MoneyLion is a free financial management app that helps you monitor your credit, get personalized spending tips and manage your finances, so that you can improve your overall financial health.
For people who are looking for a better way to borrow, save and invest, they also offer an optional paid MoneyLion Plus service ($29 per month) that provides you with ongoing access to $500 personal loans at a 5.99% APR, a credit builder program that reports your on-time loan payments to the credit bureaus, and a fully guided automated investment account.
You can sign up through this MoneyLion Plus $10 Promotional Link to get a $10 bonus when you sign up for MoneyLion Plus, and you can avoid the $29 monthly fee by earning a $1 daily cash back bonus just for logging in to the app and swiping through their savings tips every day.
However, if you also need to build your credit score, get help with automated investing, and access ongoing $500 loans at a 5.99% APR, even if you don’t have great credit, then the MoneyLion Plus option may be good for you.
It’s free to sign up for a MoneyLion account on its own, but MoneyLion Plus membership does have a $29 monthly service fee if you decide to sign up for it, although you can eliminate the cost of this monthly fee by earning a $1 daily cash back bonus for simply logging in to the MoneyLion Plus app and swiping through their savings tips.
If you’re not sure if it’s the right option for you, you can always sign up for a free MoneyLion account to explore how it works, and then join the MoneyLion Plus membership at a later time if you decide that you want to give it a try.
MoneyLion – Free Service
MoneyLion is a basic financial management service that provides credit monitoring, access to your TransUnion credit score, guidance on your spending and savings activities, alerts to help you avoid fees and fraud, and personalized tips to help you save more money.
You can also earn rewards as a MoneyLion member for various activities, which you can redeem for gift cards from popular merchants.
- Free to Download MoneyLion App and Register Your Account.
- Get Access to Credit Monitoring and Credit Score.
- Earn Rewards that are Redeemable for Gift Cards.
- Receive Alerts to Help You Avoid Fees and Fraud.
- Receive Personalized Tips to Help You Save More Money.
- Review Your Earning, Spending, and Savings Activities.
MoneyLion Plus – $29 Monthly Fee with $10 Sign-Up Bonus and $1 Daily Bonus
MoneyLion Plus is a paid service that will give you a $10 sign-up bonus just for joining and a $1 daily bonus for logging into the app and swiping through their savings card tips every day.
Since you can get $1 for signing in to the MoneyLion Plus app every day, you can pretty much eliminate the $29 monthly fee if you visit MoneyLion Plus on a daily basis during each month.
- Register for MoneyLion Plus with $29 Monthly Fee.
- Receive a $1 Daily Cash Bonus for Logging into the App.
- Receive a $10 Sign-Up Bonus for Joining MoneyLion Plus Membership.
- Get Access to $500 Loans at a 5.99% APR, even if You Have Bad Credit.
- Get a Fully-Guided Automated Investing Account with Money that is Set Aside from Each Paycheck.
- Build Your Credit Score with On-Time Loan Payments that are Reported to the Credit Bureaus.
- Earn Additional Rewards Based on Your Savings Activities.
MoneyLion Points Program for Gift Card Rewards
MoneyLion lets you earn points for various activities, which you can redeem for gift cards from popular merchants.
- 500 Points – Connect your bank accounts on the mobile app.
- 50 Points – Don’t make a late payment using Free Credit Monitoring.
- 250 Points – Download and log in to the mobile app (first time).
- 250 Points – Enroll in Free Credit Monitoring.
- 200 Points – Get your first loan with MoneyLion.
- 200 Points – Get a subsequent loan with MoneyLion.
- 200 Points – Increase your savings account balance by 5% from the month before.
- 50 Points – Keep your credit utilization below 10% each month using Free Credit Monitoring.
- 50 Points – Monitor your credit for 3 months using Free Credit Monitoring.
- 100 Points – Have no insufficient balance fees in a month.
- 1,000 Points – Pay off your loan (excludes early repayment).
- 100 Points – Upload a profile picture.
- 100 Points – Verify your mobile number.
- 100 Points – Write a product review.
- 50 Points – Increase your credit score by 20 points using Free Credit Monitoring.
- 500 Points – Refer your friends to sign up for MoneyLion Plus.
You can redeem your points starting at 2,500 points for a $25 gift card from Amazon, eBay, Best Buy, Fandango, GameStop, and many other retailers.
MoneyLion Referral Program
MoneyLion’s referral program allows you to refer your friends to MoneyLion Plus with a $10 sign-up bonus, and when your referrals join MoneyLion Plus, you’ll receive 500 bonus points to your account.
For every 3 friends that you refer who join MoneyLion Plus, you’ll receive an extra bonus between 100 and 2,500 points.
Your referrals must enroll in MoneyLion Plus in order for you both to get a reward, so the referral option doesn’t work for the free MoneyLion service alone.
MoneyLion offer a lot of options to help you monitor your finances and keep track of your credit, while the MoneyLion Plus service is designed for people with less than perfect credit who are looking to build your credit score, start investing your money, and get ongoing access to $500 personal loans at a 5.99% APR.