MoneyLion

MoneyLion is a financial technology company that positions itself as a one-stop shop for banking, investing, borrowing, and credit-building. Since its founding in 2013, the platform has grown to serve millions of customers, offering a suite of products designed to make financial services more accessible .

In April 2025, MoneyLion was acquired by cyber security software company Gen Digital for approximately $1 billion . The company is headquartered in New York, New York .

Core Products and Services

RoarMoney℠ Banking Account

RoarMoney is MoneyLion's FDIC-insured checking account, powered by Pathward®, National Association, Member FDIC . It is not a bank account directly from MoneyLion itself—MoneyLion is a fintech company, not a bank .

Key Features and Fees:

Instacash℠ (Earned Wage Access)

Instacash is MoneyLion's flagship earned wage access (EWA) product. It allows users to access a portion of their wages before payday with 0% APR and no credit check . Unlike a traditional loan, EWA is based on wages you have already earned, not borrowed from future income .

Key Features:

Managed Investment Account

MoneyLion offers professionally managed investment accounts through ML Wealth LLC .

Fee Structure:

Important Disclosures:

Investment accounts are Not FDIC Insured

No Bank Guarantee

Investments May Lose Value

Credit Builder Plus℠ Membership

This paid membership program helps users build credit through small installment loans .

How Credit Builder Works:

You apply for a loan through the Credit Builder Plus program

A portion is held in a Credit Reserve Account as collateral

You receive the rest as cash

On-time payments are reported to credit bureaus

The reserve account is released when the loan is paid off

How MoneyLion Works

For Instacash Users

MoneyLion uses your banking and deposit history to determine your eligibility for cash advances :

Download the app and link your bank account

MoneyLion verifies recurring direct deposits

You become eligible for an advance limit (often starting lower, e.g., $10)

The limit increases as MoneyLion confirms consistent income

Important: MoneyLion advertises "up to $500 cash advance," but the limit per individual advance is actually $100. Customers need to take out five separate advances to reach the $500 limit, each with its own potential one-time fee and suggested tip.

Regulatory and Legal Issues

CFPB Lawsuit

In September 2022, the Consumer Financial Protection Bureau (CFPB) sued MoneyLion for alleged violations. The lawsuit claims that MoneyLion:

Requires Credit Builder Plus membership to access low-interest loans

Prevents customers from canceling membership until their loan is paid off

Locked customers into paying fees for months

Deceived and overcharged service members and military dependents

A Stipulated Final Judgment was proposed in November 2025. The order prohibits MoneyLion from:

Extending consumer credit to covered borrowers where the military annual percentage rate (MAPR) exceeds 36%

Defendants must clearly and prominently disclose fees

Baltimore City Lawsuit (October 2025)

The City of Baltimore sued MoneyLion, accusing it of deceptive practices related to cash advances. The city alleges that:

MoneyLion charges interest at APRs that regularly exceed 350%

This is more than ten times Maryland's legal cap of 33%

The company aggressively encourages customers to provide tips

MoneyLion falsely claims its cash advances aren't loans

Fee and Tip Math:

A $50 instant advance with a $2 tip and $4.99 fee = effective 350% APR

A $25 instant loan with a $5 tip and $3.99 fee = effective 900% APR

New York Attorney General Lawsuit (April 2025)

New York Attorney General Letitia James filed a lawsuit against MoneyLion and earned wage access company DailyPay, alleging similar violations.

Competitor Comparison

Source:

Customer Feedback and Reviews

Trustpilot and User Reviews

Trustpilot rating: 3.7 out of 5 (tens of thousands of reviews)

App Store rating: 4.7 stars

G2 rating: Not available in search results

Common Positive Themes:

Fast access to cash

Easy approval

Good for building credit

Common Negative Themes:

Customer service issues

Unexpected charges

Account access problems

Membership cancellation difficulties

Delayed deposits

BBB Complaint History

MoneyLion has received thousands of user complaints across multiple review platforms. Most complaints highlight:

Customer service difficulties

Account lockouts

Withdrawal issues

Difficulty canceling memberships

Contact Information

MoneyLion is an online financial institution without physical branches . Support is available 24/7:

Phone: +1 (888) 704-6970

Email: Available through the app

Chat: Available through the app

Pros and Cons Summary

Pros

All-in-one platform: Banking, investing, credit-building, and EWA services in one app

No mandatory fees for standard Instacash: 0% APR with no credit check

Credit-building tools: Credit Builder Plus loans report to credit bureaus

Low-cost banking: RoarMoney account is $0/month

55,000+ fee-free ATMs

Investment accounts: Accessible to first-time investors

Cons

Membership required for full features: Advanced features require $9.99/month WOW membership or $19.99/month Credit Builder Plus

High fees for fast funding: Turbo delivery fees up to $8.99 per transfer

Regulatory scrutiny: Multiple lawsuits from CFPB, Baltimore, and NY Attorney General

Effective high APR on tipped advances: Can exceed 350-900% when tips are included

Customer service complaints: Long response times and difficulty canceling memberships

Marketing concerns: "Up to $500" requires multiple $100 advances with separate fees

Frequently Asked Questions

Is MoneyLion legit?

Yes, MoneyLion is a legitimate fintech company backed by institutional investors and serving over 14 million customers. However, it has faced significant regulatory scrutiny and legal actions.

Is MoneyLion a bank?

No. MoneyLion is a financial technology company, not a bank. Its RoarMoney account is provided by Pathward®, National Association, Member FDIC.

Does MoneyLion check credit for Instacash?

No. Instacash does not require a credit check.

Can I use MoneyLion without a job?

No. Instacash requires recurring direct deposits to verify income. You need a consistent income stream to be eligible.

How much does MoneyLion cost?

The base RoarMoney account is free ($0/month). Instacash standard delivery is free. Turbo delivery fees range from $0.49 to $8.99. Credit Builder Plus membership costs $19.99/month.

Will using MoneyLion affect my credit score?

Instacash does not affect your credit score. Credit Builder Plus loans are reported to credit bureaus and can help build or repair credit.

Can I cancel my MoneyLion membership?

The CFPB lawsuit alleged that customers could not cancel membership while having an outstanding loan. Under the proposed judgment, members must have a right to cancel regardless of whether they have an active loan, though MoneyLion may require members to maintain their membership for an initial period not exceeding two months before cancellation.

Final Verdict

MoneyLion offers a comprehensive financial ecosystem that can be valuable for users who need access to cash advances, want to build credit, or seek low-cost investment options. However, the platform comes with significant costs—especially when using Turbo delivery, subscribing to Credit Builder Plus, or leaving optional tips.

Users should be aware of:

The "up to $500" advertising refers to multiple separate advances, not a single transaction

Optional tips are strongly encouraged with guilt-inducing language ("Looks like we didn't get a tip last time!")

Effective APRs can exceed 350% when Turbo fees and tips are included

Customer support and membership cancellation have been common pain points

Regulatory lawsuits from the CFPB, Baltimore, and New York

MoneyLion is a legitimate financial tool, but it is best used sparingly for emergencies, not as a regular income supplement.