MoneyLion is a mobile app designed to handle many of your traditional banking and financial needs. You can receive direct deposits, use one of the company’s debit cards, invest, and rebuild your credit. Although the MoneyLion app is geared towards a younger crowd, anyone with a smartphone can join. This company offers a variety of financial services with one app. You can invest, handle day-to-day banking, build credit, and enjoy cash advances. It’s a financial tool to bring your various accounts under a single app. Without the need for a physical location, MoneyLion offers most of the services you find at your traditional bank or credit union.
Founded in 2013, MoneyLion was designed to help hard-working Americans who don’t benefit from traditional banking. The goal was to build financial tools that helped Americans who struggled with their finances.
They’re individuals who were most likely to pay hundreds of dollars worth of bank fees each year for access to their money. MoneyLion created a financial toolkit for users to understand and access easier for a flat fee.
With access to cash advances and credit repair options, users can meet their financial needs without paying a slew of fees to a bank. Once the user repairs their credit, they can do things such as buy a car or a home.
What Can You Do With MoneyLion?
With MoneyLion, you can directly deposit your weekly or bi-weekly paycheck and automate your college investing for your kids or retirement. As a financial toolkit, MoneyLion offers many services in one app that you’ve been using two or three apps to accomplish in the past.
Another unique function of the app is receiving a cash advance without paying interest within two days of your payday. When emergencies arise, you can access your paycheck early to meet those needs.
MoneyLion App Features
The MoneyLion app offers a large variety of features. It provides all your necessary banking services along with others that can help you when you’re in a tight spot. These features include:
With Roar Money, you can handle all of your banking needs through the app on your phone. The company can send you a debit card for your account just like a traditional bank. You can also use the debit card without a fee at one of their numerous member ATMs. There isn’t a minimum deposit, and it’s FDIC insured. You can also earn gift cards.
If you’re direct depositing your paychecks in your mobile bank account, you can get a cash advance up to two days before your payday. The best part is that you don’t pay interest on this cash advance. You can access up to $250.
Credit Builder Loans
Have bad credit? No credit? You can secure a credit builder loan up to $1,000. You receive part of the funds upfront, and the rest are placed in a secure account until you pay off the loan. As you make your monthly payments on time, MoneyLion reports these on-time payments to the three major credit bureaus. You receive the balance on the loan after you make your final payment.
You can set your app to invest a certain amount each week automatically. The app allows you to invest in things that interest you, such as green companies. When you need money fast, you can quickly take it out of your investment account.
MoneyLion can help you track all of your financial transactions and guide you to financial health. The app tracks how much you spend and save along with your credit score. It also tracks your insurance coverage.
Cash Back Rewards
Unlike most traditional banks, MoneyLion rewards you for banking with them. You earn cash back on everything you buy using your debit card. The app automatically invests your cashback for you. Like automated investing, you can access the funds at any time.
How Much Does MoneyLion Cost?
The MoneyLion app doesn’t charge you a monthly fee for using their checking accounts or charge interest on cash advances. However, there is a one-dollar administrative fee to cover all of your accounts with MoneyLion. If you use an out-of-network ATM, there is a $2.50 fee. If you lose your debit card and need expedited shipping, you’ll pay a $25.00 fee.
Get Started With MoneyLion
It’s easy to get started with MoneyLion: fill out the online application. If you’re opening up a bank account, you’ll need the information before you set up your direct deposits, and if you’re opting for automated investing, you’ll want to provide a funding source.