Edgar Law Firm LLC is currently investigating MoneyLion, Inc. and its affiliated companies—which operate the “MoneyLion” financial services app—for a predatory lending scheme aimed at trapping consumers into forking over endless “membership fees.” MoneyLion falsely represents that users can access 5.99% APR “Credit Builder Loans” if they enroll in MoneyLion’s subscription-based “Plus” program.
In truth, however, the loans cost considerably more than 5.99% APR because that figure does not account for the high cost of the “membership fees” MoneyLion relentlessly extracts from consumers’ bank accounts. Worse, MoneyLion won’t allow a consumer to cancel their MoneyLion Plus subscription unless and until they’ve paid off their loan—a practice which MoneyLion fails to disclose up front. As a result, consumers wind up paying triple-digit interest rates on loans that were represented to be inexpensive. Other complaints about MoneyLion have centered around the company’s unresponsive customer support, false and derogatory credit reporting, and refusal to return funds stored in consumers’ investment accounts.
If you have taken out a MoneyLion Plus loan and paid membership fees to MoneyLion, Edgar Law Firm LLC wants to hear from you. We will answer your questions and review your claim at no charge. Do not delay! Please contact John F. Edgar or Michael R. Owens at 888-352-0338 or [[email protected]].