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If you’re in the market for a new digital bank, you’ve likely come across MoneyLion. This all-in-one US digital bank has been making waves in the financial world and for good reason. In this review, we’ll take a closer look at what MoneyLion has to offer, including their credit building app and program, as well as their Credit Builder Plus and overdraft protection options.

Credit Building App and Program

One of the standout features of MoneyLion is their credit building app and program. This app is designed to help those with little to no credit history establish and improve their credit scores. Here’s how it works:

  • Users can take out a Credit Builder loan of up to $1,000 without a credit check. The loan amount is then placed in a savings account that users cannot access until the loan is paid in full.
  • MoneyLion reports the loan payments to all three credit bureaus, which can help users build their credit history and score over time.
  • Once the loan is paid off, the user has access to the funds in their savings account, which can be used to pay off other debts or to build up an emergency fund.
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The Credit Builder app also includes a credit monitoring service that allows users to keep an eye on their credit score and track their progress over time. For those who are struggling to establish or improve their credit, the Credit Builder app and program from MoneyLion can be a valuable tool.

Credit Builder Plus

In addition to the Credit Builder app and program, MoneyLion also offers a service called Credit Builder Plus. This service is designed to help users build their credit faster and gain access to cash when they need it. Here’s how it works:

  • Users can sign up for Credit Builder Plus, which includes a monthly subscription fee of $19.99.
  • With Credit Builder Plus, users can take out a Credit Builder loan of up to $1,000 without a credit check, just like with the standard Credit Builder program.
  • However, with Credit Builder Plus, MoneyLion provides an interest-free cash advance of up to $250 that users can access whenever they need it.
  • MoneyLion also reports the loan payments and cash advances to all three credit bureaus, which can help users build their credit history and score faster.
  • Once the loan is paid off, the user has access to the funds in their savings account, just like with the standard Credit Builder program.

For those who are looking to build their credit faster and gain access to cash when they need it, Credit Builder Plus from MoneyLion may be a good option. However, it’s important to note that the monthly subscription fee can add up over time and may not be worth it for everyone.

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Overdraft Protection

In addition to their credit building options, MoneyLion also offers overdraft protection to help users avoid costly overdraft fees. Here’s how it works:

  • Users can sign up for overdraft protection, which includes a monthly subscription fee of $1.00.
  • With overdraft protection, MoneyLion will monitor the user’s account for potential overdrafts and will transfer funds from their Credit Reserve Account to help cover the overdraft.
  • The user will then need to pay back the overdraft amount, along with a small fee.

For those who are prone to overdrafting their accounts or who want peace of mind knowing they won’t be hit with high overdraft fees, overdraft protection from MoneyLion can be a useful service.

Final Thoughts

Overall, MoneyLion is a solid choice for those looking for an all-in-one digital bank. Their credit building app and program, as well as their Credit Builder Plus and overdraft protection options, can all be valuable tools for those looking to improve their financial standing. However, it’s important to weigh the costs and benefits of each service before signing up, as the fees and subscriptions can add up over time.

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