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MoneyLion Summary
MoneyLion is a fintech-driven loan marketplace that advertises loan amounts from $1,000 to $100,000, with funding happening as fast as the next business day. It works well for people who want to shop and compare offers without a hard credit pull.
MoneyLion Pros & Cons
Pros
Single application for multiple lenders
No negative impact on credit score
Cons
Borrowers may be bombarded with offers
Limited number of providers
MoneyLion at a glance
8.4
Editorial scoreOnline experience
Good online resources, but no access to rates
8.0
Customer services and support
Multiple ways of reaching lender but limited hours
6.0
Geographical availability
50 States
10.0
Types of debt covered
Covers all loan types
10.0
Repayment flexibility
Offers multiple repayment plans- but no personalization
8.0
MoneyLion Debt Consolidation Loans Overview
Lender type: Marketplace
Loan types: Unsecured
Loan amounts: $1,000 to $100,000
Loan terms: 12 to 84 months, but vary by partners
Best for: Anyone who wants to compare multiple partners in one place
MoneyLion Loan Marketplace Full Review
MoneyLion earns strong marks for accessibility and user experience, but is held back by its reputation and inconsistent customer reviews. Read on for a detailed, category-by-category analysis.
Reputation
MoneyLion is a leading fintech company that operates a personal loan marketplace. It was founded in 2013 and is headquartered in New York City, with additional offices in Sioux Falls, South Dakota, and Kuala Lumpur, Malaysia. MoneyLion became a publicly traded corporation on the New York Stock Exchange (ticker: ML) in 2021.
In addition to offering products such as cash advances, checking accounts, and credit-building support, MoneyLion has provided personal loans and debt consolidation services since its founding in 2013. It claims to have helped over 14 million users across its broad range of financial services.
MoneyLion is currently not accredited on the BBB website. MoneyLion’s current BBB review score is 3.15 out of 5 based on over 435 customer reviews — almost a whole point higher than the industry average of 2.19. MoneyLion’s Trustpilot review score is 3.8 out of 5 with over 28,000 reviews, slightly higher than the industry average of 3.55.
Accessibility and Flexibility
Accessibility
MoneyLion’s personal loan marketplace is available in every state in the U.S. However, certain partners may not be available in some states.
MoneyLion doesn’t publish a hard minimum credit score since each partner sets its own, but the platform does seem to market to individuals with low or limited credit histories, as some partner lenders have relatively lenient credit requirements.
Flexibility
Customers can find loan amounts anywhere from $1,000 to $100,000 through the MoneyLion marketplace, with repayment terms spanning 12 to 84 months. While MoneyLion itself doesn’t offer secured loans or co-borrower discounts, some partner lenders may provide these options, which can help borrowers with lower credit get more affordable terms. Customers must contact individual lending partners directly to confirm availability.
Expert take: "Platforms such as MoneyLion can offer near-instant access to smaller amounts, which may be useful for short-term needs." — Nina Abazyan, banking professional and personal lending specialist.
The chart below shows how loan terms drastically affect overall costs. These loans assume a $15,000 personal loan at 12.99% APR:
Term | Monthly Payment | Total Cost | |
Loan A | 36 months | $505 | $18,189 |
Loan B | 84 months | $273 | $22,896 |
* These estimates are from an online personal loan calculator. Your amounts may vary.
While the same $15,000 loan for the 84-month term cuts the monthly payment almost in half, it adds roughly $4,700 to the total cost.
Cost
Origination fees: 0% to 10%, set by partner
Prepayment penalty: Varies by lending partner
Late fees: Varies by lending partner
Other notable charges? Possible — check with lenders
Because MoneyLion is not a direct lender, it cannot offer rate reductions, guarantees, or any other discounts on its own. Some partner lenders do offer these, but you must go through the application process to find out.
MoneyLion does advertise to applicants with limited credit history, but if your credit is strong, you may find cheaper and more straightforward offers. If your credit is weaker, MoneyLion’s wider marketing funnel will show you offers you may not find elsewhere, but the fees and rates may be higher.
Expert take: "MoneyLion also serves borrowers with limited credit history, particularly younger consumers, by using alternative data and offering smaller, more flexible financial products."
— Nina Abazyan, banking professional and personal lending specialist
User Experience
MoneyLion’s website is well-organized and easy to navigate, and finding information about its services was straightforward. Pricing information is a little more difficult to pin down because MoneyLion’s public pages mainly display estimated ranges for rates and fees offered by its lending partners.
MoneyLion’s personal loan process is clean and streamlined. From the personal loan homepage, you select your loan amount, click to view offers, and complete the questionnaire covering loan purpose, credit range, your employment status, income, and contact details.
MoneyLion then runs a soft credit pull that does not affect your score and shows you offers that match your information. This took about two minutes to complete.
In our research, we found seven offers all within five minutes. Each offer included a summary of the APR, repayment term, the total amount we could get, and other details.
Our testing found that the application is completely digital end-to-end. The speed of receiving funds varies, but many of the offers we matched with advertised next-business-day funding. After this process, however, we noticed MoneyLion leans heavily into cross-promotion and upselling its other products. The system prompted us to open a RoarMoney bank account, sign up for its Credit Builder program, and download its app.
MoneyLion’s mobile app runs on iOS and Android, and services all MoneyLion’s products, like banking, Instacash, Credit Builder, and its personal loan marketplace. As of May 2026, the app has 4.8 out of 5 stars on the App Store with over 309k ratings, and 4.5 stars on Google Play with over 212k reviews. This puts the app ahead of most competitors in this industry.
The screenshot below shows its user-friendly in-app dashboard:
Customer Service and Support
Contacting MoneyLion
MoneyLion advertises 24/7 support — relatively rare in this industry — through web and in-app live chat, a help submission form/email, and phone support (1-516-915-5466).
We found that the web chat, MoneyLion AI (beta), mostly provides AI-generated responses. When we asked about the fees and costs associated with our loan offers, it responded with the following message:
However, after signing in through the mobile app, the in-app live chat connected us to an agent in just a few minutes. They answered general questions about the process but couldn’t provide specifics on costs and fees, telling us to follow up with the lending partners for more information.
The phone call testing was a little slower. The call menu prompted us through seven options, but none of those were about personal or consolidation loans. It took more than 10 minutes to finally get a representative to speak with us about the consolidation loan product.
Once connected, the agent informed us that they couldn’t answer specific questions about costs and rates, but did a thorough job explaining how the MoneyLion marketplace works. We submitted a web form, and an automated email response arrived within minutes. Follow-up emails were mostly marketing and automated responses. We didn’t receive a personalized email.
Customer Testimonials
Across online MoneyLion customer reviews, common positive themes we discovered included the ease of obtaining a loan, the modern, easy-to-use app, and helpful chat representatives. Common negative themes included abrupt account freezes, slow updates to credit reporting after loan payoff, and difficulty escalating disputes.
One customer review on Trustpilot expressed frustration with the reporting process: “I opened a Credit Builder Loan with MoneyLion…and PAID my loan in full on 02/23/2026. I have their own payoff confirmation email clearly showing a $0.00 balance and ‘PAID’ status. Even with that proof, MoneyLion is still reporting a $272 charge-off balance and verified to Equifax that this balance is ‘correct.’”
MoneyLion responds to most of the critical reviews it receives on Trustpilot and BBB, typically within a few days.
Methodology: How We Review Personal Loans
BestMoney evaluates companies using 35 criteria across five categories:
Reputation: Years in business, third-party review scores, regulator history
Accessibility and flexibility: National availability, terms, requirements, loan amounts, usage
Cost: APR range, fees, available discounts
User experience: Mobile app quality, prequalification flow, speed of application, funding time
Customer service and support: Response times, customer testimonials, expert input, contact availability, and quality
Final Take: Who Is MoneyLion Debt Consolidation Best for?
MoneyLion fits borrowers who want to view a wide range of offers and don’t know where, or if, they’ll qualify. People with thin credit profiles, younger consumers, and anyone who needs to compare offers without a hard credit pull may find MoneyLion a good place to start. It may also be suitable if you want all your financial management tools in one app.
However, if you need more than a $100,000 loan or are concerned by the red flags in customer reviews and recent regulatory actions, consider looking elsewhere. If you decide to proceed, we advise prequalifying with at least two or three providers before committing. Read the partner-lender disclosures carefully and verify the company on the CFPB database before signing anything.
FAQs: MoneyLion Loans
Is MoneyLion worth it?
MoneyLion reviews are mixed; the app has a strong rating, and customers comment about enjoying many of its products. But there are some complaints about account freezes and slow credit reporting updates, so make sure to read the terms carefully before signing anything.
Is MoneyLion a real bank?
No. MoneyLion is a fintech company, but its banking product, “RoarMoney,” operates as a checking account managed by a partner bank, Pathward, N.A. (Member-FDIC). MoneyLion is a loan marketplace and does not issue loans directly to customers.
What happens if you don’t pay MoneyLion back?
The company will report late payments to the major credit bureaus, which can damage your credit score. Other consequences could include late fees or your balance being sent to collections, but this varies by partner lenders.
Physical Address
MoneyLion, Inc.
45 West 21st Street Floor 5
New York, NY 10010
USA
Jack Woerner
Jack Woerner is a Certified Financial Coach and Certified Financial Education Instructor (CFEI) with ten years' experience teaching and writing about personal finance. He has designed personal finance curricula, coached clients one-on-one through budgeting, tax, debt relief solutions, and many other areas of financial struggle.