MoneyLion Loans Review: Convenient Cash, But Consider This First

Online lending services like MoneyLion Loans ( Loans) offer speed and convenience. But when you need a loan, it’s vital to make informed choices. In this review, we scrutinize MoneyLion’s website, application process, customer service, and reputation to help you decide if they’re a good fit for your financial needs.

MoneyLion Review

Website Design and Functionality

MoneyLion’s website boasts a sleek, modern design. Navigation is straightforward, and important information like contact details, terms and conditions, and their privacy policy is easily accessible. This user-friendliness can help build trust in the platform.

Transparent Loan Application… To an Extent

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MoneyLion outlines basic eligibility requirements and the application steps, which demonstrates an effort for transparency. However, some key details about its Instacash advances and Credit Builder loans can be found mainly within their membership programs, which may cause some confusion.

Interest Rates and Fees: Fees Add Up Quickly

While MoneyLion’s Instacash advances have no mandatory interest, they do come with fees, including potential express delivery fees. Credit Builder loans carry APRs ranging from competitive to high. Additionally, a $19.99 monthly membership fee is required for Credit Builder loans and accessing the highest Instacash limits.

Customer Support: Accessible, But Effectiveness Varies

MoneyLion provides multiple ways to contact support, which is commendable. However, online reviews reveal a mixed bag: some users praise their experience, while others report long waits or unhelpful representatives.

Online Reputation: Positive Overall, with Some Concerns

Generally, MoneyLion enjoys positive feedback for its ease of use and features. However, concerns exist about limited Instacash amounts for some and inconsistent customer service quality.


MoneyLion Loans presents as a legitimate platform with a focus on convenience. However, their reliance on membership fees and potential for high express delivery charges give borrowers reason to pause. If speed is essential and you’re comfortable with the potential costs, MoneyLion may be an option. However, it’s crucial to carefully weigh all fees, read their terms thoroughly, and explore other lenders before making a final decision.

FAQs (Frequently Asked Questions)

What types of loans or credit lines does MoneyLion offer?

MoneyLion focuses on a few core products:

  1. Instacash Advances: Short-term cash advances up to $250 (or more with their membership), with no mandatory interest but potential fees.
  2. Credit Builder Loans: Loans for building credit history. APRs range from 5.99% to 29.99%; require a $19.99 monthly membership.
  3. Investment Accounts: MoneyLion also offers investment options, but these are separate from their loans.

How do I qualify for a MoneyLion loan or Instacash advance?

MoneyLion’s eligibility factors include:

  • Active checking account for direct deposits.
  • Positive account history and sufficient recurring income.
  • Specific requirements may vary based on the type of loan or advance you seek.

Are there any interest charges with Instacash, or is it always truly free?

Standard Instacash advances don’t have interest. However:

  • Optional “turbo” delivery comes with a fee.
  • A monthly membership unlocks larger advance amounts and additional features.

How quickly can I get money from MoneyLion?

MoneyLion promotes fast access to funds:

  1. Standard Instacash: Usually arrives in 12-48 hours.
  2. Turbo Instacash: Can reach your account within minutes, but incurs a fee.
  3. Credit Builder Loans: Funding time can vary but may take a few business days.

Does MoneyLion offer good customer support?

MoneyLion has multiple contact options;

Phone: 1-844-224-0087

However, online reviews reveal mixed experiences. Some users report quick, helpful support, while others describe unhelpful interactions and long wait times.

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