Moneylion

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There is a huge number of companies capable to provide a loan online in the shortest time possible; however the conditions of available lending services, including terms, rates and fees, are not always satisfying. Therefore, we’ve prepared a brief article about Moneylion loan membership in order to shed some light on its pros and cons, as on its products and services as well. The platform with high rating from the customers already exists for almost 7 years and up to now it contains more than 4 million members. The amount of money you can borrow from Moneylion bank can be from $ 500 to $ 35 000 at 5,99% average rate. The term of repayment is determined according to personal circumstances of borrower and differs from 1 to 30 month. To apply for Moneylion card, a customer has to be over 18-year-old, have a job with a stable income and credit score 560 and more. The application is simple and fast, so in only 7-10 business days after creating an account, borrower receives Moneylion debit card.
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Moneylion reviews of the products provided

The company is mostly specializing on mortgages for consolidation of debts, home improvements or any other individual financial purposes. It offers two types of personal loans:
  1. BetterCash. The service offers fast loans for those who need money as soon as possible without any charge fee in case of early repayment.
  2. Moneylion plus loans. The fee for this product costs $ 29 per month. However, with its help you can improve your credit rating, monitor the updates and manage account for free, as well as get into account $ 1 every day since registration in case of on-time payments.

Strengths and weaknesses of lender

Despite obvious benefits of being a member of the company, described above, it also has some weak points that must be considered by consumers before making a final decision. Positive sides:
  • no service and overdraft fees;
  • up to 12% cashback rewards;
  • minimum balance is not needed;
  • fast deposits;
  • low credit score required;
  • easy-to-use tools;
  • chance to improve your credibility.
Negative sides:
  • fees in case late payments;
  • not available to unemployed borrowers;
  • payments for membership every month;
  • starting with the small expenses.
Anyway, choosing of perfect and the most appropriate online lender is a bit complicated decision. It is to be hoped that BetterCash and Moneylion Plus review as well as the summarizing of company’s advantages and disadvantages will help the consumers to come up with the best solution.
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