MoneyLion Review - Free Features With Some Drawbacks (2026)
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Key Takeaways
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- MoneyLion offers multiple financial tools, but are they what you need?
MoneyLion offers multiple financial tools, but are they what you need? In this review, we’ll dive into what MoneyLion provides, highlight its strengths and weaknesses, and help you figure out if it’s the right choice for you.
4/5MoneyLion is a robust financial app that offers a range of services. Individually, some of its offerings might not be the best in the market. However, its strength lies in its integrated rewards system. By actively using MoneyLion, users can significantly reduce or even negate various fees through the platform’s Lion’s Share loyalty program. This essentially provides free access to tools like credit builder loans and payday advances, which numerous competitors charge for.
Pros:- Cash advance limits of up to $1,000 for members (up to $500 for non-members with regular deposits in their linked account).
- No mandatory fees beyond a small $1 monthly charge for basic members. Other fees, such as for access to the Credit Builder program and instant transfer on cash advances (called Turbo Delivery), are optional.
- Access to automated investing portfolios, which simplifies the process for beginners.
- Slow delivery of payday advance funds (2-5 days) when not using Instacash and/or depositing the funds into an external account.
- Fees are high to deposit cash instantly via the Turbo Delivery feature.
- Cash advances are limited to $100 increments, so accessing larger sums instantly via Turbo Delivery requires multiple requests (and multiple fees).
- Investing account lacks IRA options.
Table of Contents
ToggleWhat Is MoneyLion?
MoneyLion is an NYC-based digital financial platform established in 2013 by Diwakar Choubey, a Wall Street veteran.
Unlike traditional banks, it doesn’t hold or lend customer funds. Instead, MoneyLion’s banking partner, Pathward, holds customer deposits (where they’re FDIC-insured up to $250,000).
The platform offers mobile banking, credit building, investing and cash advances.
If you’re opening a new account, start with the current MoneyLion referral bonus, which includes a $5 sign-up reward and a $50 direct deposit offer.
Overview and Analysis of MoneyLion Product Offerings
MoneyLion offers a comprehensive suite of financial products tailored to meet diverse needs. We’ll review each product individually to provide a clear understanding, highlighting its features and benefits.
MoneyLion Mobile Banking (RoarMoney)
RoarMoney , which MoneyLion refers to as its online banking platform , offers a blend of traditional and digital banking features.
Here’s a rundown of available features:
Account type:Checking account.Debit card:Both virtual and physical (Mastercard).ATM access:Free at Allpoint ATMs; $2.50 fee for out-of-network.Direct deposit feature:Potential to get your paycheck up to two days early.Insurance:FDIC-insured up to $250,000.Fees:$1 monthly administrative fee (waived if you’re opted into the Credit Builder plan); 2.5% for external debit card fund additions.Virtual card access:Accessible via RoarMoney app.Transfer limits:$1,500 per day, $2,500 per week and $3,500 per month.Analysis: The service stands out thanks to its early paycheck access, which is available for those who have their paychecks automatically deposited. While numerous banks now offer this service at no cost, it’s still a very attractive feature for those living paycheck to paycheck.
While there are no hidden fees, such as overdraft charges, there is a $1 monthly administrative fee. While this isn’t substantial, it’s worth noting that there are other banks with similar offerings that don’t charge this fee.
Chime would be one example of a bank that offers early paycheck access with no monthly fees. Read our Chime review to learn more.
MoneyLion’s “Shake ‘N’ Bank” rewards system differs from traditional cash-back incentives. Instead of earning cash back on every purchase, it functions more like a cash-back or deal platform, akin to Rakuten. Yet, its range of offerings doesn’t match the breadth of the leading cash-back sites.
Overall, RoarMoney offers a range of modern banking features, but none are what I would call best in class. The $1 per month fee is notable, given that competitors offer similar services without this charge.
MoneyLion Credit Builder Plus
MoneyLion’s Credit Builder Plus is designed to help people build or rebuild their credit.
Product type:Credit builder loan.Loan access:Up to $1,000 (a portion of which is available immediately).Credit reporting:Monthly to the three major credit bureaus.Membership fee:$19.99 per month.Credit reserve account:Holds part of loan funds (which are released upon full loan payment).Eligibility:Must be a U.S. resident who is 18 years old or older with a Social Security number and a bank account.With Credit Builder Plus, you get an installment loan up to $1,000. A portion of that loan is made available immediately, while the remainder is saved in a “Credit Reserve” account.
To qualify, you need to link your primary checking account, whether that’s with MoneyLion or another institution. MoneyLion then scans the account to determine your eligibility. A soft credit pull is also performed, which doesn’t impact your score.
MoneyLion states that the linked account should be in good standing, have been open for at least 60 days, and show an active transaction history. If approved, your loan repayment is scheduled over 12 months, with payments reported to the three main credit bureaus.
Once the loan is fully repaid, the funds from the Credit Reserve Account are released.
The Credit Builder Plus service costs $19.99 per month plus the interest you’ll pay on the loan. While this fee might seem high, the potential credit improvement benefits can be significant , especially for those looking to repair their credit (as opposed to those building a new credit history).
To help wipe out this cost, Credit Builder Plus members can also earn rewards through the Lion’s Share loyalty program. (Although you’ll need to utilize a RoarMoney account and an investment account to qualify for rewards.)
By logging into the MoneyLion app daily and making qualified purchases with the RoarMoney Debit Mastercard, you can earn a payout of up to $19.99.
So while you’re still charged the $19
Final Thoughts
The bottom line: a little research on moneylion review free features goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.
Originally published at thewaystowealth.com.
R.J. Weiss
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