Ben D Qlo
map-marker New York, New York

Haha, I screwed Moneylion over!

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Ok, back in November of 2017 I lost my job. This unfortunately was right at the beginning of Christmas season. Luckily, I put out my resume and had a job offer 3 days after being let go from my previous employer. With his being said, I wouldn't be getting a paycheck for at least 3 weeks. Well, of course, I had rent and a car payment due, so I needed to figure something out quick. I saw an online offer for Moneylion, offering up to $5,000. I never use those overnight high interest loan companies because they are downright greedy. Anyways, I was in a rut, and figured what the *** I applied and got approved for $1500 which was deposited the next day. I got sent all of the electronic forms and so forth, but then I had second thoughts and decided to back out. Well, I tired calling them to cancel it, but since it was pending, I would have to call back in 24 hours, because they have a 3 day cancellation policy apparently. Well, of course, trying to get a hold of a live person is downright a nightmare. The have a cute little automated message saying that "Due to high call volumes, you may have a long wait...yadda yadda...." Well, they give you an option for a call back when your place in line is ready. I mean, c'mon, who has time to wait that long or drop everything when they call back??

Anyways, so the $1500 was deposited and I left it in my account. I missed the 3 day refund date and just let things simmer. Well, fast forward tot he end of the month, and I get a notification that my first payment of $830 will be due soon. Yeah, you read that right, $830 was the first of 6 payments to borrow $1500! Anyways, I contact my bank to put a stop on the transaction. They tell me it has to show pending before they can stop it, and it will be a $30 fee. Trust me, the $30 fee was well worth all of this. So, they contact me the next week saying that there was an issue when trying to debit my monthly payment. I play dumb, and tell them I have no clue what you are talking about. They ask me, is this fraud then? I say, it must be and they transfer me to one of their fraud specialists, which again, I am on hold forever with. So, I hang up, a week goes by and phone calls continue. Well, I decide to call them back and proceed to tell them that I originally cancelled this loan after I first started with them. I logged all my timestamps of phone calls and wrote down the names of the people I spoke with. They put me on hold while trying to research this and since I'm at work, I hang up. They try to call me back but hey, it's life and you're on my time now.

So, about 2 months goes by, not quite 90 days yet. I have made enough money at my new job to not need that loan and yes, it was still sitting in my account, untouched. I call my bank and tell them, I noticed a deposit of $1500 back in December that I do not recognize. So, they promptly take it out and send it back to Moneylion. I contact Moneylion regarding this and they tell me, "Oh, there must have been a mistake, everything is fine now as the money was fully refunded".

So, there it was, I got a $1500 loan that served as a floater, that I never used, and nothing about it ever hit my credit. It simply cost me a $30 stop fee, but much better than paying back $4980!!!

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Pros:
  • How easy it was to fool them
Cons:
  • Trying to speak to a live person
Reason of review:
Because I screwed them over
41 comments
Guest

I don’t understand how you screwed them over. They got their money back..

Ronae Muq

*** money lion there w scam

Guest

I can’t use my debit card and I activated it. When I call customer service they can’t find my account please email me and fix this problem kristinestes73@***.com

Princella Mrp
reply icon Replying to comment of Guest-1797733

Im having the same problem hadnt been to acticate my new card whatsoever

Treysen Erj

yeah what this guy is saying is total BS it is not Money Lion i got loans from Money lion before a loan for $500 at 5.99% APR loans and you they give you 12 months to pay that off. No other loan company will ever do this, if you add all that up your monthly payments will be $43.03 and you will be paying a total off $516.37 the interest rate is only $16.37.

This is for people who's struggling and needs to get on they're feet. DO not believe what that guy is saying he on CRACK

Guest
reply icon Replying to comment of Treysen Erj

That is not Moneylion. They do not loan that kind of money or charge high interest. I been with them for the last two years and only problem I have is reaching customer service on phone.

Guest

First: MoneyLion only gives loans of $500, and they are at a flat 5.99% APR. You are referring to one of those tribal/pay day loans with a ridiculous +400% APR.

Second: Bank fraud is a felony, and I can promise you that, if this did happen, they will find you and you'll have *** to pay. Depending on the state you are in, they have about 6 years to collect, and if they appeal to the IRS or file suit, they can have even longer.

TL;DR: this didn't happen. Don't be dumb.

Guest
reply icon Replying to comment of Guest-1732628

facts

Guest

First of all moneylion only issues loans of $500. Other loan companies on their site would offer larger loans at huge interest rates.

So you are lying or confused. Secondly you just admitted publicly that you committed a felony/fraud.

You could be prosecuted but I don't think they'll waste their time. I am relieved to see that you caught it before you got charged

Guest
reply icon Replying to comment of Guest-1724050

You should do research on ML before you call someone a liar. ML offers 3 types of loans.

Plus, FitMoney and Bettercash.

This person could be telling the truth. However seeing that they wanted to play victim and say its fraud then yeah I hope karma hits em sooner than later.

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