Money Lion vs Better Loans Mutual
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Money Lion vs Better Loans Mutual
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If you're looking for a personal loan, MoneyLion may have the solution you need. MoneyLion is Better Business Bureau accredited with an "A" rating and has been in business since 2014. Other products and services MoneyLion offers include credit monitoring, personal finance services and advice, points and rewards earned through being proactive about tracking your finances, and a mobile app to track your borrowing, savings, and investing activities.
To apply for a MoneyLion loan:
Joining MoneyLion via online registration is free. The cost of a loan is expressed in the loan interest rate. People having a credit score lower than 640 will expect to pay interest rates from 36% and up. People with credit scores 640 and up will pay interest rates between 7% and 36%.
Interest rates can further be reduced by up to 50% by adding "Boosts". Boosts are engagement from friends and family such as likes on photos you post to Facebook. We think this method of lowering interest rates will particularly apply to the younger set; most "traditional" lenders don't include social media engagement as a way of saving money!
The primary determination of your rate and loan amount comes from the following six criteria:
MoneyLion customer support is offered via an online search or a contact form.
Customers who like MoneyLion say that the loan process was fast and easy, the company is honest and up-front about loan terms, and that customer service is great. Of course, as with any business, there are bound to be complaints. We found that the primary complaints centered around issues with reward points, having to pay the interest in full before decreasing the principal, and "predatory" interest rates.
On the plus side, MoneyLion appears to respond regularly to negative reviews with offers to further assist dissatisfied customers. In the majority of cases where customers gave negative reviews, it appears the borrowers didn't take time to carefully read the loan's terms and understand how short-term, unsecured loans work in general.
Although they're newer to the Personal Loans marketplace, we like what MoneyLion has to offer and think they're a solid choice to consider for your lending needs.
Better Loans Mutual does not make personal loans directly. Rather, they connect borrowers with providers of auto loans. Most of the lenders who partner with Better Loans Mutual require that you:
The total amount of your loan can be no higher than $5,000, the smallest amount of any of the sources of personal loans in our review.
When we tried calling the provided toll-free number, the message said, "Thank you for calling the Cash Request Center", not Better Loans Mutual. After entering our zip code, we were asked to enter a four-digit number representing our year. No matter what we entered, with or without the pound sign, it would not accept our information and terminated the call.
We similarly found no customer reviews of Better Loans Mutual, and no evidence that the referral service they provide is useful or even trustworthy. You'll be more likely to get the cash you need through another personal loan service, so we suggest you consider one of the more reputable, established lenders in our review.
To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of Money Lion and Better Loans Mutual.
Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.
Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.
No matter where you borrow money from, before you get your next personal loan you should consider the following:
TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!
Personal Loans In The News
Jordan Rothman is the founder of Student Debt Diaries, a personal finance website discussing how he paid off all $197,890.20 of his college and law school student loans over 46 months of his late 20s. You can reach him at Jordan@studentdebtdiaries.com.
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