Quick Answer: MoneyLion is a for-profit fintech company offering cash advances, credit-builder loans, and banking products. To evaluate whether their services are right for you, I’d encourage you to check their complaint history with the CFPB, read their reviews on Trustpilot, and look into their enforcement history with state and federal regulators. Here’s how to do each of those.
Before You Read This: I want to be upfront about what this page is and isn’t. I’m not an investment advisor, and I’m not rendering a verdict on MoneyLion. This is a research guide — I’m showing you where to look so you can reach your own conclusions based on current information.
If you find something in the public record that concerns you, post it in the comments below. If you’re evaluating their contract, use my free Contract Decoder tool.
If you represent MoneyLion and something here is inaccurate, contact me and I’ll review it promptly.
If you have inside information you feel you need to share with me privately: don’t. Whatever you want to share should be posted in the comments — by you, with your name attached. I’m not willing to be anyone’s conduit for information they won’t stand behind themselves.
The most valuable thing on this page may not be what I’ve written — it’s the comments section below. People who’ve actually used MoneyLion share their experiences there. I’d encourage you to read them and add your own.
Who Is MoneyLion?
An educated consumer is our best customer.— Sy Syms
New here? My Ultimate Consumer Guide to Checking Out a Debt Relief Company walks through how to vet any financial company before you sign anything.
MoneyLion is a for-profit fintech company. Rather than repeat what they say about themselves here, I’d encourage you to read their own website and state business filings — that way you’re seeing it directly from primary sources, not filtered through me.
Step 1: Check Their Credentials
Before anything else, verify they have the credentials they claim. Here’s what to check:
- BBB Profile: Check their Better Business Bureau profile — look at the rating, years in business, and especially the complaint history and how they responded.
- State Licensing (NMLS): Financial companies offering loans and credit products must be licensed in each state they operate in. Check NMLS Consumer Access to verify their licensing in your state.
- App Store Reviews: MoneyLion operates primarily as a mobile app — check both the Apple App Store and Google Play Store reviews for patterns, particularly around account access issues and fee disputes.
A Note on BBB Grades: A high BBB grade doesn’t necessarily mean a company is right for you — it means they respond to complaints filed through the BBB. Read the actual complaint text and the company’s responses. That’s the useful part. See my full guide to what BBB letter grades actually mean →
Step 2: Check Consumer Complaints
The Consumer Financial Protection Bureau maintains a public database of complaints filed against financial companies. You can search for MoneyLion directly:
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Search MoneyLion’s complaint history in the CFPB database →
When you’re reading complaints, look for:
- What the complaints are about — fees, account freezes, cancellation problems, credit reporting issues?
- How the company responded — did they resolve issues or just close them?
- Whether the same issue appears repeatedly — a pattern matters more than a single complaint
- The ratio of complaints to customers — a large company will have more complaints in raw numbers
Step 3: Read Their Trustpilot Reviews
You can find MoneyLion’s Trustpilot reviews here. A few things to keep in mind as you read:
How to read Trustpilot like a pro: My complete guide to spotting red flags in Trustpilot reviews breaks down exactly what to look for — including how to identify review solicitation campaigns and reputation management tactics.
- Pay attention to what the 5-star reviews are actually about. If they’re praising a fast cash advance or easy signup — that’s interaction quality, not long-term program performance. Compare those against reviews that specifically mention outcomes: fees as promised, easy cancellation, no surprise charges.
- Read the 2- and 3-star reviews carefully — these tend to be the most honest, from people who had mixed experiences and aren’t trying to tear the company apart
- Look at how the company responds to negative reviews — a defensive or dismissive response tells you something
- Check the review dates — a flood of 5-star reviews in a short period can indicate a solicitation campaign
Step 4: Check Their Legal and Enforcement History
For-profit fintech companies are subject to enforcement actions from federal and state regulators. Here’s where to look:
- CFPB Enforcement Actions: Search the CFPB’s enforcement action database for the company name
- FTC Actions: The FTC publishes all enforcement cases — search for the company or its principals
- State Attorney General: Search “MoneyLion attorney general” or “MoneyLion settlement” — many enforcement actions happen at the state level
- Federal Court Records: CourtListener searches 1.3 billion federal court documents for free — no registration required. For the official PACER system with complete case filings, see my guide to using PACER.gov.
Context Matters: A company that has faced enforcement action isn’t automatically disqualified — what matters is what the action was for, whether they resolved it, and whether the behavior continued. A company that’s never faced any scrutiny in a highly regulated industry may just not have been looked at yet.
Step 5: Ask the Right Questions Before You Sign Up
Before signing anything: Run their contract or terms of service through my free Contract Decoder tool. Paste it in and get a plain-English breakdown of what you’re agreeing to.
Before you commit to any MoneyLion product or membership, get clear answers — ideally in writing — to these questions:
- What is the total cost of the membership or product, including any fees that aren’t in the headline rate?
- What are the exact cancellation terms — and is cancellation possible if you have an outstanding loan?
- What happens to your money in your MoneyLion account if you decide to close the account?
- How is the cash advance repaid — automatically from your next paycheck, or do you control the timing?
- What does the credit-builder loan actually report to the bureaus, and when does reporting begin?
- What are the consequences if you miss a repayment — fees, credit reporting, account suspension?
Before You Commit: A cash advance app or fintech product isn’t the right fit for every financial situation. Run your situation through my Find Your Path tool to see whether a cash advance app, debt management plan, debt settlement, bankruptcy, or another option fits your situation better.
Key Takeaways
- Verify credentials through BBB and NMLS state licensing before anything else
- Read CFPB complaints for patterns — particularly around fees and cancellation
- On Trustpilot, compare 5-star reviews about interactions vs. reviews about actual outcomes
- Check CFPB and FTC enforcement history and any state attorney general actions
- Get clear answers on cancellation terms and fee structure before you enroll
- The comments section below contains real experiences from real users — read them
Want the full research playbook? My Ultimate Consumer Guide to Checking Out a Debt Relief Company covers every tool and source in this guide — plus detailed walkthroughs for reading BBB profiles, spotting Trustpilot red flags, and searching federal court records on CourtListener.
Frequently Asked Questions
Is MoneyLion a legitimate company?
MoneyLion is a publicly traded for-profit fintech company. Whether their products are right for you depends entirely on your financial situation and what you’re looking for. I’d encourage you to check their CFPB complaint history and Trustpilot reviews — then decide for yourself.
How do I file a complaint against MoneyLion?
You can file a complaint directly with the CFPB at consumerfinance.gov/complaint. You can also file with your state attorney general’s office and the BBB. Filing with the CFPB creates a public record and triggers a required company response.
Is MoneyLion’s cash advance free?
MoneyLion offers cash advances under various fee structures — check their current terms directly on their website, and look at CFPB complaints specifically related to cash advance fees so you understand how other customers have experienced the product.
Can MoneyLion hurt my credit?
MoneyLion offers credit-builder loans that report to credit bureaus. Whether this helps or hurts your credit depends on how you manage payments. Check their terms and look at Trustpilot reviews from customers who specifically mention credit reporting outcomes.
Should I use MoneyLion to get out of debt?
That depends entirely on your situation. A cash advance app can provide short-term relief, but if you’re carrying significant debt, it may not address the underlying problem. Run your situation through my Find Your Path tool before committing to any product or service.
Share Your Experience with MoneyLion
If you’ve used MoneyLion — as a customer, a former employee, or someone who looked into them and decided not to sign up — I’d encourage you to share your experience in the comments. Your perspective helps others make a more informed decision.
To share your experience: Scroll to the bottom of this page — the comments box is there.
Before You Sign Anything: Run any debt relief contract through the free Contract Decoder to spot hidden fees and unfair terms. Check the company’s complaint history with the Scam-O-Meter.
Recent Federal Lawsuits:
Compare Your Real Options: Most debt relief companies won’t tell you about all your options — especially the ones they can’t profit from. Credit counseling has a 21-27% completion rate. Settlement resolves about 1% of enrolled debts fully. Bankruptcy has a 95% discharge rate — and protects your retirement. Take the Find Your Path quiz for a recommendation based on your actual numbers.
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