Wouldn’t it be awesome if you could consolidate all the financial products that you use in one app?
Well, it looks like Moneylion is what you’re looking for.
In this post, we’re going to explore everything that Moneylion has to offer.
This should help you figure out if it can add value to your life.
Let’s get to it!
What is MoneyLion?
Moneylion began operations in 2013.
They offer monetary services like checking accounts, debit cards, loans, and investment opportunities.
MetaBank®, N.A., Member FDIC, is the issuer of the MoneyLion checking accounts and debit cards.
The company claims that they’ve saved customers over $250M in bank fees.
They’ve also supposedly given customers $14 million worth of rewards.
They have their headquarters in Sandy, Utah, as well as locations in New York, San Francisco, and Kuala Lumpur.
MoneyLion Features
MoneyLion is committed to providing customers with a wide range of low-cost financial solutions.
Right now, it has a lot to offer.
Let’s take a closer look at each of their offerings in this section.
RoarMoney
MoneyLion’s bank partner, Pathward®, offers an FDIC-insured deposit account called RoarMoneySM.
This comes with a suite of premium banking services designed to help you make the most of your funds.
For example, with a RoarMoney account, you can get your direct deposit paycheck up to two days early.
You can then use those funds to make fee-free withdrawals from over 55,000 ATMs in their network.
MoneyLion Debit Card
Using a debit card instead of a credit card presents certain disadvantages.
For one thing, rewards programs are more commonly available for credit cards.
Some credit cards offer cash back, hotel points, and air miles for making purchases with them.
The MoneyLion debit card is unique in that it offers rewards, which are not available with most other debit cards.
The MoneyLion Debit Mastercard® features Price Protection.
Within 90 days of making a qualifying purchase, you are entitled to a price adjustment reimbursement.
These can add up to a maximum of $1,000 annually.
MoneyLion also features a different cash-back deal every month.
One month you could receive awards for all of your gas station purchases, and the next month you could receive prizes for all of your restaurant date nights.
Shake’ N’ Bank
You can rack up points with Shake’ N’ Bank.
To use this feature, simply spend $10 or more on any one transaction.
You will receive a phone call after the funds have been taken out of your account.
You’ll then have a couple of days to respond to the notification.
You’ll be prompted to shake your phone to earn anywhere from $0.01 to $120.
Yup, you actually have to jiggle your device.
Instacash℠: 0% APR Cash Advances
When life throws you a curveball, Instacash is there to help you deal with the good and the bad of it.
Maybe there’s a bill you forgot about.
Maybe you got asked to go on an impromptu trip.
Whatever reason you need money, if you meet the requirements, you’ll get what you need in a matter of minutes.
If you can wait for the standard delivery time for your Instacash advance, you won’t pay any interest.
There won’t be any convenience fees either.
Plus, you don’t need to have a RoarMoney account to use this feature.
Connecting a checking account is all that’s required.
You’ll have a $25 cap from the outset.
But if your linked checking account shows consistent activity, you may be eligible for a $250 increase in your limit.
If you start receiving your paychecks in a RoarMoney account or sign up for Credit Builder Plus, your credit line can increase to $300.
How To Qualify For Instacash℠
MoneyLion, like any financial institution, has to make sure that you’re good for credit.
So, they’ll have to check your bank account (deposits and withdrawals) to know that you’re eligible for an advance.
Their app examines your deposit patterns, so it might not look good if you earn sporadically.
Please note that your funds don’t necessarily have to come from an employer.
Deposits from Social Security, alimony, and unemployment benefits also count.
Here’s what you generally need to qualify for an advance:
- Your own checking account that MoneyLion can verify
- At least two months’ worth of account transaction history
- Repeat deposits
- A consistently positive balance
- Healthy activity that shows regular deposits and withdrawals
Credit Builder Plus
Credit Builder Plus allows you to build or repair your credit while you save money.
With no credit checks!
It’s a unique product in that it allows you access to a portion of your loan funds before the full amount is approved.
Loans from MoneyLion can range from $500 to $1,000 with interest rates from 5.99% to 29.99% APR.
These modest loans are designed to help borrowers establish or improve their credit ratings.
The money they repay can later be used as savings (not including fees and interest).
There are no origination costs on a loan term of 12 months.
There is also a $19.99 monthly subscription fee for Credit Builder Plus, in addition to the interest rates.
Keep in mind that if you sign up for Credit Builder Plus, you won’t have to pay the regular $1 monthly cost for your RoarMoney.
Every time you get paid, the membership cost will be automatically deducted.
This is done to prevent overdraft fees by limiting withdrawals to times when funds are most likely to be available in your checking account.
If you get paid every other week instead of every month, the cost will be $19.99 total, split between the two payments.
Investment Accounts
Millions of Americans may not have access to conventional investment strategies.
They deserve an easier approach to developing financial security.
That’s why MoneyLion removes the usual barriers associated with investing, like minimums and management fees.
You’ll need a sizable initial deposit to open most brokerage accounts, and you’ll also need to research and decide on a strategy for making investments.
To help you save and invest for the future without much effort, MoneyLion provides an automated solution.
You can invest any amount to get started.
There are no administration fees other than those associated with the ETFs used to construct your portfolio.
Your investment objectives and comfort level with risk will be assessed during signup.
MoneyLion will use your responses to customize a portfolio of low-cost stock and bond ETFs for you.
Making your portfolio more or less risky is a choice you can make if you want more control over its management.
Investing in high-tech enterprises, socially responsible organizations, or any other industry that piques your interest is another option.
You can add to or take money out of your account at any time.
Weekly contributions, for example, can be made automatically, allowing you to grow your balance without giving it much thought.
Crypto
MoneyLion now accepts cryptocurrency transactions.
However, it currently only works with Bitcoin and Ethereum.
Debit card roundups can also be automated into an investment in crypto.
Cryptocurrency trades made on MoneyLion are directed through Zero Hash.
Whenever you make a purchase using Zero Hash, you’ll be subject to a spread.
However, the amount of that spread is currently unknown.
Before making a trade, you should verify the currency rate on the order confirmation page to make sure the cost is reasonable.
How about bookmarking some related posts that you might find interesting to revisit later?
Now that’s settled, let’s return to the task at hand.
The Benefits of Using MoneyLion
Synchronization
MoneyLion has a fully functional website in addition to iOS and Android apps.
Your account can be managed on both a desktop computer and a mobile phone.
You won’t lose any information when switching between devices.
You also won’t get an inferior experience depending on the one you choose to use.
Mobile Support
As one would expect from a financial technology company, MoneyLion offers a top-notch phone experience.
The MoneyLion app has received positive reviews on both iOS and Android.
You don’t have to worry about not being able to manage your financial affairs on the road.
MoneyLion prides itself on the convenience it offers its users.
You can expect to make transfers and sign up for new services smoothly.
Security
It’s only reasonable to be concerned about security if dealing with money online.
Internet users should be skeptical of any security claims made for their online activities due to the prevalence of fraud and other cybercrimes.
MoneyLion employs standard security measures to protect your finances and private data.
Plus, it has teamed up with Metabank to provide MoneyRoar customers with FDIC insurance.
The FDIC will cover your funds up to a maximum of $250,000.
Customer Service
There are several methods to contact MoneyLion for technical support.
You can access the knowledge base on the website, which offers solutions to usual issues.
Once you log into your account on a computer or phone, you can also chat with a support agent.
MoneyLion Pros and Cons
PROS
- Several financial products under one app
- Semi-lenient cash advances
- Rewards and rebates
- Credit building tool
CONS
- The fees, although transparent, can add up.
- Credit builder is under a subscription
- Limited investing capabilities
- Limited cryptocurrency capabilities
- Only lite banking features
The Verdict: Should You Use MoneyLion?
MoneyLion is a solid option if you’re in the market for an all-in-one financial app.
You can open a checking account, start investing, request short-term loans, and start establishing credit with just one app.
And you’ll only pay between $12 to $24 a year if you don’t use the credit builder loan feature.
Even then, it’s still pretty affordable.
But as encompassing as MoneyLion is, it is still somewhat limited in what you can do with it.
Savings accounts are not an option, and the MoneyLion investment account only permits investments in pre-established portfolios.
They also don’t offer rewards credit cards.
MoneyLion is not a bank, even if it offers similar features. If you need something more robust for banking, consider using major online banks like Chase or Ally.
But overall, MoneyLion is an excellent choice if you want something convenient.
Some MoneyLion Alternatives
This wouldn’t be a fair review if I didn’t point out MoneyLion’s main competition.
To determine whether MoneyLion truly is worth your while, let’s take a look at its alternatives.
Tune in to this video or watch it below as I delve into the revenue generation and thriving success of Venmo, the Money Transfer Payment App Owned by Paypal, within the digital payment landscape.
Self
Self’s main selling point is its credit builder loans, which attempt to help people improve their credit.
There isn’t a steep monthly fee, unlike MoneyLion.
You simply need to make monthly payments in addition to a one-time account setup charge.
Although there are interest fees associated with the loan, they are typically substantially lower than those charged by MoneyLion.
Payment plans can be set up to last 24 months.
That way, you’ll have more time to establish credit.
And smaller monthly payments might be easier for you to accommodate in your budget.
Chime
The banking app Chime provides a secured credit card, checking account, and savings account that can all be used to establish credit.
Like MoneyLion, it allows users to overdraw their account by up to $100 without incurring any fees.
If you sign up for direct transfers, it also gives you early paydays.
Plus, the balance of the savings account that you open can be used to make a deposit on a secured credit card.
The credit limit on the card with match the amount you set up as a deposit. Other than that, it works like a typical credit card.
You’ll have the freedom to build your credit history and gain experience with credit by availing of this.
EarnIn
As you wait for your next paycheck, EarnIn allows you to get interest- and fee-free cash advances of up to $500 every pay period.
If your linked bank account balance is low, you’ll receive low-balance warnings.
You can even opt to have up to $100 of your funds moved automatically, helping you avoid pesky overdraft fees!
EarnIn does not charge any fees, but you’re welcome to add a gratuity to your payments.
EarnIn won’t do a credit check either.
So in order to use the app, you’ll need a steady income stream or regular direct deposits into a checking account.
Final Thoughts
MoneyLion is useful; there’s no doubt about that.
But keep in mind that the various accounts offered by MoneyLion aren’t fee-free.
And its investing and crypto accounts only support a small number of assets.
The main draw of MoneyLion is its product consolidation service.
If you want more robust tools, you’re going to have to look for other separate specialized apps.
If you’re looking for additional inspiration, be sure to explore…
