When looking for personal loans, you want to find the ones with good interest rates and payment terms. Whether you get them or not still largely depends on your credit score and income, but there’s no denying the fact that some lenders provide more preferable options than others. Such an example is Better Cash loans offered by MoneyLion, an online financial technology company whose services include lending. Loan amounts are from $300 to $10000, and loan terms are from 12 to 36 months. Borrowers should be at least 18 or the state minimum age, whichever is higher.
How can you apply for one?
Just fill out and submit the application form online, both of which you can do in minutes. While filling out the form, the system will tell you what rate you’re pre-qualified for, so you can choose which terms best fit your needs. There’s transparency in the process because you’ll already know what you’re committing to even before you affix your e-signature to the agreement. There are no prepayment penalties or other surprise charges.
Next, wait for the approval and for the funds to be credited to your bank account. Usually, this part of the process takes no more than two business days. If you have questions, you can call to talk to a live person.
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Who can get Better Cash loans?
For short-term loans, borrowers don’t need to meet a minimum credit score, while for long-term loans, borrowers should have at least a credit score of 550. Since a credit score of 550 is considered poor, MoneyLion’s long-term loans serve as an alternative for people with bad credit scores, enabling them to fund a big-ticket expense or finance a new business that can improve their income in the long run. If their scores are lower than 550, they can still avail the short-term loans for their needs.
But like any other lenders, MoneyLion evaluates several factors before determining the actual rate and loan amount to give to borrowers. These factors are credit history, ability to pay, employment and income, monthly expenses, existing debt, and residence history. As expected, a good standing across the board can result in lower rates and bigger loan amount.
Who’s not qualified?
MoneyLion requires borrowers to be employed. Other income sources such as pension or government financial aid are not accepted. Additionally, people who have just recently filed for bankruptcy are not eligible for a loan.
Perhaps this is for the best, considering the annual percentage rate (APR) for short-term and long-term loans can be as high as 300% and 99%, respectively. People with no reliable source of income will have a hard time paying off their Better Cash loans with such huge interest rates, and may end up in a debt cycle that’s hard to get out of.
Nevertheless, that’s the tradeoff these loans provide. Convenience comes at a price, after all.
What do people say?
Reviews on MoneyLion’s loans are mixed. Some people highly recommend them for the quick processing starting from application to approval, while others don’t recommend them because of the high APRs. For example, you can end up paying more than $8000 for a loan amount of $2500 after being given an APR of 189%.
Are Better Cash loans for you? There’s no definitive answer to this question. It all depends on the purpose of the loan, amount, interest rates, and payment terms. If the reason behind the loan is not a need but just a want, or if you’re getting one because it’s fast and breezy, stop right there. MoneyLion loans should be saved for times when you need the cash right away and there are no other options. Otherwise, you may want to find other income sources like online jobs or ask your landlord and utility providers to extend the deadline for payments. Avoiding additional debt whenever possible will save you from a lot of trouble.