MoneyLion Review 2024

MoneyLion logo


9.7 rating

Expert Take

MoneyLion provides a fresh look at what banking is evolving to in the 21st century. With intuitive personal finance tools, fully digital banking features, and an all-in-one approach, MoneyLion is an interesting mobile platform to consider.


  • Few fees
  • In-house robo-investor
  • Excellent customer service
  • Well-liked mobile app


  • No APY
  • No savings account
  • No physical branches

Maximum Advance




Funding Speed


Repayment Options


MoneyLion logo

Learn More

at MoneyLion

So, what is MoneyLion? MoneyLion is a finance app and all-in-one banking platform.

Headquartered in New York, MoneyLion Inc. is a fintech company that aims to provide an accessible, low-cost banking alternative that allows all Americans to get ahead financially.

This MoneyLion review covers everything from its most exciting features to a detailed look at pricing and customer service. You’ll walk away knowing whether or not MoneyLion is worth adding to your bank roster.

MoneyLion Products

Here are the current products offered by MoneyLion:


RoarMoney is MoneyLion’s sole checking account option. The account includes a debit card, direct deposit, and built-in budgeting tools.

MoneyLion offers direct deposit up to two business days before your payday. You can also take advantage of price protection that will reimburse you up to four times a year (up to $250) if the price of a purchase you made drops within 90 days.

Another perk is debit card rewards that allow you to earn cashback on select online purchases. There’s even a nifty feature called Shake ‘N’ Bank, which pays out small rewards when you shake your phone after making a purchase of $10 or more.

RoarMoney comes with a low $1 monthly fee that’s waived if you have a Credit Builder Plus membership.

Unfortunately, the account has no savings aspect, so you won’t have the chance to earn through an interest rate, which is a downside we found in this MoneyLion review.

Investment Account

Since there’s no interest-bearing savings account, your best bet for growing your money is to open a linked investment account.

The account is fully automated and maintained by a robo-advisor. You can set up automatic transfers into the account or manually add funds whenever you like.

The platform will invest your funds based on your financial goals and risk tolerance. You can also tailor your portfolio to focus on investments that interest you, like tech or socially conscious companies.

There’s a $1 per month administrative fee for the account, but no minimum balance requirements exist.

MoneyLion Features

Mobile Banking

The MoneyLion app is a one-stop shop for all of your banking needs. MoneyLion doesn’t have traditional brick-and-mortar bank locations, so your banking needs are taken care of digitally.

You can make deposits, move money between your checking and investment accounts, and use intuitive financial tools with the banking app.

The app is well-reviewed, with 4.7 stars in the App Store and 4.4 stars in the Google Play Store.

55,000 Free ATMs

MoneyLion is part of the Allpoint ATM network, so users have fee-free access to its 55,000+ ATMs throughout the US. However, if you have to use an out-of-network ATM, there’s a $2.50 ATM fee.

Cash Advances

InstaCash is a unique feature that lets you access 0% APR cash advances up to $500. The service is free unless you want turbo (instant) delivery, then you’ll pay $0.49 – $8.99 depending on how much you borrow.

Your qualifying deposits determine your InstaCash limit. Having recurring direct deposits in your account will increase your chances of higher advances.

For repayment, MoneyLion will automatically draw the funds owed from your account on the agreed-upon due date.

If your account balance is a little short to cover it, the app will take out a partial repayment and try again the following day until the advance is fully repaid.

Credit Builder Plus

Credit Builder Plus is MoneyLion’s personal loan platform for building your credit score. APRs range from 5.99% to 29.99%, depending on the current state of your credit.

The loan application is simple, and borrowers can request up to $1,000. There’s no hard credit check involved, so you won’t have to worry about your score dropping when you apply.

Once you select your loan amount and receive approval, some funds will be immediately available, while the rest sits in a Credit Reserve account.

You can set up easy, automatic loan payments over 12 months, and MoneyLion reports each on-time payment to all three major credit bureaus. The app even takes care of credit monitoring with weekly credit score updates.

Once you fully repay the loan, you’ll get access to the remaining funds in the Credit Reserve account, which you can use however you like.

Credit Builder Plus membership comes with a hefty fee of $19.99 per month. Fortunately, this fee is avoidable if you enroll in the Lion’s Share Loyalty Program (more on that below). You’ll also get the $1 RoarMoney monthly fee waived.

Lion’s Share Loyalty Program

The Lion’s Share Loyalty Program is MoneyLion’s reward system that pays you back for a more involved relationship with the platform.

You’ll need a RoarMoney account, an investment account, and a Credit Builder Plus membership to qualify.

The program is broken into four tiers — Platinum, Gold, Silver, and Bronze. Your tier is determined by how often you use your debit card and how frequently you log in to the app.

Here’s their breakdown of the requirements and payouts of each tier:

  1. Platinum ($19.99 payout): 20+ purchases of $10 or more, 20+ days with logins per month
  2. Gold ($10 payout): 10 to 19 purchases of $10 or more, 15 to 19 days with logins per month
  3. Silver ($5 payout): 5 to 9 purchases of $10 or more, 10 to 14 days with logins per month
  4. Bronze ($2 payout): 1 to 4 purchases of $10 or more, 5 to 9 days with logins per month

Consider ensuring you qualify for Platinum status before enrolling in Credit Builder Plus for it to make the most financial sense.

MoneyLion Fees

Overall, MoneyLion operates an affordable platform with low, transparent pricing.

They don’t have standard banking charges like low balance, transfer, and foreign transaction fees and MoneyLion is upfront about the fees that it does have.

Here’s a look at the costs you should be aware of:

Membership Fees

Both RoarMoney and the MoneyLion investment account come with a monthly fee of $1 each.

This is a lower monthly charge than most big banks, and the only way around it is to enroll in Credit Builder Plus, which comes with a monthly fee of $19.99.

Fortunately, that fee is also avoidable through the Lion’s Share Loyalty Program, but you’ll have to meet the Platinum tier requirements to offset the cost.

​ATM Fees

MoneyLion offers fee-free ATM access at Allpoint locations but charges a $2.50 fee for out-of-network ATM use.

This fee is on top of whatever the ATM charges and MoneyLion doesn’t offer reimbursement, so be sure to stick to Allpoint ATMs whenever possible.

Getting Started

Signing up for MoneyLion’s financial products is easy, and you can do so in the app. To open a RoarMoney account, download the MoneyLion app and set up your account.

Once MoneyLion verifies your identity with your Social Security Number, date of birth, and address, you can link a bank account or set up a direct deposit for initial funding.

MoneyLion accounts are available to anyone aged 18 or older in the US.


At this time, the only promotion is a referral program that offers direct deposit in your RoarMoney account, as we found in our MoneyLion review.

If your referral signs up for a RoarMoney account, you get a $5 reward in your RoarMoney account. However, if the referred person switches their direct deposit to RoarMoney, you receive a $50 referral fee.


MoneyLion is backed by Pathward, which is an FDIC-insured financial institution which means all your deposits are protected up to $250,000.

As for digital security, MoneyLion offers multi-factor authentication, contactless payments, and constant monitoring for unauthorized purchases. You can also lock your debit card directly from the app if it is compromised.

Customer Service

When you need a hand with your account, you can take advantage of resources on or right in the app.

The online help center has a ton of FAQs to guide you toward what you need, along with options to get in touch with someone.

MoneyLion’s chat function is available 24/7 and assists you with either a chatbot or a live agent. The call center (516-916-9466) is 24/7.

You can opt to send an email for less urgent issues, and responses generally arrive within two business days.

Overall, customer support is an area where MoneyLion stands out, as it boasts an average customer review score of 4.6 stars on TrustPilot.

Customer Reviews

MoneyLion currently boasts a 4.6 out of 5-star rating on Trustpilot with over 28k customer reviews. Here are what some customers of MoneyLion have to say:

Love this app!! It has saved me many times when I was short cash..please give it a try. You won't be disappointed!!👍👍👍👍👍😊
Michele Ricciardi Trustpilot

I have been using it for a while and it has helped a lot in times of need!!
Felicia Ellis Trustpilot

Had some issues repaying my instacash it was not coming out of my bank account for some reason so now it looks like I paid it late.
Carin Zelinsky Glenn Trustpilot

Pros & Cons


  • Few fees
  • In-house robo-investor
  • Excellent customer service
  • Well-liked mobile app


  • No APY
  • No savings account
  • No physical branches
  • High fee for Credit Builder

Alternatives to MoneyLion

For those who want a tech-forward bank where you can earn interest, there are a few alternatives to consider.

Neobanks like Chime, Revoult, and Monzo offer high-yield account options and many other digital features.

It’s also worth looking into chartered online banks like Ally and Axos, which provide a more traditional selection of banking products within the digital space.

Frequently Asked Questions

Is MoneyLion legit?

Yes. MoneyLion is legit, and it’s FDIC-insured through its partner bank, Pathward. MoneyLion is relatively new but has built up an impressive user base since its inception in 2013.

Is MoneyLion safe?

Yes, MoneyLion is a safe online platform. Between FDIC insurance and digital security measures, you should be in good hands.

How long does MoneyLion take to deposit?

Direct deposits arrive in your account up to two days before your employer’s payday. All other deposits could take up to two days for the funds to be fully available.

Is MoneyLion Right For You?

In true neobank fashion, MoneyLion provides a fresh look at what banking is evolving to in the 21st century. With intuitive personal finance tools, fully digital banking features, and an all-in-one approach, MoneyLion is an interesting mobile platform to consider.

The main benefits of MoneyLion are consistent with the digital banking industry — you’ll get top-tier tech, few fees, and excellent customer service.

The elephant in the room is MoneyLion’s lack of a high-yield savings APY, a watermark of digital banking.

Overall, MoneyLion is a solid option if you prefer to earn through automated investing rather than an interest rate.

However, it’s still a good idea for new MoneyLine customers to supplement its financial services with an external savings account.

You’re on the right track now that you know what’s up for grabs with MoneyLion from this MoneyLion review. And remember, banks should work for you and not vice versa.

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