Moneylion loan Review [2020] : How It Works, Application, Payment, Contacts

MoneyLion loan app is offered by MoneyLion, Inc. The MoneyLion loan app is available on the Google Playstore, is accessible to all US residents and has over 1M+ downloads in addition to a 3.9/5 star rating with 35K+ reviews.

 

How to register for Moneylion

Download the MoneyLion payday loan app from the Google Playstore

Fill in your profile info and link the Money payday loan app to your bank checking account.

NOTE: The linked checking account must be regularly active for not less than 2 months as well as possess no history of overdrafts.

 

Moneylion interest rate

The MoneyLion payday loan app does not impose any fees in terms of interest.

However, costs are incurred depending on the disbursement option whereby regular disbursements are free while instant advancements attract fees of between $3.99 and $4.99 depending on the chosen checking account.

Despite the lack of interest fee, MoneyLion payday loans are funded through tips from the users

 

Moneylion loan limits

MoneyLion payday loan app limits range from between $25 and $200 and is subject to a variety of factors including deposit frequency and deposit amount.

However, this MoneyLion payday loan amounts are advanced at limits of $50 at a time meaning that one cannot take the entire disbursed amount at once.

 

How to increase Moneylion loan limits

Higher MoneyLion payday loan limits are dependent on 2 factors namely:

Deposit amounts: higher deposit amounts translates to higher loan limits

Switching direct deposits to MoneyLion account: This will increase the initial maximum loan limit from $200 to $250

 

How Moneylion determines repayment schedule

MoneyLion repayment dates are based on history of previous deposits whereby the MoneyLion prediction system aligns the repayment date with one’s subsequent expected direct deposit.

 

How to pay Moneylion 

MoneyLion payday advance loans can be repaid via 2 options namely:

Automatic : Due payments will be deducted automatically from users with MoneyLion checking accounts while deductions will be made from the debit card for those without MoneyLion checking accounts.

Manual: Click on ‘Repay’ from the instacash menu and choose the account linked to MoneyLion.