MoneyLion is a fintech company that provides financial products and solutions to over four million users. Every MoneyLion member gets many resources that can improve financial health, including MoneyLion’s financial marketplace. For example, you can get financing for a large purchase without a hard credit inquiry.
What is a Personal Loan?
A personal loan is a financial product that helps you cover a large purchase. Only some have enough money in their bank account to afford a vacation, home improvements, or similar expenses. A personal loan breaks this lump sum payment into several monthly payments. A personal loan is also an option if you need to consolidate debt and get a lower average interest rate. Personal loans are useful financial instruments for covering credit card debt and lowering your monthly interest payments.
What is MoneyLion?
MoneyLion is a mobile banking company that strengthens the financial health of over four million users. MoneyLion has personal loans for larger expenses, but if you need $250 or less, you can use their Instacash feature to borrow money at 0% APR. In addition, MoneyLion puts your bank accounts, investment account, and other financial information on a single dashboard, making it easier to monitor your financial health.
What is the MoneyLion Personal Loans Marketplace?
The MoneyLion Personal Loans Marketplace helps borrowers get personal loans. MoneyLion does not conduct a hard credit check which means your score gets unaffected by this process. MoneyLion works with providers to match you with the right personal loan for your needs. MoneyLion pairs you with loans based on your selected purpose for the loan. Consumers can select the following purposes in the MoneyLion Personal Loan Marketplace:
- Debt consolidation
- Pay off credit cards
- Home improvement
- Large purchase
How Does the MoneyLion Personal Loans Marketplace Work?
The MoneyLion Personal Loans Marketplace can pair you with a loan without hurting your credit. Here’s the process for navigating through the marketplace and obtaining your loan.
Answer a Few Questions
MoneyLion presents a few questions during the application process that only take a few minutes. Then, MoneyLion uses this feedback to connect you with providers who can provide the best loans based on your financial health.
Get Matched with Top Providers
After answering the questions, MoneyLion will review your information and present several loan offers from top providers.
Compare Personal Loan Rates
MoneyLion gives you several personal loan offers, so you can choose something other than the one that appears first. Instead, consumers can browse through several loan rates and terms. Narrowing your list to loans with the most attractive interest rates will help you save money in the long run.
Pick Your Offer
After looking through several options and creating your shortlist, it’s time to decide on a loan. Finally, you can pick one of MoneyLion’s top providers, accept the loan, and start using the proceeds.
How Can You Use the Funds from a Loan from the MoneyLion Personal Loans Marketplace?
A personal loan from the MoneyLion Personal Loans Marketplace lets you tap into additional funds. Of course, you will have to repay the loan, but using your newfound capital can help with several objectives. Here are some common reasons consumers explore personal loan options.
Pay Off Debt
Why would you take on new debt to pay off current debt? Your current debt may have a higher interest rate, especially if it’s credit card debt. While the average interest rate on personal loans sits at 9.41%, credit cards typically command an interest rate above 15% for existing accounts. Payday loans are the most notorious financial products that can command triple-digit APRs. A personal loan can act as a reset and help you escape higher rates. Lowering your interest rate makes debt more manageable and creates more space in your monthly budget. You can also get a lengthier loan term to minimize your monthly payments. Borrowers can also lump student loans, auto loans, and other financial obligations into a single loan.
Renovate Your Home
A home renovation provides extra functionality in your home and can fix glaring issues. This renovation makes your home more pleasant in the moment and increases your home’s value. A personal loan lets you renovate your home sooner since you don’t need every dollar sitting in your bank account. You can repay the personal loan over monthly installments and get the renovation your home needs.
Make a Large Purchase
Saving up for a large purchase can take several months or years. A personal loan provides you with the capital right away, so you don’t have to wait any longer. You can make small monthly payments and have the vacation booked or item in your possession now instead of prolonging the process.
Cover Emergency Expenses
More than half of Americans do not have enough money to cover an emergency expenses. A personal loan can give you the coverage you need at the moment and make a minimal impact on your monthly budget. MoneyLion’s Instacash feature lets you access up to $250 at 0% APR. You can tap into your available Instacash advance limit for smaller expenses, but some emergency expenses cost more than $250. You may need to raise money for medical bills or other expenses. Getting a lower interest rate on these loans makes them more affordable. MoneyLion’s digital financial platform allows borrowers to explore a range of different financing options for their needs and get low APR on their loans.
Nearly Anything Else
The MoneyLion Personal Loans Marketplace asks you to provide a purpose for your loan. This purpose can help them find specialized personal loans for your needs, but you can also select “Other.” You can use money from a personal loan to buy any good or service. Borrowers can fulfill flexible parameters or inform lenders about how they want to spend the money. As long as you have a sufficient credit score, income to repay the loan and fulfill the lender’s requirements, you can get a loan. If you want extra money to afford any expense, a personal loan can help.
Does MoneyLion Charge Fees for the Personal Loans Marketplace?
MoneyLion does not charge any fees for using their Personal Loans Marketplace. You can receive loan offers for free and assess your options. Borrowers may have to pay loan origination fees and other administrative fees before obtaining a personal loan from one of MoneyLion’s top providers. However, you will not incur any fees or costs for using MoneyLion’s Personal Loans Marketplace.
How to Access the MoneyLion Personal Loans Marketplace
Borrowers can visit MoneyLion’s Personal Loans Marketplace and fill out their information. You can request a personal loan between $100 and $50,000. After you submit your information, MoneyLion will send loan offers from top providers. Comparing rates and terms will help you select a flexible loan with an attractive interest rate.
MoneyLion Inc. has many features that extend beyond personal loans. MoneyLion’s Credit Builder loan helps consumers build good credit and repair bad credit. You can also get a virtual debit card which has more protections than a physical copy. In addition, you can track your finances in one place, grow your investments with every qualifying purchase through MoneyLion’s Round-Up feature, and borrow up to $250 at 0% APR. Millions of people use MoneyLion to strengthen their finances. You can access MoneyLion’s financial services and obtain more capital by downloading the MoneyLion app today.