Consumer complaint received 2023-01-04
Company: MoneyLion Inc.
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Improper use of your report
Sub-issue: Credit inquiries on your report that you don't recognize

Complaint:
I got my first credit builder partially secured installment Loan from MoneyLion in XXXX of XXXX and was finally able to pay it off in XXXX of XXXX with a approximately a {$400.00} principal payment left. The first loan was a ok process and they offered me what I thought it was a good deal since I was looking to get a positive line of credit to start rebuilding my credit to possibly get it off the ground and a opportunity to save some capital. Moneylion presents itself as a lender that helps clients get ahead with a low risk collateral loan. Moneylion both times loaned me {$1000.00} once in XX/XX/XXXX and {$1000.00} XX/XX/XXXX. Moneylion on the first loan gave me appx {$600.00} of that {$1000.00} in XXXX and I made the payments on time but Moneylion brought in other fees such as Membership fees that were {$20.00} nearly and credit monitoring fee was {$5.00}. MoneyLion also gives out high payday loans as a incentive for tagging on {$20.00} membership fees that you have no idea about until you look at your statement. MoneyLion some weeks was able to get me out of up to {$300.00} because of this obligation that had me going in circles to pay at first. Florida has a cooldown period before you can take any type of high risk funding. This company was really a lender that is waiting borrowers to default while making interest off of me in every way and also selling my personal information to third parties malicious, phishing site that post links on MoneyLions platform its a App that advertise clickbait but is how you make sure the payments actually go through. The system will sometimes unlink the account that you make the auto payments out of and MoneyLion doesnt give you a call to see whats going on with the payment that was scheduled which is unlawful They then report to your credit report negative and of course they then add even more Interest and 5 % late fees on to the principal of your loan. 
Then the third parties have your banking information, and all the information you trusted Moneylions payment platform which they guarantee its secure but I believe they leak your data because you start to get cold calls your phone stating your approved for a loan you know nothing about and 100s of text messages text messages a link, emails with the same. Moneylion is a malicious lender who reports inaccurate information to credit bureaus with inflated balances on installments and false late payments along with in many states illegally charging extreme interest rates, collecting a membership fee monthly almost equal, giving third parties sites access to SSN, Addresses, Banking Accounts numbers etc, forcing customers to sign contracts stating they are signing over all their consumer right and the right to a jury trial before they loan any amount of money.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief