MoneyLion does not offer a specified savings account; however, it does provide a MoneyLion investment account and automated features designed to help customers save. Firstly, the MoneyLion app encourages users to budget their spending and helps them stick to it with notifications and alerts. Next, it enables users to set up an automated monthly deposit into their MoneyLion investment account, allowing them to make savings before spending it. The service offered by MoneyLion prioritizes turning customer financial goals into a reality, helping them save while also not charging bank fees.
MoneyLion offers a Personal Loan, with the minimum loan amount of $500. The MoneyLion loan comes with a fixed interest rate that starts at 5.99% APR, and the minimum loan term is one year. The minimum credit score to be applicable for a personal loan is 640, making this a useful option for borrowers who currently have a lower credit score.
All MoneyLion users are welcome to take advantage of their Cashback Rewards program. The app has a ‘Rewards’ tab that allows you to link your MoneyLion debit and credit cards. They offer an exact list of eligible merchants, including a wide array of popular shops, cafes, and restaurants, and are continually updating this list with exciting new deals. Each cashback percentage depends on the merchant, but you will automatically receive your cashback reward once you spend with an eligible merchant.