MoneyLion Review
Installment Loans from $500 to $5,000
Fast approval • Secure application • No commitment
MoneyLion at a Glance
About MoneyLion
Founded in 2013 and headquartered in New York City, MoneyLion has evolved from a simple budgeting app into a comprehensive financial platform offering installment loans, cash advances, credit monitoring, and investment accounts. Listed on the New York Stock Exchange (NYSE: ML) since 2021, MoneyLion serves over 10 million members across all 50 U.S. states.
As a direct lender, MoneyLion provides installment loans from $500 to $5,000 with repayment terms of 6 to 24 months. Unlike traditional payday lenders that require full repayment in 2-4 weeks, MoneyLion allows you to spread payments over time with fixed monthly installments. This makes loans more affordable and easier to budget for borrowers with tight monthly cash flow.
MoneyLion stands out with its holistic approach to financial wellness. Beyond loans, members get access to free credit monitoring (updates every week), financial coaching, a debit account with no monthly fees, and even the ability to invest spare change automatically. Their 'Instacash' feature also provides interest-free cash advances up to $500 with no credit check, offering an alternative to expensive payday loans for smaller emergencies.
With an 8.9/10 customer rating and industry-leading 55% approval rate, MoneyLion has earned a reputation for approving borrowers that traditional banks reject. They use alternative data (income, employment history, cash flow) in addition to credit scores when making lending decisions. However, APRs range from 150-400%, which is still significantly higher than personal loans from banks or credit unions. MoneyLion is best suited for borrowers who need installment flexibility but can't qualify for traditional low-interest financing.
Expert Opinion: Highly Recommended
MoneyLion is our top-rated lender for borrowers who need more than 2-4 weeks to repay and want a comprehensive financial wellness platform. Their installment structure (6-24 months) makes monthly payments much more manageable than payday loans, and their 150-400% APRs, while still high, are lower than most payday lenders. The free Instacash feature (up to $500, 0% APR) is an excellent alternative to payday loans for small emergencies. With a 55% approval rate and credit scores accepted as low as 560, MoneyLion gives financially stressed borrowers a real chance at approval. We recommend MoneyLion over payday lenders if you need $500+ and can afford monthly payments over 6-12 months. However, if you have good credit (680+), explore traditional personal loans from banks or credit unions first—you'll get APRs of 6-36% instead of 150-400%.
Example Loan Cost
Representative example of a typical MoneyLion loan:
*This is a representative example only. Your actual APR and costs will depend on your credit profile, loan amount, and state regulations. Always review your loan agreement before accepting.
Pros & Cons of MoneyLion
Advantages
- ✓ Highest customer rating in our review (8.9/10) and best approval rate (55%)
- ✓ Installment loans up to $5,000 with 6-24 month repayment terms (vs. 2-4 weeks for payday loans)
- ✓ Free Instacash advances up to $500 with 0% APR for members (alternative to payday loans)
- ✓ All-in-one financial app: loans + banking + credit monitoring + investing in one platform
- ✓ Weekly credit score updates (most competitors update monthly)
- ✓ Accepts borrowers with poor credit or limited credit history using alternative underwriting
- ✓ Fast funding (as fast as 6 hours for approved loans)
- ✓ Available in all 50 states (most payday lenders have limited availability)
Disadvantages
- ✗ High APR range (150-400%) compared to traditional personal loans
- ✗ Membership fees may apply for premium features ($19.99/month for MoneyLion Plus)
- ✗ Smaller maximum loan amount ($5,000) compared to some installment lenders
- ✗ Longer approval time (6 hours) vs. pure payday lenders (1 hour)
- ✗ App-only experience may not suit borrowers who prefer phone or in-person service
How to Apply for a MoneyLion Loan
Start Your Application
Visit MoneyLion's website or use our comparison tool to submit your application. You'll need basic personal information, employment details, and bank account information.
Get Approved
MoneyLion will review your application and make a lending decision within 6 hours. You'll receive notification via email or SMS.
Review & Accept
Carefully review the loan terms, including APR, fees, repayment schedule, and total cost. Only accept if you understand and agree to all terms.
Receive Funds
Once you accept the loan, MoneyLion will deposit funds directly into your bank account. Funds typically arrive within 6 to 12 hours.
Frequently Asked Questions
How do I apply for a MoneyLion loan?
Download the MoneyLion app (iOS or Android) or visit moneylion.com and create a free account. Complete the loan application by providing your personal information, income details, and bank account for verification. MoneyLion will perform a soft credit check (won't affect your credit score) and review your income and banking data. Most applicants receive a decision within 6 hours. If approved, review your loan offer showing the exact loan amount, APR, monthly payment, and repayment term. Accept the offer and funds will be deposited into your linked bank account within 1-2 business days.
What are the requirements for a MoneyLion installment loan?
You must be at least 18 years old, have a regular source of income (job, self-employment, or benefits), maintain an active checking account, and be a U.S. citizen or permanent resident. MoneyLion accepts borrowers with credit scores as low as 560, and some applicants with even lower scores may be approved based on alternative factors like steady employment or positive cash flow. Having a prior banking relationship through MoneyLion's checking account or using their Instacash feature can improve your approval odds.
How fast can I get money from MoneyLion?
MoneyLion typically approves loan applications within 6 hours during business hours. Once approved and you accept the loan offer, funds are deposited via ACH transfer within 1-2 business days. For MoneyLion Plus members, expedited funding may be available for an additional fee, delivering funds within 12-24 hours. If you need money immediately (within minutes), consider MoneyLion's Instacash feature instead, which provides interest-free cash advances up to $500 with instant transfer to your MoneyLion account.
What is the APR for MoneyLion installment loans?
MoneyLion's APR ranges from 150% to 400% depending on your credit profile, loan amount, and repayment term. For example, a $2,000 loan over 12 months at 250% APR would have a monthly payment of approximately $350 and a total repayment of $4,200 (including $2,200 in interest). While these rates are high compared to bank personal loans (typically 6-36% APR), they're significantly lower than payday loans that often exceed 400-600% APR. Longer repayment terms (12-24 months) generally have higher APRs than shorter terms (6-9 months).
Can I get approved with bad credit at MoneyLion?
Yes, MoneyLion is known for approving borrowers with bad credit or limited credit history. They use alternative underwriting that considers your income, employment stability, banking history, and cash flow patterns—not just your credit score. Borrowers with scores as low as 560 are routinely approved, and MoneyLion's 55% approval rate is among the highest in the industry. However, bad credit will typically result in higher APRs (350-400% range) and smaller loan amounts for first-time borrowers.
What's the difference between MoneyLion loans and Instacash?
MoneyLion offers two products: (1) Installment Loans ($500-$5,000, 6-24 months, 150-400% APR) are traditional loans with monthly payments and credit checks. (2) Instacash (up to $500, 0% APR) is an interest-free cash advance for members, repaid when you get your next paycheck. Instacash requires a linked paycheck, has no credit check, and costs $0 in interest (just optional tips). Use Instacash for small emergencies under $500; use installment loans for larger expenses or when you need longer repayment terms.
Does MoneyLion charge any fees?
MoneyLion installment loans have no origination fees, application fees, or prepayment penalties—you only pay the interest calculated by your APR. However, late payments may incur fees (typically $25-$35), and requesting expedited funding costs an additional $5-$10. MoneyLion also offers a premium membership called MoneyLion Plus ($19.99/month) which provides access to credit builder loans, managed investing, and higher Instacash limits, but this membership is optional and not required to get an installment loan.
What states does MoneyLion operate in?
MoneyLion is available in all 50 U.S. states and Washington D.C., making it one of the few lenders with nationwide coverage. This is a major advantage over payday lenders like CashNetUSA (30 states) or Speedy Cash (limited states). However, loan amounts, APRs, and terms may vary by state due to local lending regulations. For example, some states cap installment loan amounts at $1,500 while others allow the full $5,000.
Alternatives to MoneyLion
While MoneyLion is a solid choice, you may also want to consider these alternatives:
- → Credit Union Payday Alternative Loans (PALs) – Lower APRs (28% max) but slower approval
- → Installment Loans – Longer terms (6-24 months) with smaller monthly payments
- → Cash Advance Apps – $50-$250 advances with low/no fees (Earnin, Dave, Brigit)
- → Compare Other Lenders – See all 30 lenders in our network
Ready to Apply with MoneyLion?
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High-Cost Loan Warning: MoneyLion loans have APRs ranging from 150% to 400%, which is significantly higher than traditional bank loans. These loans are intended for short-term financial needs only and can be expensive if not repaid quickly.
Responsible Borrowing: Only borrow what you can afford to repay on time. Late or missed payments can result in additional fees, collection actions, and damage to your credit score.
Editorial Independence: Credizen.net is a comparison service. We may earn a commission when you click on lender links or apply for a loan through our platform. All reviews and ratings are based on publicly available data and user feedback. MoneyLion has not influenced this review.
Emergency Financial Help
If you're experiencing financial difficulties, contact your local financial counseling service.
- South Africa: National Credit Regulator - 0860 627 627
- Romania: ANPC - 0213142200
- Colombia: Superintendencia Financiera - (571) 594 2222
- Poland: KNF - 22 262 5000