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View RatesGraduates with student loans to consolidate
Through MoneyLion, it only takes a few seconds to find a new rate at which you can refinance your current student loans. You don’t even need to enter the details of all your debts, just the total amount you want to borrow. This is convenient if you have a complicated debt situation with multiple loans to pay off.
Borrowers with good credit
No matter how bad your credit score is, you can use MoneyLion to search for loan refinancing. However, during our MoneyLion review, it became clear that most refinancing services in MoneyLion's network only consider customers with good credit scores (660 or higher).
Comparing multiple refinancing options at once
If you are looking for refinancing for the first time, you probably don’t have a clear idea of what’s on offer. MoneyLion can help out by quickly collecting loan estimates from its network of different providers.
MoneyLion doesn’t provide direct refinancing, but the platform still has a lot going for it. Its key features are that you can search for refinancing for up to $500,000 in debt and you don’t have to apply for loans on multiple websites to see quotes from a large number of providers. This will save you time and, potentially, cash.
It takes less than a minute to apply for student debt refinancing through MoneyLion. All you need to do is add your approximate credit score, ZIP code, and the amount of refinancing you’re looking for. After that, you’ll see a list of providers who have pre-qualified you for refinancing. If you see an offer that you like, hit the “continue” button adjacent to it, and add your personal information such as date of birth, name, and education status. The MoneyLion platform will use this to find out if the lender you’ve chosen will pre-qualify you for a loan. Happily, MoneyLion uses soft credit searches, so your initial search won’t impact your credit score.
Because MoneyLion is a marketplace rather than a direct lender, there are no limitations regarding who can search for refinancing on it. All the same, most lenders in the MoneyLion network do have similar requirements, such as:
During our MoneyLion review, when we opted for variable APR refinancing, we were offered APRs as low as 1.99%. However, when we tried applying for fixed-rate refinancing based upon a lower credit score, rates got as high as 6.51%. As with loan terms, your repayment plan will be determined by the specific MoneyLion-affiliated lender that you decide to use. Most services in the MoneyLion network have repayment plans that last for five years, but some extend to 15.
When searching with MoneyLion, you’ll input lots of sensitive information, so data security is paramount. Fortunately, MoneyLion takes this seriously and protects your details with 256-bit encryption. The company also promises not to sell your information and claims to use a programmatic compliance tool that ensures every lender in its network meets relevant state and federal regulations.
MoneyLion is owned and operated by Even Financial Inc. The Better Business Bureau has given Even Financial an A rating although it hasn’t yet accredited the company.
If you run into problems with the MoneyLion platform, you should get in touch with a customer representative over the phone at 800-614-7505 or email customercare@moneylion.com.
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If you’re looking for an easy way to compare quotes from multiple refinancing sources quickly, MoneyLion is a suitable tool. Using the service shouldn’t leave any impact on your credit score and, if you meet pre-qualification criteria, you could see a range of offers in less than a minute. Be warned that this service doesn’t provide lending directly and make sure you double-check loan terms carefully before signing up through an affiliated lending service.
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