|100% Online, High Approval Rate|
Term: 1-12 Months
Interest: 1.7% / month
Applicant Conditions: American Resident (18-50 years old)
Application Information: 1.Salary Proof 2.Bank Account
Loan Product Introduction:
MoneyLion is a company that specializes in financial services such as online banking, credit-builder loans, and cashback rewards. This company offers a free core membership where you can get a zero-free checking account. Besides, an investment account will be given to you together with the membership. These are just some of the features of MoneyLion that are loved by most of its clients. Plus, there is a 0% APR for cash advances when you avail of its membership. It is such a good chance to find a company that offers all of these in just a click.
MoneyLion has positive reviews including its low APR attached to the credit-builder loan, no hard credit inquiry, and its compliance with the three major consumer credit bureaus. One reason why this company has best-selling credit-builder loans is that it only has 5.99% APR. This is already the lowest in the market if you try to compare it to other companies offering the same product. The no credit check also benefits many borrowers in a way that they don’t need good credit standing just to avail of the loan service. As long as you are a member, you can be eligible to apply for a credit-builder loan.
However, what’s bad about it is that it has a monthly membership fee, low amounts offered to borrowers, and there is a possibility that the loan funds will go directly to a reserve account until the time you fully pay the loan back. Yes, you can register with MoneyLion but the membership fee can be up to $19.99 per month. It’s too much for the people who can’t even afford to pay their loans one-time! While you receive a portion of the money you borrowed instantly, some of it will go to a reserve account, which is a little bit inconvenient.