MoneyLion Loans Review
Sometimes it seems lenders are only worried about getting their money back with interest in a timely manner. With MoneyLion loans, you have the chance to get your finances back in order and learn more about how to secure your financial future. Let’s take a closer look at how working with MoneyLion can be in your best interest.
How Much Can I Borrow From MoneyLion?
MoneyLion offers loans of up to $35,000 for those who qualify. Rates start at 7 percent, for those with good or above average credit. This means you can consolidate credit card debt or other personal loans at a lower rate. The prequalification process takes about five minutes. Checking your rate does not have any impact on your credit score.
When Do I Get My Money?
The money is deposited into your account as early as the next day. This timeline can be delayed if you apply on a weekend, holiday or later in the evening. To ensure timely delivery of your loan proceeds, be sure to provide valid checking account information. To make the loan process faster, you can electronically sign loan documents from your computer or mobile device.
Are There Perks for Paying By the Monthly Due Date?
Yes, paying your MoneyLion loans on time each month earns you points that you can trade for a variety of rewards. In addition to the perks offered by MoneyLion, your credit score may improve as you pay the loan payments on time. Your good credit score can save you money on future loans and make them easier to get. The exact impact on your score depends on what your score and history were like before you took out the loan.
What Other Services Does MoneyLion Offer?
MoneyLion wants you to know how to make the best possible decisions with your money. Therefore, they offer an app where you can track your net worth and get ideas as to how you can save money. They also offer free credit monitoring. This monitors your active balances and other information that play a role in determining your score.
What Are Endorsements?
MoneyLion offers a unique way to save money when your friends commit to your financial well-being. If you can get at least five people to endorse you, your interest rate drops 2.5 percent. If you get 30 or more people to endorse you, the rate drops by 15 percent. For those who originally had a 20 percent interest rate, a reduction of 15 percent could result in hundreds or thousands of dollars in savings each year.
If you are looking for a lender who cares about your financial future, MoneyLion may be the company to partner with.