MoneyLife

5 reasons to open a MoneyLion account

By Ellen Williams
MoneyLion App

In search of a bright and stable financial future, millions of hardworking Americans are turning to MoneyLion to help them get there. MoneyLion is revolutionizing the way Americans bank, borrow, invest, and grow — all from a single app. And they’ve got customers’ backs — serving them 24/7 via phone, chat, and email. MoneyLion has helped customers save money, build credit and more. Want to know how MoneyLion can help you? We’ll cover some of the common reasons people switch to MoneyLion.

Banking with you in mind

Today’s consumer deserves a financial experience catered to their needs, and MoneyLion is that game-changing app. It shifts power to the consumer, meaning that MoneyLion only thrives if its customers succeed. Here’s how opening up a MoneyLion account can help you get ahead.

1.     Banking that gives you cash back every time you swipe 

Getting a RoarMoneySM account is a great place to start. It unlocks a wide array of advantages and smart ways to bank. Like:

  •  Get paid up to two days early.  Do you have a paycheck coming but need cash ASAP to handle expenses? MoneyLion gives you access to your paycheck up to two days early when you set up a recurring direct deposit to RoarMoney.1 
  • Add check funds on the mobile app — whether you’re at home, at work or on the go.
  • Bank with a Safety Net. Because life happens, you deserve a way to cover its unexpected expenses and build for the future. Unlock up to $1,000 0% APR cash advances with recurring direct deposit to RoarMoney.2
  • Earn cashback rewards up to 5% on eligible purchases every day.3 In the app, you’ll find cashback offers from top online merchants — like Walgreens, Sam’s Club, Groupon, DoorDash, and more. When you see an offer that looks good to you, you can shop right in the app to earn cashback.
  • Build your tomorrow every time you swipe. At MoneyLion, cashback rewards are a bit different. Here, you can turn daily spending into investing in your future. That’s because when you earn cashback rewards with your RoarMoney mobile banking account, the cashback gets added to a professionally managed investment account — where you can withdraw it or let it grow. This way, our banking rewards help you turn everyday spending into future wealth. It’s our way of helping you do more with your money today and tomorrow.
  • Round up your spare change and invest it. Round ups are an easy way to make investing an automatic habit. It lets you put aside small amounts of money over time, without even thinking about it, and invest it in a MoneyLion Investment Account.4 Here’s how it works. For each eligible transaction you make with your MoneyLion Debit Mastercard® or RoarMoney virtual card, we’ll round up your purchase to the nearest dollar and transfer the rounded-up amount into your MoneyLion Investment Account. You might be surprised how investing even small amounts can really add up over time. 
  • Round up your spare change and buy Bitcoin. You can also round up your purchases to buy Bitcoin — it’s another popular way to help build future wealth. For each eligible transaction you make with your MoneyLion Debit Mastercard® or RoarMoney virtual card, we’ll round up your purchase to the nearest dollar and use the rounded-up amount to purchase Bitcoin in a MoneyLion Crypto Account. It’s a great way to start small with crypto and grow with confidence.
  • Get Mastercard Price Protection on large purchases. The MoneyLion Debit Mastercard® comes with Price Protection, so if you find a lower price within 90 days of an eligible purchase, you can get a refund for the difference up to $250 per claim, four times per year.5
  • Shake your phone for cash back. You can get cash rewards every time you spend $10 or more — just by shaking your phone — with Shake ‘N’ Bank. It’s a surprise every time. To make things even better, you can earn up to five times the value of your purchase every day, all the way up to $500. 

2. Get up to $250 in extra cash when you need it 

Let’s face it; money can be tight these days. We’ve all been there. And when an unexpected expense hits, it can ruin your day. Your month. At MoneyLion, there’s no need for costly payday loans, which can approach a 400% annual percentage rate (APR). There’s another way. MoneyLion gives you access to fast cash up to $250 at 0% APR and no credit check. Increased limits up to $1,000 if you set up a recurring direct deposit to a RoarMoney account.

3. Get funds while you save and have the tools to build credit 

Whether you need to establish credit history or rebuild your credit, Credit Builder Plus could help you to build credit while you save — with no hard credit check.6  Unlike other credit building programs, Credit Builder Plus gives you access to a portion of your loan funds right away. More than half our members raise their score by 42+ points within 60 days.7

4. Invest like an expert without having to be one 

Start with as little as $5 and grow from there! All you need to do is choose one of MoneyLion’s professionally managed investment accounts — matching your risk tolerance and objectives.

You can also tap into thematic investing if you like, so you can put your money where your values are. Plus automated investing, which lets you set aside a set amount you can afford on your schedule (i.e., weekly, monthly, etc.). Bingo! Set it and forget it — while you live your life.

Unlike many mutual funds, MoneyLion does not charge high fees to provide you with these accounts. We only charge a $1/mo administrative fee. So many investing brokerages or platforms cost some people thousands of dollars through hidden fees. MoneyLion allows you to keep more money in your pocket — where it can help you grow your future. 

5. Easily buy, sell, and hold crypto

Now, you and every hard-working American can access cryptocurrencies like Bitcoin and Ethereum safely and seamlessly with a MoneyLion Crypto Account powered by Zero Hash. New to crypto? No problem. With just a tap, you can trade Bitcoin and Ethereum through the MoneyLion app when you have a RoarMoney account.

Did you know Bitcoin appreciated more than 278,000% over the past 10 years? People are capitalizing on the popularity of crypto to build their futures. And now, with a MoneyLion Crypto Account, you can too.

Be one of the millions who are joining the MoneyLion Pride!

MoneyLion is much more than just a banking app. It was founded on the belief that Americans deserve a great way to get ahead. And millions of customers are now banking while tapping into awesome ways to strengthen their financial health. Download the MoneyLion app to get started — and sign up for a RoarMoney account today! 

C’mon, let’s make your money ROAR. 

FAQs

Q: How do I start earning cryptocurrency?

A: MoneyLion offers cryptocurrency investing, like Bitcoin and Ethereum. Our Round Ups feature allows you to purchase a little extra Bitcoin on qualifying purchases made with your MoneyLion Debit Mastercard® or RoarMoney virtual debit card.

Q: Can you get your paycheck early?

A: When you set up recurring direct deposit into your RoarMoneySM account, you can get paid up to two days early. Faster access to funds is based on a comparison of a paper check versus electronic Direct Deposit.

[disclosures]

This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.

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.

Instacash is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.

Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by DriveWealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan, and until your Credit Builder Plus membership payments are current. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.

Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.

Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.

Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Accounts are subject to administrative fee of $1 per month.

Cryptocurrency transaction and custody services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC. When you enable MoneyLion Crypto, you must also agree to the Zero Hash LLC and Zero Hash Liquidity LLC terms and conditions and enable your Zero Hash account. Cryptocurrency balances are not covered by FDIC or SIPC insurance. Services may not be available in all states.

The cryptocurrency assets in your Zero Hash account are not held at MoneyLion or MetaBank. MetaBank and MoneyLion are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither MoneyLion, nor MetaBank, is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Services may not be available in all states.

*Cashback and other rewards are subject to terms and conditions. 

1 With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.

2 Increased Instacash limit with Safety Net requires recurring direct deposit into RoarMoney account. Instacash is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.

3 RoarMoney Accounts with an active Round Ups feature will round-up an eligible transaction to the nearest dollar. Once it accrues to $1 or more, it will be transferred to your MoneyLion Investment Account and invested into a portfolio of selected ETFs.

4 Should you find a lower price for an eligible new item within 90 days from the date of purchase using your MoneyLion Debit Mastercard, you may be reimbursed for the price difference. For more information about the coverage you may be eligible to receive, call 1-800-MASTERCARD (627-8372). To file a claim online, go to mycardbenefits.com. Benefits are subject to terms, conditions and limitations, including limitations on the amount of coverage. Coverage is provided by AIG WarrantyGuard, Inc., an AIG company. Policy provides secondary coverage only. Please reference the Guide to Benefits.

5 When you apply for CreditBuilder Plus, we will perform a soft credit pull to review certain financial information. This soft inquiry has no impact to your credit score and may or may not be recorded in your credit reports depending on the bureau. This is unlike a hard credit pull which affects your credit score and can appear on your credit report for two (2) years.

6  Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 74,000 Credit Builder Plus members with an active loan between August 7, 2019, and February 18, 2021. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.

MoneyLion Crypto Accounts with an active Crypto Round Ups feature will round-up each eligible transaction from your RoarMoney℠ account to the nearest dollar. Once it accrues to $1 or more, it will be transferred to your MoneyLion Crypto Account, where the funds are invested into Bitcoin. MoneyLion Crypto is powered by Zero Hash.

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