MoneyLion Plus Review – 4 things you should know

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You’re here because you want the MoneyLion Plus review! The “Plus” is a new service launched by the Malaysia-based fintech startup in 2018. After subscribing (which is free if you log into the app everyday), you will get access to few of their service: $500 loans with a low APR, automated savings, a “credit builder” (they will report to the credit bureaus when you pay back your loans on time) and a guided investment account.With more than 70% of its users reporting a 30-point (or more) improvement to their credit score by using MoneyLion Plus’ $500 loan, this app is a great end-to-end solution to beet manage your financial life. You can download it here for iOS or AndroidLet’s deep into it.
  • Cash Advance App
  • Advance of up to $500
  • Available to any "Plus" member with the app installed
Editor's Score
Great app! (4/5)

How It Works

The onboarding process is relatively long as they need to check for your identity.  They will ask you for your name, email, address, SSN, employment status and you will also need to connect with your bank account.

MoneyLion will then serve you as a financial planner app – you will be able to invest, plan and receive alerts.

Loan Amounts

Up to $500
Score: 5/5

MoneyLion Plus loan can advance you up to $500 for a period of 12 month. Depending on the frequency of your salary, you will have to repay them quite frequently. This $500 loan amount is on the higher part of the spectrum in terms of overdraft protection apps, which we like. This loan is collateralized – meaning that if you fail to repay, they will take money from your dedicated savings account (they put $50 of your money there every month).


5.99% APR
Score: 4/5

This one is a bit complex to understand.

While the price of the loan itself has a low APR of 5.99%, you will need to be a MoneyPlus member to enjoy it.

How much does it cost to be a member? Basically, they will take $79 out of your account every month. $50 out of these $79 will go to your “Plus investment account” (give more infoe here). The remaining $29 is your monthly membership fee. Now what’s interesting here is that every day you log into the app, they will give you $1 back (up to $29 per month, so your whole subscription fee). You might ask yourself why? Well, one of the stats that Apple analyzes is how engaged are the users of their apps. So accessing MoneyLion App every day helps them rank higher. A bit complex to understand but not the worst idea I heard of!

The good thing is that MoneyLion Plus is in fact an affordable and easy way to automatically and effortlessly report good credit behaviour to the Credit Bureaus and potentially quickly improve your credit score. The loan is a fixed amount loan with a fixed rate, and the interest payment is twice monthly. This is a much more effective (and quicker) way to improve your credit score vs. paying down a credit card (which is very hard to do unless you receive a sudden financial windfall) or opening up a credit card and putting it on autopay. 

Scenario: let’s say that you log into the app twice a week, you will end up paying $21/ month for being a member. Then, you add the APR and you’re at $24/ month for a $500 loan. Not cheap but not the most expensive either! Don’t forget that this loan is collateralized and MoneyLion will take money from your savings account (the one they have been putting $50 aside every month).

Approval Process

Regular process
Score: 4/5

MoneyLion Plus claims that most of the people who are employed with an income and a checking account with direct deposit paychecks and positive balance will be able to subscribe to their service. They don’t check your credit score! The only thing of course is that MoneyLion Plus is one of the most expensive service out – you need that $79 free every month. While there is value to their service, not everyone will be able to afford it.

Apps like MoneyLion

If you are looking for cash advances and are not really into the many other services that MoneyLion Plus has to offer (and you are also not really into paying $29/ month), you should absolutely check out apps like MoneyLion. If you are more interested by a personal finance advisor type of app and don’t want to pay that much money, you should check out the research we did on MoneyLion reviews – the app could be a great solution for you.


MoneyLion (available on iOS and Android) is a well-designed app who can bring great value to its users. We highly recommend this application as long as you log into the app quite often (so you won’t be charge $29/ month). If you’re someone that needs extra cash at the end of the month but still would like to put some money aside on a monthly basis, MoneyLion Plus is THE solution for you. On the other hand, if you’re not the most heavy overdrafters, you don’t really borrow money and you know you won’t have the patience to log into the app everyday, we suggest you to take a look at apps like Dave or apps like Earnin. If you’re interested to get a personal loan in general, you should check out our article Where Can I get a Personal Loan.
Review Date
Reviewed Item
MoneyLion Plus App
Author Rating

About Author

Johnathan has been an editor for financial blogs and magazines for over 10 years, and now serves as the Chief Editor and Founder of OverdraftApps.Com. He holds a B.A. and M.A. in Economics.