Author Topic: Anyone know anything about MoneyLion?  (Read 1224 times)

blackomen

  • Stubble
  • **
  • Posts: 209
  • Location: Former Californian in Dallas
  • Antifragile since 1983
    • Gimme Serendipity (a Stumbleupon Clone)
Anyone know anything about MoneyLion?
« on: April 03, 2019, 08:21:16 AM »
I saw the promo video for this on YouTube and they supposedly offer interest free loans and are kinda like a special savings account. However, after googling, it seems they have a fixed month fee of like $35. If you're borrowing a ridiculously large amount of money for something (like a house, car, or college education), $35/mo in lieu of interest doesn't sound too bad.

Anyone know more about this service? It sounds like they could be a potential disruptor in personal finance but they could also be a scam in disguise.

Sent from my LGUS997 using Tapatalk


albireo13

  • Pencil Stache
  • ****
  • Posts: 517
  • Location: New England
Re: Anyone know anything about MoneyLion?
« Reply #1 on: April 03, 2019, 10:11:41 AM »
Maybe they should call themselves MoneyTick ... slowly sucking your life savings from you.

RWD

  • Walrus Stache
  • *******
  • Posts: 6526
  • Location: Arizona
Re: Anyone know anything about MoneyLion?
« Reply #2 on: April 03, 2019, 10:18:43 AM »
I've never heard of them. Where are the interest free loans? I'm seeing 5.99% on their site and it seems to target amounts around $500 (which is really too small to bother with for any purpose).

Is this (Instacash) what you're talking about? Max withdrawal of $250 but you have to give them $250 first? Seems dumb.

blackomen

  • Stubble
  • **
  • Posts: 209
  • Location: Former Californian in Dallas
  • Antifragile since 1983
    • Gimme Serendipity (a Stumbleupon Clone)
Re: Anyone know anything about MoneyLion?
« Reply #3 on: April 04, 2019, 09:05:07 AM »
I've never heard of them. Where are the interest free loans? I'm seeing 5.99% on their site and it seems to target amounts around $500 (which is really too small to bother with for any purpose).

Is this (Instacash) what you're talking about? Max withdrawal of $250 but you have to give them $250 first? Seems dumb.
If that's true, then they're falsely advertising since I clearly hear them talking about interest free loans in their Youtube ad. Avoid!

Sent from my LGUS997 using Tapatalk