- MoneyLion loans: People with an excellent credit history are the ones who get this loan at a low interest rate.
- LionLoans: This loan is ideal for people whose credit score is below 580 or wants to control their finances with a starter loan. This loan, however, has a high interest rate.
The rate of interest for loansFor all MoneyLion loans, the interest rate begins from 7 percent up to 29.99 percent. The loans whose APR is over 29.99 percent are created by subsidiaries which are authorized by the state. And like many similar lending companies, a person’s APR is based on the credit score, work, and income. Additional fees do not exist. It is only the above interest and a two to six percent origination fee. Customers can pay off whenever they are ready without getting a penalty.
MoneyLion rewarding schemeWhenever a person displays his financial responsibility and gets an endorsement on his/her account, he/she will receive a reward. The reward can be a gift card to a distinguished store like Amazon and Starbucks. A person can also get credits when he/she gets endorsements that go up to fifteen percent discount on the APR of their loan. What financial responsibility means: It entails 5 elements
- Connecting with MoneyLion: This is the stage where a person verifies his/her identity. It entails connecting to social networks and confirming contact details.
- The habit of borrowing: Paying off the loan within the specified time.
- Money habits: This how people do things: it includes things like linking bank accounts and credit cards, improving one’s savings by five percent, analyzing one’s net worth, avoiding late charges and so on.
- Credit habits: This entails enrolling in a free credit controlling service, improving one’s credit score, ensuring the credit utilization is below ten percent and so forth.
- Assisting MoneyLion community: This entails writing reviews.
Money controlling toolsThe Android and iPhone loan apps will assist people in:
- Getting personalized guidelines as per one’s credit score. The spending habits also assist people in managing their credit and saving money.
- Checking transactions on any account.
- Identifying the categories of spending, tracking expenses and staying on the budget.
- Tracking their savings and net worth throughout.
- Getting alerts in case something unusual happened on their accounts or if the balance drops so much.