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Money Lion vs iLoan

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MONEY LION

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:

  • Visit MoneyLion and fill out an application by signing up for a new account.
  • Return customers can log into an existing account and apply through the dashboard by pressing the "New Loan" button.
  • Prequalification to check what your rate is takes just a few minutes through an online two-step information gathering process. The process asks for:
    • contact information
    • social security number
    • date of birth
    • how much you need to borrow
    • the purpose of the loan
    • employment status
    • gross annual income

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:

  • Credit history
  • Ability to pay
  • Existing debt and monthly expenses
  • Employment and income
  • Residence history
  • Boosts

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.

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ILOAN

If you prefer to take out a personal loan with a company that services your account directly - rather than matching you with a lending network - iLoan might be worth considering. Backed by well-known lender OneMain, iLoan enjoys a long history of reputable service to borrowers. However, do be aware that if you already have a loan through OneMain, you won't be able to apply for a new loan through iLoan until at least 15 days after you've paid off the first loan.

You'll find iLoan's application process to be very straightforward. First, select the purpose of your personal loan - adoption, auto repairs, and so forth - and the desired amount. Then, provide basic personal information, such as banking details, and proof of identity, residence, and income. If you'd like to increase your chances of being funded quickly, take advantage of iLoan's Instant Verification service. This free option uses your banking information to give iLoan an immediate picture of your income, rather than having to submit pay stubs or W2s and can speed up the time it takes to approve your personal loan. Whichever route you choose, most applications for personal loans get processed in 60 minutes or less, with funds being transmitted on the following business day.

Compared with other sources of personal loans, iLoan does have an overwhelmingly positive set of customer reviews. Borrowers have great things to say about the helpful loan officers and other customer service representatives, the speed at which loan applications are processed, and the overall experience of working with iLoan.

However, for customers who are months or years into the repayment schedule, the comments tend toward the negative. iLoan is very upfront with their interest rates, which are definitely higher than many of the lenders we reviewed: expect an interest rate somewhere between 11.24% and 36.00%, depending on your particular credit score, income, and other personal details. You won't know your interest rate until you complete the application process, but customers seem to fall on the higher end of the scale more often than not. You may also get a lower interest rate if you live in Wisconsin and would like to offer your automobile as collateral.

When it comes to iLoan's service range, it is much smaller than most sources of personal loans: Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin. If you don't live in one of those 12 states, iLoan will not be able to fund your personal loan.

Overall, iLoan enjoys a solid reputation with a parent company (OneMain) that has a long track record in the lending industry. But, because iLoan's service area is so small and their personal loans carry such high interest rates compared with other lenders in our review, you might need to consider a higher-ranked service to get the most ideal terms for your individual situation.

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Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of Money Lion and iLoan.

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:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

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!



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