MoneyLion: Banking & Rewards

I received numerous emails and text on how I was approved for the $500. I entered in banking info and had to manually send in bank statement since it had to be verified. I was then told by representative , an email and text my bank passed the screening process and to continue with the next steps online, after re-verifying my banking info as asked it stated my account/rousting number didn’t match. I called back after waiting on hold for 25 minutes and was told they support team updated it in the system and to retry. I did it again and now received error message my bank isn’t supported! I called back and was told my bank was verified and passed the process on their end but wasn’t sure why I was receiving error online. In the meantime I’m still receiving text and emails telling me I can proceed to get the money....long story short no one can assist with why or how the online system is blocking my banking info saying it’s not supported I was even told to try and use the MoneyLion checking account to have funds deposited by a representative and transferred to that department and after being on hold 30 minutes this time I was told the MoneyLion checking account hadn’t been open long enough! Complete run around for the past 2 weeks and to this day I’m still receiving offers to apply and that my bank passed the screening process. Frustrating to do all of this for no resolution !!!!!

I downloaded the app and although there are issues like DL not scanning and the #growyourstack option doesn’t pan a flat surface, I was able to get everything else going. I was super skeptical, ESPECIALLY after reading all the reviews about high interests, unexpected “surprises”, and scams but if you, as a consumer, do you part and actually read a document, you will see exactly what are signing up for. I was approved for the loan at the 5.99%; they don’t even check your credit for it and their requirements for approval are clearly stipulated. I opened up the contract to make sure and I was happy to see that I was set up for payments according to my pay period and at a 5.99% APR. Had I seen something different, I wouldn’t have accepted the loan. I would recommend that you open docs and read them before agreeing to anything. I am looking forward to having the issues worked out so I can take 100% advantage of all MoneyLion’s functionality. Financial stability is very important to me. It is clear to me that MoneyLion knows that there is an enormous gap between basic financial knowledge and healthy finances and they are invested in bridging that gap to help those of us that haven’t made the best “financial” decisions. I will come back and update my review as time passes. I’m hoping to bump it to 5 stars and 2 big thumbs up!!

So I’ve been a member for a full 30 days now. I was very skeptical at first, I wanted to cancel after my first payment because I read some negative reviews. But, thinking about the situation a little longer I realized all the negative reviews have one thing in common, and that’s because these people didn’t read the documents or what they were signing up for. So I left it at that! Now if you don’t have the money monthly to pay both the membership fees and the loan. Then I wouldn’t suggest this app, cause you need to spend money to make money, if you have no money then you can’t make any. Anyways, you pay a membership fee of $33 and some change every two weeks. $50 of that goes into your investment account. That is STILL your money! It’s just in a savings account for you basically. ML couldn’t verify my bank account so I was in something called the LOANLocked group. I had to make sure to pay my membership ON TIME, auto-drafted from my bank account. 30 days later with no questions asked I was approved without running my credit for the $500 loan. I don’t have this app just for the loan. I have it to build my credit, and the ongoing investment. I would recommend this app to my close family and friends because I trust it. AGAIN READ what you’re signing up for. ☺️☺️☺️☺️

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I got this app and account as it says if you log in each day you don’t have to pay for the services. I also got the $500 loan to help with increase my credit. This bank only works with a few of the major banks so only my one account that I used for online transactions would work. The major pain is they take 6-7 day’s to process a transaction. It takes 2-3 days before it is taken out of your bank and then some times another 5-7 days to show up on your account as having the loan payment made. I had it set up for automatic payment but even that took 5-7 days and would show that my payment was late due to the lag in the processing of the payment. I contacted there non existent customer service and was sent to there team and services page with zero help. So basically you pay $19 a month to have access to a $500 loan. The loan was easy but the issues with the account and no ability to make payments through bank accounts that do not link through there site such as a ACH or direct withdrawal you can not use checks or anything to make payments and they take so long to clear this app has now actually hurt my credit. 2 of the months they took longer due to the payment coming out over a weekend they had already reported the payment as late before they processed it. This is a scam please do you fall for this like I did. I have paid back the loan and plan to cancel my membership as soon as possible. Also they will not give you back your money in any way.

I took a chance with ml for the loan opportunity and I'm so glad I did. From the low interest rate on the loan I received, to the opportunity for financial growth by earning a dollar a day to build on my investment just for opening up the app and swiping, all the way to helping me build my credit I have to say the decision I made to take a chance was actually one of the best decisions I've made in regards to finances. I do however need to let it be known I am not so happy with my ml checking account, I opened the account because it said free checking account and over 55,000 free atm's but yet the first time I used my card to withdraw money out of an atm I was charged twice one charge was the typical $2 atm fee from the atm's financial institution but then I saw when I was looking at my ml checking account transactions that I was also charged $2.50 from ml as well on top of the $2 atm fee I had already paid. I should not have had to pay a fee to ml as well as pay one to the financial institution of the atm I withdrew from! Now I worry every time I need to make a purchase hesitating and debating on whether or not to use my ml card wondering if I'll be charged for doing so. That is something I should never have to worry about from my personal bank account/institution especially if you were told prior to opening it it's a free account.