Financial Technology
MoneyLionAbout
This business has 1 alert
Important information
- Additional Info:It has come to our attention that individuals have recently fraudulently utilized our name and logo in connection with loan and impersonation scams, primarily through email and SMS messaging. MoneyLion takes any attempts to fraudulently use our brand or impersonate support employees very seriously.
Please be aware that we will never solicit login credentials or sensitive banking information, including account numbers, social security numbers, verification codes, or passwords, via social media, email, or text message. We generally do not text customers unless they initiate a conversation with our Customer Care team via SMS messaging or request a one-time passcode (OTP) for two-factor authentication (2FA) verification purposes. Occasionally, we may send a text referring customers to email communication, but these messages will contain no links or specific details.
The only numbers we use for SMS messaging are “1-516-915-5466” (for customer service texts and calls) and “70404” (OTPs).
If you have any doubts about the validity of any communication received from MoneyLion, please contact our Customer Care team directly. - Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:CO AG Announces Settlement with MoneyLion
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On 11/14/2023, Colorado Attorney General Phil Weiser announced a settlement with consumer lender MoneyLion after an investigation by the Colorado Department of Law found the company collected illegal membership fees from Colorado consumers tied to loans.
The settlement includes $271,000 in restitution for Coloradans. MoneyLion claimed in marketing materials that consumers could obtain loans as low as 5.99% APR. However, these rates were only available if consumers paid monthly membership fees ranging from $19.99 to $29.99. Though the company said the memberships could be canceled at any time, the company prohibited consumers from canceling their memberships once they took out loans. The investigation found this practice violates the Colorado Uniform Consumer Credit Code.
Under the settlement, MoneyLion agreed to refrain from lending in Colorado under this membership model without first obtaining a license. MoneyLion also agreed to return $271,000 to Colorado consumers and pay the Attorney General’s office $75,000 that can be used for any restitution where possible, consumer or creditor education, consumer credit or consumer protection enforcement, or efforts to advance the public welfare.
Overview
BBB Accreditation & Rating
MoneyLion is NOT a BBB Accredited Business.
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