MONEYLION Pay Later – coming soon

Get up to $600 with Pay Later

Enjoy more flexibility.
Split qualified purchases into four payments.

MoneyLion Pay Later loans are issued by WebBank

overtime
buy the things you need

Buy the things you want, pay for them over time

Need new shoes, a phone, last-minute groceries, or a new toaster for your home? Look no further — we’ve got you covered.

Make four simple payments

After you select the purchase, you can sign up for autopay, so you don’t have to stress about due dates.

make four simple payments
enjoy more

Enjoy more flexibility for your everyday purchases

Split any qualified purchase of $50 or more made with your MoneyLion debit Mastercard® or RoarMoney virtual card into 4 payments, up to $600.

boost your purchase power

faq

What is MoneyLion Pay Later?

MoneyLion Pay Later is an exciting new loan product. With MoneyLion Pay Later, you could get an installment loan of up to $600 whenever you need it. MoneyLion Pay Later is designed to help you pay for eligible purchases made on your RoarMoney℠ virtual debit card or MoneyLion Debit Mastercard® over a series of 4 installments.

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion, which offers and provides services for the RoarMoney Account among its suite of financial products and services. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

Will applying for MoneyLion Pay Later affect my credit?

No, applying for the MoneyLion Pay Later loan does not impact your credit score as we only conduct a soft pull during the qualification process.

How do I get MoneyLion Pay Later?

There are various ways to get access to MoneyLion Pay Later from within the MoneyLion app.

  • Go to the “Loans” tab, in the “Marketplace” section, and tap “MoneyLion Pay Later”.
  • Go to the “Accounts” tab, tap on “RoarMoney” and scroll down until you see MoneyLion Pay Later; or
  • Click on the push notification on your phone’s locked screen after using your RoarMoneySM virtual debit card or your MoneyLion Debit Mastercard® to make an eligible purchase.

Once you have reached the MoneyLion Pay Later screen through any of the channels above, follow these steps.

  1. Read the important information about eligibility requirements and the terms of service, then click on “See if I qualify”. Here’s more info on qualifying.  
  2. If you pre-qualify, you will see a list of eligible debit card transactions, from which you can select one transaction to split into 4 installment payments.
  3. Next, you are sent to the confirmation page. It is here that you will see the loan details, including the APR that would be applied to your loanand your payment schedule, along with the payment authorization information for you to accept.
  4. Finally, you will be asked to review your loan agreement and risk-based pricing notice.
  5. You will finish the process by clicking “Confirm” at the bottom of the screen. If your loan is approved, the money will be deposited into your RoarMoney account.

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion, which offers and provides services for the RoarMoney Account among its suite of financial products and services. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

How much does MoneyLion Pay Later cost?

You can access MoneyLion Pay Later at APRs between 19.99% and 35.99%.
There are no additional mandatory costs to access or apply for the MoneyLion Pay Later Loan.

You do have the option of deferring the scheduled due date for up to two installment payments. You will incur a deferral fee per deferred payment. If you are late on your installment payments, you may also incur late fees. Please see here for more information about deferrals and here for more information about late fees.

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

How do I qualify for MoneyLion Pay Later?

To become eligible to apply for MoneyLion Pay Later you must meet the following criteria:

  • Have a RoarMoney℠ account with a positive balance and recurring direct deposits from your employer or other payor; and
  • Pass the underwriting and identity verification checks.

Please note: If you are a Credit Builder Plus member, but you have late or missed loan payments, or if you are an active Instacash user and you have not repaid your Instacash advance by the scheduled repayment date, you may not be eligible to apply for a MoneyLion Pay Later loan until your account is in good standing.

At this time, you can also only have one active MoneyLion Pay Later loan at a time.

ROARMONEY ACCOUNT MINIMUM REQUIREMENTS

Your RoarMoney account will be reviewed to confirm that it meets or exceeds the minimum qualification requirements. To qualify, make sure that your RoarMoney account meets or exceeds the following criteria:

  • It’s not too new: Your RoarMoney account should have been open long enough to receive at least two recurring direct deposits.
  • It shows recurring deposits: you have been receiving regular deposits for your income/paychecks and have a history of depositing income or other recurring amounts.
  • It has a positive balance: your account has consistently maintained a positive balance.
  • It’s active: your account is used at least once every 30 days and meets a minimum spend requirement of $50

If your account doesn’t qualify, please try again when it has been open longer and/or had more consistent deposits and positive balance!

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

RoarMoney℠ demand deposit accounts are provided by, and MoneyLion Debit Mastercard® are issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion, which offers and provides services for the RoarMoney Account among its suite of financial products and services. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

What is the APR on a MoneyLion Pay Later loan?

The APR for a MoneyLion Pay Later loan can be between 19.99%-35.99% depending on your creditworthiness. When you apply for your loan, you will be able to review the loan amount and APR that you qualify for before deciding whether to accept the loan offer.

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

What if I am late on a MoneyLion Pay Later loan payment?

Missed or late loan payments not cured within the grace period of 5 days of the due date may result in a late fee of up to $15. The most accurate information will be shown in your MoneyLion app and in your loan agreement. Late fees will be applied to your next installment payment, unless it is incurred on your last installment payment, in which case if you signed up for autopay, we may initiate a debit upon the expiration of that grace period for the late fee.

Here is how you find information about fees if you have a missed or late installment:

  1. Click on the “Accounts” tab
  2. Select “MoneyLion Pay Later”
  3. In the center of the screen, there will be information about the amount of late fee(s) you may incur and how to avoid it by making a payment. It will also let you know if you have already incurred a late fee.
  4. Click “Make a payment” to avoid incurring a late fee.
  5. Choose a payment method from the available options.
  6. Submit payment.

To avoid paying late and for your peace of mind, set up automatic payments when you apply for MoneyLion Pay Later to use funds from your RoarMoney bank account to pay your installments.

That said, we understand that life happens and unexpected circumstances may arise. So if you know you will not be able to make a loan payment on time, please contact us as soon as possible so we can help you defer your next payment, or you may be able to defer your next installment through the app. Learn more here.

You can also update your payment methods within the mobile app. See our FAQ on updating and adding a payment method for your loan here.

How do I set up direct deposit into my RoarMoney account?

In order to become eligible to apply for a MoneyLion Pay Later loan, you need to set up recurring direct deposits into your RoarMoney℠ account.

Here’s how to do it:

  1. Once you’ve set up your RoarMoney account, go to the Accounts tab from the Home screen of the MoneyLion app and select your RoarMoney account.
  2. From the RoarMoney account screen, choose “More” and then “Add direct deposit.”
  3. Select “Set up direct deposit”, hit “Continue” and then you can search for your employer or payroll provider.
  4. You can then choose the amount of your paycheck or other income to deposit into your RoarMoney account.

It’s that easy! Just remember, to qualify for MoneyLion Pay Later, you need recurring direct deposits into your account. Please note: It may take us up to three (3) consecutive deposits to validate that it is recurring. More than one type of direct deposit or inconsistent direct deposits may affect your eligibility for MoneyLion Pay Later or may affect your loan offer amount.

Here are examples of income types that might NOT qualify or may affect your MoneyLion Pay Later eligibility or offer amount:

  • Inconsistent or random deposits from freelance work
  • Transfers
  • ATM, mobile, or adding cash in a retail location
  • A single paycheck from a new employer
  • Direct deposits of an amount that is too low to be treated as income, e.g., the recurring deposit amount is only $1

If you don’t meet the regular direct deposit requirements for MoneyLion Pay Later at this time, please come back and try again if your situation changes!

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

RoarMoney℠ demand deposit accounts are provided by, and MoneyLion Debit Mastercard® are issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion, which offers and provides services for the RoarMoney Account among its suite of financial products and services. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

How is my outstanding balance calculated?

When you apply for a MoneyLion Pay Later loan, you’re presented with options to help meet your needs, and your choices may affect your outstanding amount:

  • First, you can choose the RoarMoney℠ virtual debit card or MoneyLion Debit Mastercard® transaction you want to split into 4 payments. The amount of this transaction will determine your loan amount.
  • The APR for the MoneyLion Pay Later loan ranges from 19.99% to 35.99%, and will be based on your loan amount.
  • If you select to defer a payment, you may incur a deferral fee. In the unexpected event that you miss a payment and do not make it up in full within the grace period, you may be charged a late fee. Please see here for more information about deferrals and here for more information about late fees.

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

How soon will I receive my MoneyLion Pay Later funds?

If you have been approved for MoneyLion Pay Later, you will receive funds the same day you complete your application, typically in less than 30 minutes. The money will be deposited directly into your RoarMoney℠ account.

MoneyLion Pay Later loans are issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.

How do I make a payment?

If you have opted in to autopay, then your next installment payment will be automatically deducted from your designated payment method on or after your next scheduled due date. Updating or adding a new payment method is easy from the app! Go to the “Accounts” tab of the app, choose “Pay Later”, select the loan for which you want to update the payment method, and then tap the “Paid from” button. You can then choose one of the payment methods or add a payment method. We only accept bank accounts as payment methods for autopay.

If you have not opted into autopay when you applied for MoneyLion Pay Later, you can make manual payments. Manual payments can be made (1) in the app by clicking “Repay” once you see your active MoneyLion Pay Later loan by debit card or ACH; (2) by calling MoneyLion Customer Care at 1-888-659-8244 between 8am and 7pm Eastern Time, Monday-Friday; between 8am and 4:30 pm Eastern Time, Saturday; or (3) you may also choose to mail a personal check, money order issued by MoneyGram International or Western Union, or by certified or official check by a financial institution insured by the FDIC or NCUA to the following address: c/o MoneyLion; Attn: Payments, P.O. Box 1547, Sandy, UT 84091.

You may make an installment payment early or prepay your MoneyLion Pay Later loan in whole or in part at any time without a penalty.

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