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MoneyLion is a lending company which additionally provides unpaid credit checking, and funds controlling systems. It also offers points and a reward scheme exists too. They offer unsecured personal loans of as low as 1,000 dollars and as high as 35,000 dollars. While most lenders often consider people whose credit score is high, MoneyLion provides loans to anyone no matter their credit score. It includes:
- 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.