Ready for a different way to
MoneyLion’s zero-fee checking account and investment accounts, low APR personal loans
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?
Then, there’s also a ready appeal in that it offers tangible rewards: investing, loans, rewards
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.
You can choose between two memberships: Core membership and 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 extra interest and no extra charge. You’ll also get up to 12% cash back on purchases.
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.
Zero-Fee Managed Investing
You can choose how much you want to invest and when, and
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 and you’ll also be able to test out different credit scenarios to see 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.
MoneyLion Plus Membership
You’ll get the same fee-free checking, managed
The Plus membership can also get you a $25 gift card rewards program, access to 55,000 fee-free ATMs and a guided savings account. You’ll also get personalized managed investment portfolios, access to a $500 5.99% APR Credit Builder loan, $1 daily cash back for logging into the app, free 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.
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.
- 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 MoneyLion Plus member: You simply swipe through all cards to earn $1 cash back on your investment account every day.
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 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, free cash advances, free cash back rewards and free credit monitoring and fraud protection.
MoneyLion Plus Membership
MoneyLion Plus requires that you deposit $50 into an investment account per month. On top of that, you’ll pay another $29 for the membership fee, which is waived if you log into the app every day, in which case you’ll get $1 cash back every time you do so. Logging into the app every day ensures that your membership is free.
MoneyLion’s Customer Support
You can connect with MoneyLion via social media, snail mail and email at email@example.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 firstname.lastname@example.org. The website claims that MoneyLion aims to resolve all issues and respond promptly. Technical support issues or questions, however, should be directed to email@example.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.