MoneyLion is a digital financial platform and app designed to help users manage, save, and grow their money. MoneyLion has a rapidly-growing family of services that have grown in popularity in recent years and helped many users achieve financial wellness.

MoneyLion offers a generous sign up bonus when you use a referral code. Ours is $SPOILS.

What is MoneyLion?

MoneyLion has many financial tools on one platform, and is a popular one-stop-shop for users aiming to improve their finances. Key offerings include:

  • Banking (RoarMoney) – Offers mobile banking with cashback, early paydays, and no hidden fees.
  • Instacash – Provides fee-free cash advances up to $500.
  • Credit Builder Plus – Aims to help users build credit through small loans.
  • Managed Investing – Features automated portfolios for beginner investors.
  • MoneyLion WOW – Includes financial tracking, budgeting tools, cashback on spending, and financial literacy resources.

What is RoarMoney?

RoarMoney is MoneyLion’s mobile banking product, similar to a checking account. Much like a traditional checking or savings account, you can access your money easily, with quick transfers and a large network of ATMs. RoarMoney also offers some unique perks to its users, including early paydays and cash back on spending.

MoneyLion Instacash

MoneyLion Instacash is a cash advance service that is designed to help you get money fast. The service allows users to get up to $500 as an advance on their paycheck — with no interest, fees, or credit checks.

Instacash is designed for unexpected bills and expenses. You can get up to $500 in minutes (for a fee), or in 1-5 days (with no fees). To read more about Instacash and how to qualify, click here.

MoneyLion Credit Builder Plus

Credit Builder Plus is a membership designed to help you improve your credit score fast, through the use of small loans. Credit Builder Loans may help users increase their scores across all three credit bureaus: TransUnion, Equifax, and Experian. To read more about MoneyLion Credit Builder Plus, click here.

Managed Investing

MoneyLion Managed Investing is a fully managed investment account designed for beginners to help invest in the markets, similar to a robo advisor. Users can start investing for as little as $1; account fees range between $1 and $5 per month. To learn more about Managed Investing, click here.

MoneyLion WOW

The MoneyLion WOW membership offers cashback rewards on purchases, loans, and credit-building services, plus exclusive discounts on travel and everyday expenses. Members receive purchase protection covering items like cell phones and travel, access to a premium debit card, fee savings on financial products, and entry into prize giveaways. Additional perks include waived fees on investment accounts and rebates on Instacash fees. The membership costs $9.99/month, providing a range of benefits aimed at financial savings and protection.

Pros and Cons of MoneyLion

  • Pros
  • Comprehensive financial services in one app. Free banking with rewards and cash advances.
  • Credit-building features accessible to users with low credit scores.
  • Educational resources for financial literacy.
  • Cons
  • Limited brick-and-mortar presence for those who prefer traditional banking.
  • Fees for certain advanced services like Credit Builder Plus.
  • Investment options are limited compared to standalone platforms.