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Money Lion vs Longer Term Loans

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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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LONGER TERM LOANS

Longer Term Loans advertises itself as a service that matches people looking for personal loans of up to $25,000 with "today's top lenders". According to the Important Facts section at the bottom of the page, borrowers can expect these lending partners to have an APR range of 6.59% to 36% for an installment loan of at least 12 months. Of course, because Longer Term Loans is only a matching service, your actual loan amount and interest rate depends solely on the lending partners with whom you may be matched.

Unfortunately, that is the extent of the details provided by Longer Term Loans without actually completing their online application. There is absolutely no contact information provided - no email, phone number, or online contact form. Given that their application requires prospective borrowers to submit not only their Social Security Number but also their bank information (routing number, account number, and bank name), Longer Term Loans should have some way of reassuring their customers that their information will be safeguarded.

We were unable to find any reputation whatsoever for Longer Term Loans: no rating with the Better Business Bureau, no customer reviews, no presence on social media platforms.

For all of these reasons, we recommend you choose a different lending partner for your personal loan needs. Longer Term Loans just doesn't offer enough information to be sure that your personal details will be in good hands after the application is complete.

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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 Longer Term Loans.

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!



Personal Loans In The News

Tanzania: Personal Loans Up - BoT

Dar es Salaam - Personal loans grew by 56 per cent during the third quarter of this year ended in March from a contraction of 4.9 per cent during the first quarter of last year ended in March. This situation shows how commercial banks are currently ...

Published:  Wed, 13 Jun 2018 05:06:00 GMT



Avoiding dangers of personal loans

Personal loans can be a quick fix for people who need cash in a flash. But with the promises of a nearly instantaneous money infusion, people can be biting off more than they can chew and not even realize it until it is too late. According to www ...

Published:  Fri, 20 Apr 2018 06:17:00 GMT



Banks' credit in personal loans too high compared to degrowth in infra sectors: ASSOCHAM

MANGALURU: Banks are deploying credit over-enthusiastically in retail finance like personal loans, credit card overdrafts, vehicle loans etc, while witnessing negative growth in key infrastructure sectors like telecom, power and roads, an ASSOCHAM paper ...

Published:  Sun, 20 May 2018 18:05:00 GMT




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