There are a few ways you can bring down the cost of a loan:
1. Get Boosts from friends and family
Get up to a 15% discount on your loan rate or lock in a flat 36% APR just by asking friends and family to Boost you.
Think of Boosts as like an online high five... simple to give or get. When a friend you invite joins MoneyLion and Boosts you, you’ll immediately earn a loan rate discount. Learn More.
2. Be consistent in your loan payments
When you build a consistent payment and borrowing history with us, you’ll be eligible for lower rates, independent of your credit score.
3. Look out for promotions
We frequently offer promotions so you can earn points and reduce your loan rate.
Log in and get started.
Customers can earn a loan rate discount by receiving Boosts from friends and family. Actual discount is determined by the non-discounted loan APR that customer initially qualifies for. For loans with an APR greater than 36%, customers will be eligible for the following discount schedule: 1 Boost = 5% discount up to a maximum of 50% for 10 Boosts. 20 or more Boosts = flat 36% APR. The minimum APR after all discounts have been applied will be 36%. For loans with an APR less than or equal to 36% the following discount schedule applies: 5-9 Boosts = 2.5% discount, 10-14 Boosts = 5% discount, 15-19 Boosts = 7.5% discount, 20-24 Boosts = 10% discount, 25-29 Boosts = 12.5% discount, 30+ Boosts = 15% discount. You must also meet MoneyLion’s criteria for credit, including minimum income requirements, affordability requirements, and confirmation of identity. If you meet the criteria for this offer, the actual loan amount and annual percentage rate you receive will depend on a number of factors including your creditworthiness and your ability to repay as well as applicable law limitations.
Customers can earn a loan rate discount on all future loans with an annual percentage rate (“APR”) greater than 36% by making on-time loan payments. Customer will earn Repayment Credits depending on their loan payment frequency. Weekly repayment schedules earn 0.25 credits per on-time payment, bi-weekly earns 0.5 credits, semi-monthly earns 0.5 credits, and monthly earns 1 credit. When a customer has earned 12-23 Repayment Credits they will receive a 20% APR discount, 24-35 credits will receive a 50%, and 36 or greater will receive a flat 36% APR. Note that it may take two or more loans to reach 36% APR, and the discount only applies to loans with an initial loan APR greater than 36%. Loans in collections or negotiated repayment schedule do not earn Repayment Credits. Discount only applies to a future loan and cannot be applied to an existing loan. You must also meet MoneyLion’s criteria for credit, including minimum income requirements, affordability requirements, and confirmation of identity. If you meet the criteria for this offer, the actual loan amount and annual percentage rate you receive will depend on a number of factors including your creditworthiness and your ability to repay as well as applicable law limitations.