MoneyLion Logo
Loading TrustPilot

MoneyLion

Personal Finance Management App
Handle your online banking needs, from investing and direct deposits to rebuilding your credit score.

Overview

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. 

MoneyLion’s Story

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:

Mobile Banking

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. 

Cash Advances

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. 

Automated Investing

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. 

Financial Tracking

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. 

FAQs About MoneyLion Financial App (5)

  • What Is MoneyLion?

    MoneyLion is a financial app designed for people who get taken advantage of by traditional financial institutions. They can provide you with online banking, investment options, cash advance, and loans to repair your credit.

  • Is MoneyLion Legit?

    Yes, MoneyLion is a legit company. This mobile banking app comes with FDIC insurance to protect the money in your banking account.

  • How Can You Get a Loan From MoneyLion?

    You can get a cash advance when you direct deposit your paycheck. The app allows you to take out a cash advance of up to $250 two days before your expected payday. You can also secure a credit repair loan of up to $1,000. You don’t get a payout of all the funds. MoneyLion places part of the money you borrow into a separate account and sends it to you when you repay the loan. You can also apply for a personal loan.

  • Is MoneyLion a Bank?

    No, MoneyLion isn’t a bank. It’s an online, mobile banking app that allows you to open a bank account through Lincoln Savings Bank.

  • How Much Does MoneyLion Cost?

    There is a monthly administration fee of one dollar and fees if you use an ATM out of the company’s network of $2.50.

Reviews 99

XXX%
XXX%
XXX%
XXX%
XXX%
{{rev_ago}}
{{rev_source}}
{{rev_text}}

Featured

613b644e339f2f001dc83bf4Loading TrustPilot
The Greenlight debit card for kids helps parents teach good financial habits to kids through a managed app and personal savings tools.
56f093bd0000ff00058a7b71Loading TrustPilot
BankMobile is the first fully digital bank, aiming to provide a robust financial platform to help your finances flourish.
5c9952e0be21240001053144Loading TrustPilot
Varo Bank is an online bank with a free checking account. Start banking online and pay no fees. Read our review to learn more.

Products and Services

Why Us

No Fees Mobile Banking

The mobile banking app by MoneyLion offers you a checking account with an attached debit card with no fees. They provide you with many ATM locations you can use without a charge.

Save Money for the Future

You can invest with a variety of options, such as companies that put green values first. The automated investing options invest a set amount each month, week, or paycheck. You can remove these funds at any time.

Rebuild Your Credit

Take a loan of up to $1,000 to rebuild your credit. You receive part of the funds at the start of the loan and the balance after making the final payment. MoneyLion shares your on-time payments with all three credit reporting agencies.

Video

Download the MoneyLion App

To get started, you need to download the MoneyLion app to your smartphone. You can also sign up for an account on the company’s website. It only takes a few minutes to open your account.

Related Articles

If you are thinking about buying your first airplane, here are a few helpful tips and steps to take before you complete the purchase.
Read more
Learn more about how to start investing and slowly build a good investment portfolio to grow your money through investments.
Read more
Setting up an investment account for your kids when they are young will set them up for success and teach them important financial skills.
Read more

More Like This

Connect with Us

Latest News

If you are thinking about buying your first airplane, here are a few helpful tips and steps to take before you complete the purchase.
Read more

This page’s information results from independent research by our editorial team, who does their best to reflect factual and accurate information about the financial institution and its products. Financial institutions are not responsible for the content posted on Banks.com; visit the financial institutions’ website or contact it directly if you have any questions.

If you work for this financial institution and want to adjust any information, contact us at partners@banks.com.