MoneyLion reviews: complaints & concerns

Users sharing complaints about MoneyLion often highlight several recurring issues:

• Poor customer service: Many report difficulty reaching a human representative, unhelpful or rude support, and unresolved problems even after multiple contacts.
• Unexpected charges: Users frequently mention unauthorized or repeated fees, including membership charges and tips that are hard to decline.
• App performance problems: Slow loading, freezing, glitches, and crashes are common, making the app frustrating or unusable at times.
• Loan and advance frustrations: Complaints include limited cash advance amounts, forced multiple withdrawals with fees, confusing repayment terms, and denied access despite qualifying.
• Account access and deletion issues: Several users say they cannot delete their accounts or unlink bank information easily, sometimes facing locked or suspended accounts without clear explanations.
• Data and privacy concerns: Some allege that their personal information is shared or sold without consent, leading to spam and identity theft worries.

Overall, many users feel the app’s fees, technical issues, and customer support shortcomings outweigh its benefits.

MoneyLion has a significant number of scam reports from users who describe unauthorized charges, difficulty canceling accounts, and poor or nonexistent customer support. Many complain about the app taking money without permission, locking users out, and refusing refunds even after loans are paid off.

Several users report identity theft concerns, with accounts opened fraudulently in their names and personal information being sold or misused. Others mention misleading loan offers that never materialize, repeated spam from third-party lenders, and hidden fees that add up unexpectedly.

Overall, the common themes are frustration with aggressive billing practices, inability to delete accounts or remove personal data, and a lack of effective customer service to resolve issues.

Users report MoneyLion often withdraws payments before their paychecks arrive, causing overdrafts and NSF fees. Several mention unexpected or duplicate charges that further drain accounts, with some saying the app changes repayment dates without notice, leading to early withdrawals and returned item fees.

Customer service is frequently described as unhelpful or difficult to reach, leaving users stuck with negative balances and little support. A few users also claim unauthorized withdrawals and issues with credit reporting tied to late or incorrect payments.

In November 2023, the Colorado Attorney General reached a settlement with MoneyLion after an investigation revealed the company charged illegal membership fees linked to loans. MoneyLion advertised loans with rates as low as 5.99% APR, but those rates required consumers to pay monthly membership fees between $19.99 and $29.99. The company also made it difficult for consumers to cancel memberships after taking out loans, violating Colorado’s consumer credit laws. As part of the settlement, MoneyLion agreed to stop offering loans under this membership model in Colorado without a proper license and to pay restitution and penalties.