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MoneyLion Review: Quick Verdict
MoneyLion is a legitimate fintech super-app that bundles personal loans (via its partner marketplace), Credit Builder Plus loans, Instacash cash advances up to $500 at 0% APR, a checking account, and automated investing into a single platform. It is best suited for borrowers who want multiple financial tools in one app and are building or rebuilding credit, though users should weigh the optional premium membership fee against the features they actually need.
Is MoneyLion Legit?
Yes. MoneyLion is a publicly traded financial technology company (NYSE: ML) that has served over 16 million customers since its founding in 2013. The company is not a bank itself, but its banking products are offered through Pathward, N.A., an FDIC-insured institution. This means deposits held in MoneyLion's RoarMoney checking account are federally insured up to $250,000 per depositor.
MoneyLion holds a B+ rating with the Better Business Bureau and maintains a 4.0+ rating on the Apple App Store. On Trustpilot, reviews are mixed — some users praise the Instacash feature and credit-building tools, while others cite customer service frustrations. As with any fintech platform, reading the terms for each individual product before signing up is important since different features carry different fee structures.
What Is MoneyLion?
MoneyLion positions itself as a financial super-app, combining several products that would normally require separate providers. The platform includes a personal loan marketplace that connects borrowers to partner lenders, a Credit Builder Plus program, Instacash cash advances, the RoarMoney checking account, and an automated investing feature. Users who want a more traditional lending experience can compare options on our best personal loans page.
MoneyLion Key Details
MoneyLion Products Breakdown
Personal Loan Marketplace
MoneyLion's loan marketplace is not a direct lender. Instead, it connects you with a network of partner lenders who compete for your business. Loan amounts range from $1,000 to $100,000, with APRs between 5.99% and 35.99% depending on your credit profile and the specific lender. You can check rates with a soft credit pull, and approved loans may be funded as early as the next business day.
Credit Builder Plus
Credit Builder Plus is MoneyLion's own lending product designed to help users build credit history. It provides a loan of up to $1,000 that is partially held in a secured account while you make payments. Those payments are reported to all three major credit bureaus (Equifax, Experian, and TransUnion), which can help establish or improve your credit score over time. This product requires the premium membership ($19.99/month).
Instacash
Instacash is MoneyLion's cash advance feature, offering up to $500 at 0% APR with no mandatory fees. The advance is repaid automatically from your next paycheck deposit. Free members start with lower limits that increase based on account activity and direct deposit history. Express delivery (same-day funding) costs an additional fee, and MoneyLion prompts users for optional "tips" — though tipping is not required.
RoarMoney and Investing
RoarMoney is MoneyLion's checking account, offered through Pathward, N.A. It includes features like early direct deposit (up to two days early), cashback rewards at select merchants, and no minimum balance requirements. The investing feature lets users start with as little as $1 through managed portfolios, though it is a basic robo-advisor without advanced customization.
MoneyLion Fees and Membership Tiers
MoneyLion operates on a freemium model. The free tier gives access to the loan marketplace, basic Instacash advances, RoarMoney banking, and financial tracking. The premium tier unlocks higher advance limits, Credit Builder Plus, and exclusive cashback rewards.
It is worth noting that express delivery fees for Instacash advances apply regardless of membership tier. Standard delivery (3-5 business days) is free. MoneyLion also prompts users for optional tips on cash advances, but these are entirely voluntary.
Who Should Use MoneyLion?
MoneyLion is a strong fit for borrowers who are actively building or rebuilding credit and want an all-in-one app rather than juggling multiple services. If you need occasional small cash advances between paychecks and want to build credit simultaneously, the combination of Instacash and Credit Builder Plus is hard to match elsewhere.
MoneyLion is less ideal for borrowers who need large loan amounts with competitive rates. The personal loan marketplace offers up to $100,000, but borrowers with strong credit may find better APRs through dedicated lenders. Similarly, the investing feature is basic — serious investors will outgrow it quickly. If your primary goal is a straightforward personal loan without the extra app ecosystem, a focused platform may serve you better.
Compare MoneyLion Alternatives
MoneyLion's all-in-one approach differs from traditional personal loan platforms. Upstart uses AI-based underwriting and may approve borrowers with limited credit history, while LendingClub is an established peer-to-peer marketplace focused on personal loans and debt consolidation. Here is how the three compare:
How to Apply and Get Started
- Download the MoneyLion app from the App Store or Google Play and create your account
- Link your primary bank account to verify income and enable direct deposit
- Check your personal loan offers through the marketplace with a soft pull (no credit impact)
- Optionally enroll in Credit Builder Plus or activate Instacash for cash advance access
- Set up RoarMoney direct deposit to unlock higher advance limits and early paycheck access
Does MoneyLion Hurt Your Credit?
The credit impact depends on which MoneyLion product you use. Checking your personal loan rates through the marketplace uses a soft inquiry, which does not affect your credit score. However, if you accept a loan offer and proceed with a partner lender, a hard inquiry will appear on your credit report.
Instacash advances do not involve a credit check at all — eligibility is based on your bank account activity and direct deposit history. Credit Builder Plus is designed to help your score: payments are reported to Equifax, Experian, and TransUnion. Making on-time payments should have a positive effect, while missed payments could hurt your score.
Frequently Asked Questions
Pros
All-in-One Platform: Combines personal loans, cash advances, credit building, banking, and investing in a single app — eliminating the need to manage multiple financial services separately.
0% APR Cash Advances: Instacash provides advances up to $500 with no interest and no mandatory fees, making it a low-cost alternative to payday loans for bridging gaps between paychecks.
Credit Builder With Savings: Credit Builder Plus reports payments to all three bureaus while building a savings cushion from partial loan funds, helping users establish credit history and save simultaneously.
Cons
Small Direct Loan Amounts: MoneyLion's own lending products max out at $1,000 for Credit Builder Plus and $500 for Instacash — borrowers needing larger amounts must use the third-party marketplace.
Premium Membership Required: The most valuable features (Credit Builder Plus, higher advance limits) sit behind the $19.99/month paywall, adding $240/year in costs that offset some of the platform's benefits.
Advance Limits Depend on Activity: New users start with low Instacash limits that only grow with consistent direct deposits and account usage, which can be frustrating for those who need larger advances immediately.