Is Moneylion Legit And Safe? An Unbiased Review 2024

MoneyLion is a financial technology company that offers a range of services, including lending, investment, and financial advisory services. With its headquarters in New York City, the company has been around since 2013 and has become a popular choice for many Americans who are looking for an alternative to traditional banking.

A lion stands proudly in front of a bank, with a sign reading "MoneyLion" above the entrance. The lion exudes confidence and trustworthiness

One of the most common questions that people have about MoneyLion Is MoneyLion legit and safe?. The answer to this question is yes. MoneyLion is a legitimate company that is regulated by the United States government. It is a member of the Securities Investor Protection Corporation (SIPC), which means that its customers’ investments are protected up to $500,000 in the event that the company goes bankrupt.

MoneyLion has also received positive reviews from its customers, who praise its easy-to-use platform, competitive interest rates, and helpful customer service. While no financial institution is perfect, MoneyLion has established itself as a reliable and trustworthy company that is committed to helping its customers achieve their financial goals.

What Is MoneyLion?

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Overview of MoneyLion

MoneyLion is a financial technology company that offers a range of financial services to its customers. The company was founded in 2013 and is headquartered in New York City. MoneyLion is a legitimate company that is registered with the Better Business Bureau (BBB) and has an A+ rating.

MoneyLion provides a mobile app that enables users to manage their finances, invest, and borrow money. The app has over 6 million users and has been downloaded over 30 million times. MoneyLion also offers a membership program called MoneyLion Plus, which provides access to additional financial services and benefits.

Services Offered

MoneyLion offers a range of financial services to its customers, including:

  • Banking: MoneyLion provides a mobile banking service that enables users to deposit checks, transfer money, and manage their accounts.
  • Investing: MoneyLion offers a range of investment products, including exchange-traded funds (ETFs), stocks, and bonds.
  • Loans: MoneyLion provides personal loans to its customers, with loan amounts ranging from $1,000 to $35,000.
  • Credit monitoring: MoneyLion provides credit monitoring services to its customers, enabling them to keep track of their credit score and credit report.
  • Rewards program: MoneyLion offers a rewards program called Lion’s Share, which enables users to earn rewards for using the app and taking certain actions, such as paying bills on time.

Overall, MoneyLion is a legitimate company that offers a range of financial services to its customers. The company has a strong reputation and has been positively reviewed by many customers.

Legitimacy and Safety

A sturdy lock secures a vault, symbolizing legitimacy and safety for MoneyLion

MoneyLion is a financial platform that offers various services such as personal loans, credit monitoring, and investment accounts. Before using any financial platform, it is important to consider its legitimacy and safety. In this section, we will discuss MoneyLion’s regulatory compliance and user data security.

Regulatory Compliance

MoneyLion is a legitimate financial platform that is regulated by the United States Securities and Exchange Commission (SEC). The company is also a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). These regulatory bodies ensure that MoneyLion operates in compliance with industry standards and protects its users’ investments.

User Data Security

MoneyLion takes user data security seriously and uses various measures to protect user information. The platform uses 256-bit encryption to protect user data and has a strict privacy policy that outlines how user data is collected, used, and shared. MoneyLion also uses multi-factor authentication to ensure that only authorized users can access their accounts.

In addition, MoneyLion has partnered with Plaid, a financial data provider that securely connects users’ bank accounts to the platform. Plaid uses bank-level security to protect user data and is trusted by major financial institutions.

Overall, MoneyLion is a legitimate and safe financial platform that is regulated by industry authorities and uses various measures to protect user data.

User Reviews and Ratings

A laptop displaying MoneyLion's user reviews and ratings

Customer Testimonials

MoneyLion has received a lot of positive customer feedback over the years. Many customers have praised the platform for its ease of use and helpful features. One customer on Trustpilot mentioned that they have been a MoneyLion customer since 2017 and that the initial plan was amazing. They invested a dollar every day you signed into the app. Another customer mentioned that they like that they can invest in crypto and that the platform has a lot of other great features.

Independent Review Platforms

MoneyLion has also received high ratings on independent review platforms. According to WalletHub, MoneyLion has a rating of 4.8 out of 5 based on 29,700 reviews from WalletHub and across the web. The rating was last updated on April 8, 2024. Benzinga also reviewed MoneyLion and found that the platform offers free features with some drawbacks.

Overall, the customer testimonials and independent review platforms suggest that MoneyLion is a legitimate platform that offers helpful features to its users.

Financial Products Analysis

A laptop displaying financial data, surrounded by charts and graphs. A stack of documents and a calculator sit nearby

Loan Terms and Conditions

MoneyLion offers loans to its customers with varying terms and conditions. The loans range from $500 to $35,000, and the repayment period can be anywhere from one to five years. The interest rates on these loans are fixed and can range from 5.99% to 29.99% APR. The interest rate you qualify for will depend on your credit score and other factors such as income and debt-to-income ratio.

One of the unique features of MoneyLion’s loan product is that you can receive a lower interest rate by enrolling in the company’s Credit Builder Plus program. This program allows you to make small payments over time to build your credit score, which can result in a lower interest rate on your loan.

Investment and Savings Products

MoneyLion offers a variety of investment and savings products to its customers. The company’s investment product is called MoneyLion Invest, and it allows you to invest in a variety of ETFs and portfolios. The investment platform is easy to use and offers a range of investment options with low fees.

MoneyLion also offers a savings account called MoneyLion Savings. This account offers an APY of up to 0.30%, which is higher than the national average. The account has no minimum balance requirement and no monthly fees.

Overall, MoneyLion’s financial products appear to be legitimate and offer competitive rates and terms. However, it is important to carefully review the terms and conditions of any loan or investment product before signing up.

Customer Support and Service

A customer service representative assists a client with a positive and helpful attitude


MoneyLion offers 24/7 customer service via phone, email, or live chat, making it convenient for customers to get help whenever they need it. The company also has a mobile app that customers can use to manage their accounts and access customer support. The app is available for both iOS and Android devices, making it accessible to a wide range of users.

Support Quality

According to customer reviews on Trustpilot, MoneyLion’s customer support is generally good. Many customers have praised the company’s transparency and excellent service, noting that representatives are knowledgeable and helpful. MoneyLion’s customer service team also responds promptly to inquiries and is able to resolve most issues quickly.

However, some customers have reported negative experiences with MoneyLion’s customer support, particularly with regards to loan applications and account issues. Some customers have also reported difficulty reaching customer service representatives or receiving timely responses to their inquiries.

Overall, MoneyLion’s customer support and service is generally good, but there is room for improvement in some areas. Customers can expect to receive prompt and knowledgeable assistance most of the time, but may encounter issues with responsiveness or resolution in some cases.

MoneyLion Mobile App Features

The MoneyLion mobile app interface displays various features like savings, investing, and borrowing options

MoneyLion is a mobile banking app that provides its users with a range of features to manage their finances on the go. The app is available for both iOS and Android devices and can be downloaded from the respective app stores.

App Usability

MoneyLion’s mobile app is designed with a user-friendly interface that makes it easy for users to navigate and find the features they need. The app’s homepage provides an overview of the user’s account balances, recent transactions, and credit score. Users can also access their investment accounts, view their credit reports, and apply for loans from the app.

Mobile Banking Functions

The MoneyLion app offers a range of mobile banking functions, including:

  • RoarMoney Checking Account: MoneyLion’s RoarMoney checking account comes with a Mastercard debit card that can be used for free at Allpoint ATMs. The account also offers cashback rewards on purchases made with the debit card.
  • Instacash: Instacash is a feature that allows users to borrow up to $250 with no interest or fees. The amount borrowed is automatically deducted from the user’s next paycheck.
  • Credit Builder Plus: Credit Builder Plus is a credit-building program that helps users improve their credit scores. The program includes a credit-builder loan, credit monitoring, and credit coaching.
  • Investment Accounts: MoneyLion offers investment accounts that allow users to invest in stocks and ETFs. The app also provides personalized investment recommendations based on the user’s financial goals and risk tolerance.

Comparison With Competitors

Moneylion stands tall among competitors, exuding trust and legitimacy. Its strong presence and innovative approach set it apart

Similar Financial Platforms

MoneyLion is a fintech company that offers a range of financial services, including personal loans, credit monitoring, and investment accounts. The platform is similar to other financial platforms like Chime, Dave, and Even, which offer similar services to their customers.

Like MoneyLion, Chime is a digital bank that offers fee-free banking services to its customers. Dave, on the other hand, is an app that helps users avoid overdraft fees by providing small cash advances. Even is another financial platform that helps users manage their money and pay bills on time.

Distinctive Features

One of the distinctive features of MoneyLion is its rewards program, which provides users with cashback rewards for using the platform’s services. Users can earn rewards for things like logging into the app, taking out a loan, and investing in the platform’s investment accounts.

Another unique feature of MoneyLion is its credit monitoring service, which provides users with access to their credit scores and reports. The service also provides users with personalized recommendations on how to improve their credit scores.

In comparison, Chime offers a feature called SpotMe, which allows users to overdraft their accounts up to a certain limit without incurring fees. Dave offers a similar feature, but it charges a small fee for the service. Even offers a feature called Instapay, which allows users to access their paychecks early.


In conclusion, MoneyLion’s mobile app offers a range of features that can help users manage their finances on the go. The app’s user-friendly interface and mobile banking functions make it a convenient option for those looking to take control of their finances.

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