Personal finance management app MoneyLion (moneylion.com) offers a service that promises to increase savings and improve credit. At the end of May, th
Personal finance management app MoneyLion (moneylion.com) offers a service that promises to increase savings and improve credit. At the end of May, they updated their offerings to provide even faster access to personal loans.
How MoneyLion works?
MoneyLion can connect all of a user`s bank, credit card, student loan and other financial accounts and then provide advice on how they could improve their financial health.
Positive financial behaviors are being encouraged through personalized recommendations. The app reviews the most recent financial information of the user, as well as their individual spending habits and credit. In this way, it can give them advice on a daily basis.
Furthermore, users are being offered free credit reports from TransUnion and Equifax and push notification credit monitoring. As techcrunch.com added, access to credit counseling and credit repair services are also available.
The updated version of the MoneyLion app has new user interface that is easier to navigate and lets users find information faster. Their home navigation is now said to show swipe-able cards. The latter are giving updated information, recommendations and personalized advice.
In addition, the app allows users to get a loan approved in less than 15 seconds, meaning that they will receive funds in their accounts on the same business day the loan is requested.
Customers have saved more than $5 million in rate reductions and rewards by demonstrating good financial behavior, while users could possibly save $46 on average in overdraft fees each month, the company commented as quoted by techcrunch.com.