MoneyLion Plus Personal Loans full review: low rates starting at 5.99%
MoneyLion Plus Personal Loans full review: low rates starting at 5.99% Check out the MoneyLion Plus Personal Loans review
MoneyLion Plus Personal Loans: build your credit score
MoneyLion was founded in 2013 and nowadays attends 45 states plus Washington, DC. Let’s review MoneyLion Plus personal loans. They have competitive rates and flexible terms.
Actually, loans offered have one of the lowest rates compared to the average for lenders in some states.
Now, take a look at the highlights below!
|APR||From 5.99% to 29.99%|
|Terms||From 1 to 36 months|
|Origination Fee||From 0% to 6%|
|Early Payoff Penalty||None|
Keep reading this MoneyLion Plus Personal Loans review to learn how it works and the advantages and disadvantages before applying!
How does the MoneyLion Plus Personal Loans work?
MoneyLion is a financial company that offers products and services for you to build solid financial health.
In fact, one of its products is a loan designed to help you build your credit. Today, we will focus on that product.
So, the credit-builder loan offers you a chance to regain control of your life. Since it reports payments to all three major credit bureaus, it helps you build your credit if you use the loan responsibly.
On the other hand, loans for this purpose are up to $1,000, and you must become a member which costs $19.99 per month.
Although it might seem expensive, you may find it worth trying since rates are very low: they start at only 5.99%. Also, MoneyLion offers a loyalty program in which you can get rewarded. Therefore, paying for membership might be worth considering.
Furthermore, the company doesn’t check credit. So, if you don’t have perfect credit and need to build yours, a MoneyLion Plus Personal Loan might be a fantastic deal for you.
In addition, you can get free credit monitoring powered by TransUnion.
Funding is fast, and there are no fees for application, prepayment, or origination. However, late fees may apply.
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MoneyLion Plus Personal Loans benefits
MoneyLion provides small loans for those who need to build credit. Although amounts are only up to $1,000, rates are low and start at only 5.99%.
There are no prepayment penalties or application fees. Also, membership comes with some perks, including rewards.
In addition, it offers free credit monitoring from TransUnion reports. Read the pros and cons we’ve found at this MoneyLion Plus Personal Loans review.
- It doesn’t check credit;
- Rates are low and start at only 5.99%;
- It doesn’t charge prepayment fees;
- Loans help you build credit;
- Membership comes with some perks, including rewards.
- You must become a member to access loans to build credit;
- It charges late fees;
- The amounts are small.
How good does your credit score need to be?
You don’t need a perfect credit score to apply for a loan through MoneyLion. In fact, it offers loans for you to build your credit score.
How to apply for MoneyLion Plus Personal Loans?
Check out how easy and fast it is to apply for a loan to build your credit through MoneyLion.
About the author / Aline Augusto
Reviewed by / Aline Barbosa
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