Consumer Credit Inquiry and Reporting Agreement
By continuing and submitting your loan application, under the Fair Credit Reporting Act, you are providing “written instructions” and authorizing the MoneyLion lending subsidiary for your state (the “Lender”) or its successors, assigns or agents (collectively, “MoneyLion”) to obtain consumer reports and related information about you from one or more consumer reporting agencies for the purposes of processing your loan application, administering your loan, and, at MoneyLion’s discretion, from time to time thereafter while your application is pending or during the servicing and/or collection of any loan extended to you. This may involve multiple soft credit inquiries on your credit report. Soft inquiries do not impact your credit score.
You agree to provide any information or documentation reasonably requested by MoneyLion to verify your identity in connection with your loan application, and you also authorize MoneyLion to verify information in your loan application. You agree that MoneyLion may contact third parties to verify any such information, including consumer reporting agencies, and you authorize MoneyLion to share any information collected about you with such third-party sources in connection with these verification procedures.
You acknowledge and agree that after you have accepted the offer of a loan from Lender and signed your loan agreement, MoneyLion may report a hard inquiry to the consumer reporting agencies. This may impact your credit score. In addition, you agree that information concerning any loan or extension of credit you receive may be reported to consumer reporting agencies. Late payments, missed payments or other defaults may be reflected in your credit report.
The Lender reserves the right to deny your loan application for any reason permitted by applicable law.
You also expressly authorize MoneyLion to use the information that we obtain from such reports along with your loan application information for other credit-related purposes connected with any loan or account you may obtain or maintain through MoneyLion or its affiliates, to offer other products and services offered by MoneyLion or its affiliates, perform other statistical analysis, and for any other uses and purposes permitted by law. Such information is collected and used in accordance with MoneyLion’s Privacy Policy.
Opting out: You have the right to opt out of such sharing of consumer report information by calling 1-888-704-6970 or by emailing us at [email protected].
Collection and Use of Transaction Data
You acknowledge and agree that MoneyLion and its affiliates may share among them any financial data related to financial products or services received through MoneyLion and/or its affiliates or information related to any other additional bank accounts in which you have an ownership interest through third parties that you provide to MoneyLion or its affiliates (“Transaction Data”). You expressly authorize Lender to use such Transaction Data as part of your loan application process and in determining your eligibility for a loan.
Last Updated: November 4, 2022