MoneyLion: Are You Leading the Pack in Financial Savvy?
Updated April 2025
MoneyLion, a fintech platform founded in 2013, empowers 17 million users to manage finances through a seamless app. Partnering with Pathward, N.A., Member FDIC, MoneyLion insures RoarMoney checking accounts up to $250,000 per depositor, per ownership category. Non-deposit products (e.g., Instacash, investments) are not FDIC-insured. Learn more at support.moneylion.com.
Products and Services
MoneyLion’s app (4.5/5 Google Play) offers diverse tools:
- Checking Accounts: RoarMoney checking ($1/month, waivable with Credit Builder Plus) provides early direct deposit (up to two days), mobile check deposit, and a Debit Mastercard with 55,000+ fee-free Allpoint ATMs. Out-of-network ATM fees ($2.50) apply.
- Credit Building: Financial Heartbeat tracks financial health, offering credit monitoring and personalized score-improvement advice.
- Loans: Credit Builder Plus loans (up to $1,000, 5.99%–29.99% APR, $19.99/month) report to bureaus, with funds partially held in a non-FDIC-insured Credit Reserve Account.
- Instacash: Interest-free cash advances up to $500 ($1,000 with RoarMoney), with free standard delivery (1–5 days) or $3.99 instant delivery to RoarMoney.
- Investing: Managed ETF and crypto portfolios with no management fees; accounts <$5,000 incur $1/month, >$25,000 incur $5/month.
- Personal Finance: Budgeting, expense tracking, weekly spend reports, and subscription management.
- Rewards: Shake ‘N’ Bank offers cashback ($0.01–$500) for purchases ≥$10, plus merchant deals (e.g., Walgreens).
- Credit Cards: Available via Fiona partnership.
Target Market
MoneyLion serves tech-savvy millennials, Gen Z, and underserved users (17 million+), focusing on credit building and financial empowerment for those with limited savings or poor credit.
Pros and Cons
Pros:
- All-in-one platform with banking, Instacash, loans, and investing.
- Credit Builder Plus boosts scores (e.g., 519 to 623).
- Early direct deposit and 55,000+ fee-free ATMs.
- Shake ‘N’ Bank and Lion’s Share rewards.
Cons:
- No physical branches or savings accounts.
- High APRs (up to 29.99%) and $19.99/month loan fees.
- Regulatory scrutiny (CFPB/NY AG lawsuits for fees).
- Service issues (e.g., account freezes, delays).
Rewards Program
Lion’s Share reduces Credit Builder Plus fees, while Shake ‘N’ Bank offers cashback ($0.01–$500) for purchases ≥$10. Merchant deals (e.g., DoorDash) grow when invested.
Niches and Marketing
MoneyLion markets as a financial membership, using AI for personalized advice and education. Its all-in-one model, recognized by Forbes Fintech 50 (2020), appeals to younger users seeking accessibility.
Final Thoughts
MoneyLion’s app integrates banking, Instacash, credit building, and investing for tech-savvy users, with a Trustpilot score of 4./5 (27,000+ reviews). However, no savings accounts, high loan fees, and regulatory risks (e.g., CFPB lawsuits, Pathward penalties) require caution. Explore MoneyLion at moneylion.com to see if it fits your needs.
