business. They’re writing about stuff that they have no real experience with.

Why would they do that?

They just want you to click through and buy the program that the review is about!

I have absolutely no relationship with J Rich, so you can rest easy knowing that I’m going to give you my honest opinion.

This review is written based on my own experiences with this business model.

All that being said, let’s jump into things.


Are you looking for a credible and reasonably priced credit builder and lender who does not conduct a credit check? Do you need to build your credit but have no idea where to start?

You’ve come on the right page! In this review, I will discuss MoneyLion’s services, membership costs, loans.

This MoneyLion review has been thoroughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.

You probably discovered MoneyLion for the same reason you might have come across any other financial newsletter, credit builder service, or investment program:

Because you want more money in less time.

And chances are, you want to quickly multiply the money you do have (as opposed to waiting months or even years to see a decent ROI).

This is a really exciting promise, and it’s probably why the financial publishing and training industry is worth billions of dollars.

The problem is, because the idea of doubling, tripling, or 10X-ing your money in a few minutes to a few days is so enticing, there are a ton of shady characters in this space.

But, putting that aside, let’s say every investing guru and “trading expert” on the internet had the best of intentions.

Even with proprietary algorithms, a room full of supercomputers, and a team of rocket scientists, most of these experts would be lucky to get it right 20% of the time.

Now sure, we’re talking about asymmetric bets here, so theoretically the winners should more than make up for the losers.

But in order to make that happen, you can NEVER miss a trade. With a 20% success rate (speaking optimistically), one missed winner could turn a profitable month into a loser.

That’s a lot of pressure and a lot of stress (not to mention a lot of losing) with not much certainty.

But what if there was a way you could build a passive income stream that’s actually passive?

An income stream that doesn’t require:

  • Constantly monitoring your phone for buy/sell alerts
  • Obsessively watching charts and movement
  • The emotional roller coaster and angst of hoping one winner can cover the last 8 losses
  • Gambler’s odds (20% chance of success is worse than the odds of winning at Blackjack)

An income stream that brings in consistent revenues every single month (from a couple thousand dollars to well over $10,000)?

An income stream you could actually build in your spare time, and grow as large or as small as you want to, without having to spend hours a day monitoring charts, trades, and alerts?

If that sounds like something you’d be interested in, check out Digital Leasing. 

However, if you’d still like to know more about MoneyLion, keep reading.

What You Should Know About MoneyLion Credit-Builder Loans

Product Name: MoneyLion Credit Builder Plus personal loans

Max. Loan Amount: APR ranges from 5.99% to 29.99% on $1,000.

Interest Rate Type: Fixed

Min. Credit Score: All credit scores are accepted.

Loan Term: 1 year and up

MoneyLion is a financial services company that offers credit builder loans, as well as a membership program that includes financial products and services like online banking, cash back rewards, and more.

MoneyLion offers a free account that gives you access to a checking account as well as an investment account. If you have an account, you may be qualified for a cash advance of up to $250 at 0% APR.

The Credit Builder Plus membership costs $19.99 per month and includes all of the features mentioned above as well as the credit-builder loan.

How A MoneyLion Credit-Builder Loan Works

Because MoneyLion reports to the major credit bureaus, a credit-builder loan can help you build credit by making on-time payments.

MoneyLion promises a credit-builder loan of up to $1,000. They will review your finances, as well as your linked checking account, to know whether you are approved and how much money you will receive.

Once approved, MoneyLion members may have immediate access to any or all of the $1,000 credit-builder loans.

Until your debt is completely paid, any funds not transferred into your checking account will be placed in an interest-bearing credit reserve account.

APRs Range From Competitive To High

Interest rates on MoneyLion credit-builder loans range from 5.99% APR on the low end to 29.99% on the high end.

MoneyLion’s APR of 5.99 percent is low when compared to other lenders’ credit-builder loan rates. However, this is not a guarantee that you will be approved for a loan at this rate.

MoneyLion says they will consider a number of factors to determine what APR members are approved for. MoneyLion charges a $19.99 monthly subscription fee.

Credit Builder Plus: A Chance To Offset Paid Membership

To qualify for a credit-builder loan, you must first become a Credit Builder Plus member and pay $19.99 per month. You could get half or more of your monthly subscription fee paid through their Share Loyalty Program payouts.

Participants of MoneyLion get paid for meeting certain requirements, like signing into the app and making a certain number of transactions.

The Lion’s Share Loyalty program’s top category is platinum. Platinum tier holders may be eligible for a $19.99 payout to their MoneyLion investment account if they meet the following requirements:

  • To make at least 20 purchases (of $10 or more) with the MoneyLion Visa Debit Card in a calendar month, and
  • Log in to the app monthly.

Credit Score: No Credit Check

The MoneyLion company does not require excellent credit scores to qualify for a Credit Builder Plus membership in order to use the credit-builder loan.

MoneyLion does not conduct any type of credit check. Instead, they assess your primary checking account, which must meet certain criteria in order for you to apply for and be approved for a loan.

Potentially Fast Funding

After reviewing your finances, MoneyLion will deposit the loan amount into a bank account of your choice. The remaining loan funds that you do not receive upfront are deposited into a reserve account until your loan is paid off.

Your MoneyLion debit card or checking account may be credited immediately if you meet certain criteria.

However, funds may take up to three business days to be deposited into a third-party checking account via ACH.

Remember that depending on your bank, there may be some delay before you can access the funds.

Who Is The Owner Of MoneyLion?

MoneyLion is run by Diwakar Choubey, co-founder and CEO, who previously worked on Wall Street in higher positions at companies such as Goldman Sachs, Citadel, and Barclays Capital.

MoneyLion was also co-founded by Pratyush Tiwari, Chief Information Officer, and Chee Mun Foong, Chief Technology Officer.

What Are The Other Benefits Of A MoneyLion Plus Membership?

Other benefits of MoneyLion

Some of the services included in the MoneyLion Plus Membership are as follows:

  • Customized Investment Portfolio
  • Managed Investment Account (Free)
  • APR Cash Advances at 0%
  • Checking Account (Free)
  • Credit Score Updates and Credit Monitoring Service (Free) every week
  • Standard Personal Loan Services up to $3,000
  • Every time you log in, you’ll receive $1 as a Reward to your Investment Account
  • $25 Reward for Good Financial Status
  • Referral Service Bonuses ranging from $5 to $2,000
  • Country-wide Access to 5,500 Free ATMs
  • Plus Facebook Community Access

How Much Will This Loan Cost Me?

MoneyLion offers loans with a 12-month term of up to $1,000, but the exact amount depends on your state.

The APR ranges from 5.99 percent to 29.99 percent, which includes your MoneyLion Plus subscription fee. This means that the monthly loan payment could be as low as $67.65, according to MoneyLion’s website. The cost could be higher depending on the amount borrowed and the APR offered.

What Do I Need To Qualify?

To apply for a credit builder loan, you must meet the following requirements:

MoneyLion does not carry out a hard check nor demand that you get a Plus membership to open an account. However, to be eligible for a Credit Builder loan, you would need to sign up for Plus membership.

A Closer Look At A MoneyLion Credit-Builder Loan

You can apply for Credit Builder Plus membership using MoneyLion’s app. The following are some important details to consider before applying:

  • No prepayment penalty — If you decide to pay off your credit builder loan early, MoneyLion will not charge you a prepayment penalty.
  • Access to deferment support — If you need to delay a payment, you can submit a deferment application to MoneyLion.
  • Free credit monitoring — You can review your credit report for any errors or suspicious activity. MoneyLion provides this service for free and is powered by TransUnion.
  • Extra membership benefits —When you buy from participating brands, you get cash back. This perk is available when you open your free MoneyLion checking account, an automated investing account.

Who A MoneyLion Loan Is Good For

When you apply for MoneyLion’s Plus membership, you will not be subjected to a hard credit inquiry, so it may be an option for you if you are trying to improve your credit or are having difficulty getting approved for a loan.

However, if you need to cover an emergency, you should not rely solely on this credit-builder loan. It is a very small amount, and some of the funds will be placed in a reserve account before you pay off the debt.

If you make on-time payments on your MoneyLion credit-builder loan, your payment history will improve significantly. Paying off debt early can help you save money by lowering your interest rate.

If you want to improve your credit and are interested in MoneyLion’s other products, this company may be a good fit for you.

How To Apply With MoneyLion

MoneyLion’s credit-builder loan application can be completed online or via the MoneyLion smartphone app.

To enroll in the account, first create an account with MoneyLion and then sign up with your full name and address.

After completing this step, you may apply for a Credit Builder Plus membership to request a credit-builder loan.

This is what you’ll need to complete the entire procedure.

  • Full name
  • Full email add
  • Social Security number (SSN)
  • Home address
  • Verifiable phone number
  • A bank account that can be verified and is in good standing (at least 60 days old, and has deposits showing consistent income)

Does MoneyLion Report To Credit?

Yes, they do. They report your on-time, late, and missed loan payments to the major credit bureaus. Because MoneyLion reports to all three major credit bureaus, a credit-builder loan could help you improve your credit score if you make on-time payments.

Credit Building App- MoneyLion

Is MoneyLion A Payday Loan?

MoneyLion will pay you back with no interest on your next payday for any amount borrowed from your check.

Can I Deposit Cash Into MoneyLion?

You can visit one of the retail locations that uses Reload@theRegisterTM powered by Green Dot® to add cash to your account.

Swipe your MoneyLion Debit Mastercard to have the funds transferred to your account. It takes about 10 minutes for the deposit to be credited to your account.

How Long Does MoneyLion Take To Process A Payment?

Lion’s Share payouts are typically deposited into your MoneyLion Investment Account within five business days of the end of the month. Your Credit Builder Plus membership and loan payments must be in good standing at the end of the month in order for you to receive a payout.

Is MoneyLion A Real Bank?

MoneyLion bank accounts are available through Lincoln Savings Bank, which is an FDIC member, and the funds in your checking account are insured up to $250,000.

Does MoneyLion Direct Deposit Early?

You can receive direct deposits up to two days in advance with the RoarMoney mobile banking account!

Your paycheck will be deposited into your account as soon as it is received. However, the timing will differ depending on when they transfer the payment to your RoarMoney account.

Funding Your RoarMoney Account

MoneyLion, MetaBank, and Mastercard collaborated to create RoarMoney. RoarMoney offers cutting-edge mobile banking solutions to its users, such as Mastercard Tap & Go® contactless payments technology, early paycheck delivery, and seamless integration with MoneyLion’s zero-interest cash advances, among other things.

Do You Get Paid Faster With MoneyLion?

RoarMoney allows you to receive payment up to two days in advance.

You will be needing your RoarMoney account and routing numbers to do this.

If you have government revenue, you can link it to your RoarMoney account by visiting the IRS’s Get My Payment page (or expect a stimulus check as part of COVID relief bills).

Can I Withdraw Money From MoneyLion Account?

You can withdraw funds from your investment account as long as the balance is higher than the loan balance. If your investment account balance is $1,000, the loan balance is $500, from which $495 can be withdrawn.

How to withdraw from MoneyLion

How Do I Withdraw Money From MoneyLion?

What you must do is submit a withdrawal request. The active positions are then liquidated based on the amount withdrawn, and the funds are credited to your account.

With the MoneyLion Investment Account, it is simple to withdraw the entire balance of your account.

What Will Happen If You Do Not Pay MoneyLion?

It’s important to remember that if you miss a payment, MoneyLion will still attempt to recover your Instacash from your qualified accounts. In the event of an insufficient balance in your account, your bank or credit union will decide whether to refuse or fund the transaction.

How Does MoneyLion’s Referral Program Work?

MoneyLion Plus members and each friend they refer who becomes a Plus member each receive a $10 bonus. For every three friends you refer, you could win a $5, $100, or even $2,000 referral bonus.

MoneyLion Referral Program

You must send your friends a referral code to use when signing up for MoneyLion.

Pros And Cons

Although making on-time payments to the MoneyLion Credit Builder Plus loan may help you improve your credit score, this may not be the best option for your financial situation.

Consider the pros and cons before pulling one out.


  • Same-day funding
  • There is no credit check.
  • Access every week


  • The monthly membership fee is $19.99.
  • You only have access to a portion of your funds.
  • APR is high at 29.99%

MoneyLion Reviews And Complaints

BBB accredited: No

BBB rating: C+

BBB customer reviews: Based on 104 customer reviews, the rating is 2.9 out of 5 stars.

Trustpilot Score: 7,721 customer reviews gave it a rating of 4.5 out of 5 stars.

Despite getting high ratings on the App Store and Google Play, MoneyLion Plus has received a number of negative reviews recently.

The majority of them complain about poor customer service and difficulties with the entire loan process, which includes issues with payments being marked as late even before they are processed.

MoneyLion receives positive feedback for doing exactly what it promises: improving their customers’ credit scores.

What Are Good Alternatives To MoneyLion?

Earnin: Earnin offers cash advance transfers, which can be a good option if having access to cash is more important to you than building credit.

Self: If you want the freedom to invest and save a little more money with a credit-builder loan, Self is a good option to consider.

How Good Is MoneyLion?

MoneyLion has won numerous awards, including the 2020 Forbes Fintech 50, the 2019 Finovate Award for Best Digital Bank, the 2019 Benzinga Fintech Awards for Personal Finance Innovation, and the 2019 People’s Voice Award for Webby.

Can MoneyLion Be Trusted?

Their web and application processes are standardized and simple, and they offer competitive interest rates as well as excellent quality and effective customer service.

MoneyLion is an excellent choice, according to, if you need credit builder loans or other financial resources.

Is MoneyLion Legit or a Scam?


So, is MoneyLion a scam?

Not technically.

You can make money with it, but it’s definitely not as easy as MoneyLion makes it sound.

Again, with any kind of financial product (especially trading), you’re taking on a lot of risk.

Sure, you could hit it big and retire in Italy, but chances are you need the stomach and financial cushion to weather tons of losses before you get there…and it may never happen.

Most of the big gains numbers these companies use in their marketing (“xyz grew by 4,112% in 3 months” or “this option made 324% in just 2 days”) are cherry-picked.

They don’t tell you about the 10 100% losers that came before.

In other words, if you invested $100 into 11 recommendations, you’d lose $1,000, and make back $324…so you’d still be out almost $700.

Most people don’t have the fortitude to stick it out through 3 straight months of losers in the hopes of landing one big winner.

What if, instead, you took those same 3 months, invested just a couple hours a day (in your spare time), and your reward was a $500 to $2,000 payment that came in every single month?

And what if you actually didn’t need to wait 3 months? What if you could get started today and have your first payment in a week?

And what if you could double it next week?

Well, that’s the power of Digital Leasing

It’s a true lifestyle business.

Your laptop and an internet connection is all you need.

Some of the most successful students in this program run their entire 6-figure businesses from:

  • A camper in the middle of the woods
  • A beach chair on the water in Mexico
  • A small villa in Greece

They’re able to travel around, living their lives first, and focusing on their income second.

Because even if they stop working for an extended period of time, the money keeps coming in.

So adventure, memories, and experience are the top priority.

And they never have to worry about how to pay for the next trip, or consider asking for time off.

If this sounds more like the type of life you want to lead, just click here to find out more about Digital Leasing.

Our #1 Recommendation For Making Money in 2024!

Our review team has spent months researching, reviewing, and vetting dozens of business models and thousands of programs.

While there may be no “perfect business”, the research IS conclusive:

Digital Leasing is the #1 online business model for those just starting out.

Whether you’ve never made a dollar online, or you’ve been in this space for a while but never really “made it,” Digital Leasing is for you.


1. It’s Flexible: got an hour a day? You can do this. Ready to drop everything else and dive in full time? You can do this. Yes, the more time you put in, the faster you see results. But even with a little time each day, you can move the needle in a Digital Leasing business.

And because this system is so flexible, you don’t have to constantly be working to make more money. It’s called PASSIVE INCOME because if you stop working, the money doesn’t.

Imagine taking 3 months off to just tour around Europe, rent a cabin in the woods to write a book, hike the Appalachian Trail, or live on the beach and surf all day.

This is only possible if you have an income stream that’s not tied to your time.

2. You Own & Control EVERYTHING: With anything in the financial markets, you own and control NOTHING. You have no say in price fluctuations, demand, or what the market will do.

Trying to beat the market is fighting against the tide. There’s just too much working against you, no matter how many supercomputers or rocket scientists are on your side.

With Digital Leasing, you own the assets, which means you have all the power and all the control.

3. Little To No Startup Costs: It’s possible to get into Digital Leasing with zero dollars upfront. Because, using the strategies outlined in this program, you can get a client to pay you BEFORE spending a penny out of your own pocket…even before you do any work.

Even without getting paid in advance, you can have your first Digital Rental Property up, running, and generating profits for less than $100.

1. Easy To Duplicate: Ok, here’s the best part: once you have your first Digital Rental Property up and running, you can literally DOUBLE your income with a few clicks, a couple keystrokes, and a single phone call (and you don’t actually need the phone call).

Remember: each Digital Rental Property is worth $500 to $2,000 a month in semi-passive income (over 95% profit). Every time you decide to create another one and increase your income, it gets easier.

Because you have more knowledge, more experience, more results, and more momentum.

If you wanted to double your income with any kind of trading or investing, you’d have to double your initial capital OR double the average order size of your existing trades. And, guaranteed that’s a lot harder than a few clicks and a few minutes of your life.

2. Make Money Helping Real People: This part is what makes it all worth it. In the financial markets, you might be helping your family, but the impact never goes beyond you and maybe a few others.

But with Digital Leasing, you’re actually helping people by solving your clients’ biggest problem:

Small, local businesses need more customers, and with Digital Leasing, you are unleashing a flood of happy, paying customers for these businesses.

You make money by helping them make money.

Not a big, faceless corporation either…a small business owner who’s using that money to put food on the table for their family, start a college fund for their kids, or take care of a sick parent.

Once you see how Digital Leasing makes a real impact in the lives of real people, you’ll sleep like a baby with a big smile on your face.

Now, the choice is yours. You could continue browsing, looking at opportunities like [insert program name] which could one day make you money.

You could continue researching, never making a decision.

OR, you could take a look inside, consider what you really want, and join a program that makes your dreams a reality. At the same time, joining a community of over 2,000 successful students that are living life on their own terms thanks to Digital Leasing.

A consistent, reliable, semi-passive stream of income that doesn’t depend on you or your time to keep producing profits.

All while genuinely helping real people who are grateful and happy to pay for it.

If this sounds more like what you want out of life (or if you just want some nice side income), click here to learn more about Digital Leasing.

Brittney Here!

I get to travel the world and live life without financial worry thanks to the system below!