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MoneyLion Thoughts

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mattmyFIC0
Established Contributor

MoneyLion Thoughts

Hi guys,

 

I'm wondering if anyone has tried out MoneyLion? I signed up and I am currently considering the Plus account. It's an interesting take on automated savings and they have different loan offerings built into the app.

 

I did run through a prequal for a personal loan just to see what they would offer and it was turned down because of not being able to verify my identity. They SP Clarity (by Experian). I'm wondering if having my EX frozen made them unable to pull a clarity report or something else happened? I hadn't heard of Clarity until yesterday Smiley Happy

 

If you are a Plus member they offer a $500 personal loan at 5.99% with no credit check.

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
5 REPLIES 5
Anonymous
Not applicable

Re: MoneyLion Thoughts

I'm paying 0% on $900 loan from affirm. 6% sounds too high to me. Just my opinion I could be wrong.
Message 2 of 6
mattmyFIC0
Established Contributor

Re: MoneyLion Thoughts


@Anonymous wrote:
I'm paying 0% on $900 loan from affirm. 6% sounds too high to me. Just my opinion I could be wrong.

I think affirm is for making online purchases? That's what I gathered from looking at their site.

 

MoneyLion is more about managing personal finances and being able to invest and borrow straight from the app. You can use the personal loans anywhere unlike affirm which loans you money based on a purchase from a merchant.

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
Message 3 of 6
DaveInAZ
Senior Contributor

Re: MoneyLion Thoughts

I wasn't impressed by their website, it took me while to figure what they're about. Looking at their Personal Finance section I see a demo that warns you your bank account balance is low. I take that means they want you to "link" your bank accounts & probably credit accounts? "Link" as in giving them your login info? No one gets that info from me, and I don't want/need a $500 personal loan whatever the terms.

Thanks for posting though, for those who might be interested.

Message 4 of 6
Anonymous
Not applicable

Re: MoneyLion Thoughts

I do have an account with them. And for someone with horrible scores like myself it is great. YOu d have to link your bank and all which is a negative. The memberships is around 80 per month.

 

BREAKDOWN

79 A month

each day you log in and swipe through their advise you get 1 dollar added to an investment account.

so log in each day of the month you will get $30 per month added to your savings account. 

After each succesful month of payments you get 50 invested into your account. 

 so by the end of the month you get 80 dollars which evens out the member ship fee.

 

also for doing small tasks like entering your name 

and info you get x number of points. 

 

Being a beginning memebr you get a lot of points.

  Once you rack up 2,500 points you will get a 25 dollar gift card.

 

Negatives

 

since it is a new program  customer service takes foreverrrrrrrrr to answer the phone.

website is very glichy (but i expect that from a new company that is swamped by new users.

payments take longer than normal to reflect on app

it does clear from the bank at reasonable times tho.

 

 

It is a pretty cool app for people who have gotten in the payday cycle. of paying 300-400 percent interest. 

 

excuse any typos 

 

Message 5 of 6
Anonymous
Not applicable

Re: MoneyLion Thoughts

Hello,

 

So I took out the MoneyLion Loan from the plus accounts is this is what I gather.

 

I pay 56.21 every two weeks.

$19.85 goes towards the loan and the rest towards my account.

What I don't like aobut it is that it does not report every CB every month.

What I do like is that I have saved about $600.00

Message 6 of 6
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