History of MoneyLion App Features
MoneyLion is an online financial service that educates users on how to manage their finances and build their credit, while allowing their users to take advantage of social media to get loans that will help avoid overdraft charges and late fees.
MoneyLion first launched its website in 2013 and, according to an archived copy of the first MoneyLion website, was primarily beta testing the product. They offered people the opportunity to sign up for updates on when the service is ready. MoneyLion advertised that they helped customers "access better financial products and improve long-term financial health through trust building."
By 2014, the MoneyLion was fully functional, but the archived website did not mention an app.
* Login to social networks such as FaceBook, Twitter, Instagram, Linkedin, and Google+ to build financial network and get social dollars
* Save hundreds on personal loans by getting endorsements from friends
*Flexible and continuously updating 360-degree view of customers accomplished by identifying patterns in "multi-level time-series variables to interact historical consumer behavior with current indicators to predict future behavior."
*Give users incentives to build good financial habits by allowing enabling them to go from "expensive credit to affordable credit habits" after showing financial responsibility
*Educational resources to help users improve their credit and financial habits.
*If bank account and employment can be verified, users can receive funding in 15 minutes
*Users can monitor their spending and track their progress towards achieving their financial goals
* Users can get low rates on personal loans using a strong social network
* Users that make on time payments to build their reputation and improve their credit score
An article posted by The Wall Street Journal, 2016 marked the launch of the MoneyLion app.
* Large, new credit lines became available
* Advise on when a loan might be necessary to avoid late fees and overdraft charges
* The ability for users to check their credit score for free
* Allows users to predict how their credit score will be affected by applying for, closing down, and paying down or off credit lines and loans
The version history information on the Apple App Store Preview Page reveals features and improvements brought to the MoneyLion app in 2017 and 2018.
* Users can track the progress of their application
* Enhanced community experience
* Access to instant credit or loan offers
* "Grow Your Stack" an augmented reality feature that allows users to see their savings in stacks of cash
* MoneyLion Plus: Gives users access to $500 loans with 5.99% APR, automated savings, and daily $1 cashback bonuses, as well as "fully guided investment accounts
* Credit Builder: loan payments made on time are reported to credit bureaus
* Save for something special using Goals
* Users are given the chance to win up to $2,000 and $10 bonuses, as well as "score major points" through referral programs.
* The opportunity to earn $25 gift cards
* Easier access to MoneyLion Plus with the new Plus tab
* Test financial knowledge in daily trivia
* Users have access to personalized financial advise daily
* Alerts to help avoid fees and fraud
MoneyLion helps users improve their credit and get loans through social media, and helps users learn how to manage their finances. After the MoneyLion app was launched, users were given the opportunity to win real money and gift cards, as well as track their savings. Users were motivated to continue their good spending and saving habits by an augmented reality feature that allowed them to watch stacks of cash grow with their savings.