Technology is disrupting almost every industry, and banking is no different. Long teller lines and waiting for checks to clear is old news. Nowadays, banking is fast and convenient.
As more and more of our lives become intertwined with the digital landscape, traditional banks are pivoting their practices more and more each day. Standing in a long line for a teller to cash your paper check just doesn’t cut it anymore.
Sometimes, change can be uncomfortable. But most people are settling right into the new wave of modern banking and the future of banking.
What is modern banking?
When it comes to personal finances, most people want a secured, advanced, technological, one-stop-shop for banking. Take a RoarMoney account from MoneyLion as an example. It features all of the must-haves of modern banking, including a virtual debit card, a contactless physical debit card, instant 0% cash advances up to $1,000, price protection, top-notch security, a rewards program, and plenty more!
Learn more about the future of banking with MoneyLion’s suite of financial tools and features below.
User-friendly interface
The MoneyLion mobile banking app covers all of the bases, making it one of Forbes’ Fintech 50 top picks in 2020. But the MoneyLion app isn’t only visually pleasing. It’s also easy to navigate!
With a few swipes, you can track your budget, monitor your credit, find educational resources, invest, save money, access 0% APR cash advances, and even more! The more you use the mobile app, link your financial accounts, and work on your goals, the more your Financial Heartbeat will increase.
This feature is intended to help you measure, monitor, and improve your overall financial health in a fun and encouraging way. To view your Financial Heartbeat, swipe through all of the tabs on your MoneyLion mobile app and you’ll find it located right after the Trivia tab.
No ATM fees
Need cash fast? Withdraw money using your MoneyLion Debit Mastercard at 55,000+ AllPoint ATMs nationwide for free! Yes, you read that right!
There are zero ATM fees when you use AllPoint. You can find these ATMs virtually anywhere, including CVS, Target, and Walgreens. Haven’t received your physical card in the mail yet? No worries!
Most of the surcharge-free AllPoint ATMs allow contactless banking with your virtual card. So, you can always fall back on your virtual card or rely on it, whichever you prefer.
Virtual lending
Online banking is the future, and MoneyLion is keeping up with the times. That means every single banking need can be done from your phone. Need a loan? No need to step foot inside of a bank! Instead, you can apply and qualify within a few minutes via your MoneyLion app.
MoneyLion’s Credit Builder loans are perfect for someone with a poor score or no credit at all. You just need to link your primary bank account so that your financial habits can be reviewed and deemed as being healthy.
You could qualify for a competitive interest rate loan up to $1,000 and receive some of your loan the same day you apply. The rest will be saved in a RoarMoney account under your name until you pay off your loan. Loans are paid back over the course of one year, making payments more affordable in the long run.
Bonus: MoneyLion can help you build your credit by reporting your payments to all three credit bureaus. Just make sure you make payments on time and in full.
Easy interactive tools
We’ve all downloaded apps thinking they’d be revolutionary just for them to prove themselves impractical when it comes to our needs. But when you download the MoneyLion app, you’ll discover features that you’ll actually use on a daily basis.
From managing your budget and tracking your credit score, to shopping with cashback rewards and transferring money between accounts, the MoneyLion app has a modern solution to virtually every personal banking need.
Modern banking with virtual tellers
Some banks require you to visit them in person to retrieve paperwork, obtain signatures, or resolve specific banking issues. But with MoneyLion, all of your banking needs can be completed online, making them incredibly convenient.
Get all of your banking, investment, and lending questions answered with an agent via live chat, through a bot, or from the FAQ page. Just open up the mobile app and find the “Tap for Help” button. Prefer to chat with someone? Give phone support a call at 1 (800) 252-4427.
Investing made easy
Figuring out how to start your investment journey can be overwhelming and quite scary. That’s why MoneyLion created an approachable way to invest that is also suitable for all experience levels!
By answering a few simple questions, MoneyLion can guide you in the process of creating a fully managed personalized portfolio that fits your budget and risk levels. After you’ve decided on your investment approach, which you can change at any time, you can then sign up for the auto-investing feature.
With auto-investing, you’ll get to choose the amount of money that you’d like to automatically invest each month. MoneyLion will take care of the rest! You can even opt into automatically investing your spare change from your purchases with the help of the Round Ups feature.
MoneyLion will assign you a portfolio that suits your personalized financial needs. You can add thematic investing for even more customization and choose investments that resonate with you. There are no minimums, and you can add or withdraw funds at any time!
Instant cash advance online
Predatory payday loans are notorious for high-interest rates and revolving debt accumulation. If you need quick cash now, the Instacash feature might be the perfect match for you! Instantly borrow up to $1,000 interest-free right from your phone at any time! No credit check is required.
An additional quick cash option is the early paycheck feature. All you have to do is link a bank account to your RoarMoney account and opt into direct deposits. You could even get your paycheck up to two days early. See more details here.
Buy-now-pay-later apps
Looking for a way to break up large purchases into more affordable payments without relying on a credit card? Consider MoneyLion’s Buy Now Pay Later feature. Access a flexible payment plan and borrow anywhere from $50 to $600 with a zero-fee installment loan.
You can opt for flexible payments on any purchase you made in the last seven days that is over $50 with your MoneyLion Debit Mastercard. Talk about having financial wiggle room!
Crypto
Experts are convinced that cryptocurrencies and digital coins are going to play an important role in the future of finances. This is why MoneyLion is helping users earn their share of cryptocurrencies now.
Buy and sell cryptocurrencies, like Bitcoin and Ethereum, with the help of a MoneyLion Crypto account. You can also opt to invest your spare change from each purchase into Bitcoin with MoneyLion’s Round Ups feature.
Maybe you’re new to cryptocurrencies and don’t know where to start? Not to worry. MoneyLion makes crypto investing simple for all experience levels. You can even access educational resources and materials.
Safety Net feature
Financial emergencies happen, but you can never really go wrong if you plan ahead. Experts recommend having at least three to six months’ worth of living expenses saved up and readily available in the event that the unexpected happens.
Use MoneyLion’s Safety Net feature to save for the future and build for the future. You can even opt into automatically depositing spare change into your investment account with the Round Ups feature.
You’ll also unlock top MoneyLion products – including 0% APR cash advances up to $1000, automated investing, early paycheck deposit, and more!
Modern online banks vs traditional banks
As the world continues to move forward in the future of banking and technology, you’ll want your finances to keep up with the times, too. MoneyLion offers the easiest approach to modern banking with members’ needs in mind.
You can build credit, borrow money, track your spending, earn rewards, save for the future, and invest with ease, all from the palm of your hand. Download the app today to start exploring MoneyLion’s innovative approach to modern banking!
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. 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. 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.
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. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, 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.
MoneyLion Debit Mastercard can be used for no-fee withdrawals at ATMs in the Allpoint network. Fees may apply for ATM transactions outside this network.
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 disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
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.
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.
Instacash is a 0% APR cash advance service provided 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. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.
The Financial Heartbeat® financial tracker is intended to provide financial insight based on accounts you have linked to your MoneyLion account and other information you provide to MoneyLion. MoneyLion does not track your non-linked bank accounts, credit cards, spending or other financial activity, so your Financial Heartbeat score and insights may not reflect your complete financial picture. The Financial Heartbeat analysis is for educational purposes only and does not represent tax, investment or other financial advice. You should consider consulting with a financial or tax advisor with complete knowledge of your financial situation before implementing any financial planning strategy.