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CashLion is a full-service monetary providers app that means that you can financial institution, make investments, and borrow cash in a single place. Its aim is to make monetary providers extra accessible for all clients.
This article will cowl what CashLion is, its providers, and the way clients can use it as a one-stop store for all their banking and investing wants.
Commissions & Fees – 8
Customer Service – 7
Ease of Use – 9
Savings Options – 7
Rates – 6
CashLion gives a one-stop-shop for low-or-no price financial institution and investing accounts, good for brand new buyers.
Pros & Cons
- Low value
- Wide array of product choices
- Immediate entry to loans by way of Instacash
- Automatically spherical up purchases to the closest greenback and make investments the distinction
- Monthly upkeep charges
- Some advantages restricted to Credit Builder Plus members
- Credit Builder loans have charges as excessive as 29.99%
What Does CashLion Offer?
CashLion is a cell banking software that provides clients entry to monetary providers at decrease charges than you would possibly discover at a standard financial institution or brokerage agency. They provide low-cost providers akin to money advances, crypto investing, and small loans that will help you rebuild your credit score.
According to CashLion, it strives to work with clients with, on common, lower than $2,000 in financial savings. These clients may not sometimes have entry to monetary advising or funding providers. CashLion’s all-in-one platform and a wide selection of merchandise make banking and investing extra accessible.
The FDIC-insured checking account RoarMoney is considered one of CashLion’s flagship providers. Metabank helps it, and it offers account holders early entry to paychecks. Debit card holders get fee-free withdrawals from a community of 55,000 ATMs.
CashLion gives a singular function referred to as Shake’n’financial institution. This rewards program permits RoarMoney account holders to earn money again on eligible purchases of $10 or extra comprised of a RoarMoney account by shaking their telephone.
The rewards vary from $0.01 to $500. After the person shakes their telephone and divulges the reward, it’s deposited into their CashLion Investment account. This rewards customers each time they use their CashLion account.
Instacash is CashLion’s money advance possibility. It permits customers to borrow cash from their future earnings with zero curiosity. The superior quantity is normally deducted from the deposited earnings inside two weeks.
Borrowers do not need to have a RoarMoney account to make use of Instacash. They simply want to attach a checking account. Standard Instacash advances are free and take 24-48 hours to seem in your account. However, in order for you your money instantly, you may should pay a price. For instance, the price is $3.99 for an advance deposited right into a RoarMoney account, and a deposit made to an exterior checking account is $4.99.
Instacash and money advance charges
Every time a deposit is made to the borrower’s linked checking account, CashLion will increase the restrict. The credit score restrict begins at $25 however will increase to $250 as extra deposits are made. Borrowers who’ve direct deposits right into a RoarMoney account or be part of CashLion’s Credit Builder Plus program are eligible for a credit score restrict of as much as $300.
CashLion’s flagship additionally gives investing accounts. These no-fee, no-minimum-balance accounts provide an auto-investing possibility. This automated investing function is designed to make investing a passive behavior. Users merely choose the quantity they wish to make investments recurrently.
According to CashLion, 93% of its Plus members are additionally first-time buyers. CashLion’s investing platform permits customers to ease into investing. Users can select from 5 totally different portfolios with asset allocations starting from conservative to aggressive.
Unlike some brokerage companies and banks, which cost clients a proportion of belongings beneath administration, CashLion fees a flat month-to-month price of $1. Additionally, customers could make trades with out paying a fee, much like different cell investing platforms like Robinhood.
In addition to investing, CashLion goals to extend accessibility to crypto. Zero Hash powers CashLion Crypto. Through Zero Hash, customers should buy both Bitcoin or Ethereum.
Users can robotically spherical up debit or bank card purchases to the closest greenback and use that cash to purchase Bitcoin or Ethereum. RoarMoney account holders should purchase and commerce crypto identical to they might on a centralized change like Coinbase.
CashLion Credit Builder Plus
CashLion gives a membership program referred to as Credit Builder Plus. Members pay $19.99 month-to-month for entry to small loans that assist customers construct or rebuild their credit score.
Credit Builder Plus members can entry loans as much as $1,000. Interest charges vary from 5.99% as much as 29.99%. Users instantly entry a portion of their mortgage whereas the remainder is held in a Credit Reserve Account. The mortgage capabilities as a line of credit score. Payments are reported to the principle credit score bureaus, serving to debtors enhance their credit score scores.
Credit Builder Plus charges
Credit Builder Plus members are additionally eligible for different CashLion providers, together with Instacash advances and rewards. Members get unique entry to the Lion’s Share Loyalty Program.
Rewards are primarily based on how usually members use the CashLion app and make qualifying purchases from their CashLion account. The Platinum reward degree pays out $19.99, or the price of becoming a member of the Credit Builder Plus program.
CashLion additionally gives GamePlan, a monetary literacy service, to assist customers set and obtain monetary objectives. Once a person units a aim, CashLion develops a personalised step-by-step plan for them to observe.
CashLion additionally supplies instruments inside the app to assist customers observe money move and set budgets. The app assigns customers a rating primarily based on their saving and spending habits. This permits customers to know their monetary well being and take motion to enhance it.
CashLion Fees & Pricing
While CashLion isn’t with out charges, it’s a low-cost different to conventional banking. Its flagship account RoarMoney prices $1 per thirty days. Withdrawals from out-of-network ATMs value $2.50. Electronic invoice funds are free; nevertheless, paying with a paper verify will value account holders $2.50.
CashLion Account charges
Investment accounts with lower than $5,000 incur a upkeep price of $1 per thirty days. Accounts with greater than $25,000 include a $5 month-to-month price. Trades on the platform are free.
Credit Builder Plus membership is $19.99 per thirty days. Plus, members do not pay the RoarMoney account and funding account charges. Additionally, members have entry to the Lion’s Share Loyalty Program, the place their month-to-month charges could be lowered additional.
Instacash advances are 0% APR with no charges. Credit Builder loans vary in APR from 5.99% to 29.99%.
Is CashLion Safe?
While the web site is safe, the FDIC insures deposit accounts, non-public data is encrypted, and a world safety crew screens the location 24/7, CashLion has come beneath scrutiny lately.
In September 2022, the Consumer Financial Protection Bureau introduced it’s suing CashLion for predatory habits. The swimsuit alleges that CashLion requires a Credit Builder Plus membership to entry low-interest loans. Customers can’t cancel their membership till their mortgage is paid off, locking clients into paying charges for months. They are additionally accused of deceiving and overcharging service members and navy dependents as properly.
How Do I Contact CashLion?
CashLion is a web-based monetary establishment with none bodily places of work. However, they provide 24/7 buyer assist by way of chat, telephone, or electronic mail. Their buyer assist quantity is +1 (888) 704-6970.
CashLion could be a nice possibility as an all-in-one cell banking platform. But on the subject of digital investing or constructing credit score, there are different comparable platforms to select from.
Identify your main aim to decide on a monetary platform greatest suited on your wants. An all-in-one platform is sweet to have, but it surely isn’t important. The extra bells and whistles a platform has, the extra probably you’ll find yourself paying for it, a method or one other.
CreditKarma is a monetary providers platform that strives to assist clients enhance their monetary well-being. Its instruments and on-line checking account are totally free.
Similar to CashLion, CreditKarma gives a Credit Builder program. Working with SeedFi, CreditKarma will deposit a sum of cash right into a locked account in your behalf. Users repay SeedFi for the deposit, and the funds are then reported to the credit score bureaus. This helps customers rebuild their credit score rating whereas additionally serving to them put aside money in financial savings.
Chime is a web-based banking platform on a mission to make it simpler for individuals to handle their cash. Their accounts could be accessed on-line or by way of the cell app and are free.
Chime additionally gives a Credit Builder possibility the place customers can set their credit score restrict utilizing a secured bank card. The restrict makes use of funds you have already got, eliminating the chance of spending past your means. By utilizing secured credit score, Chime helps customers cut back their credit score utilization ratio.
Chime Disclosure – Chime is a monetary know-how firm, not a financial institution. Banking providers and debit card offered by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
1Save When I Get Paid robotically transfers 10% of your direct deposits of $500 or extra out of your Checking Account into your financial savings account.
^Round Ups robotically spherical up debit card purchases to the closest greenback and switch the spherical up out of your Chime Checking Account to your financial savings account.
Chime Credit Building: To apply for Credit Builder, you could have obtained a single qualifying direct deposit of $200 or extra to your Checking Account. The qualifying direct deposit should be made by your employer, payroll supplier,gig economic system payer, or advantages payer by Automated Clearing House (ACH) deposit OR unique Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from monetary establishments, peer to see transfers from providers akin to PayPal, Cash App, or Venmo, cell verify deposits, and money masses or deposits, one-time direct deposits, akin to tax refunds and different comparable transactions, and any deposit to thich Chime deems to not be a qualifying direct deposits usually are not qualifying direct deposits.
On-time cost historical past can have a optimistic affect in your credit score rating. Late cost could negatively affect your credit score rating. Chime will report your actions to Transunion®, Experian®, and Equifax®. Impact in your credit score could range, as Credit scores are independently decided by credit score bureaus primarily based on a lot of elements together with the monetary choices you make with different monetary providers organizations.
CashLion is a low-cost, all-in-one banking platform that provides a variety of providers. Whether you need to rebuild your credit score or dive into investing, CashLion has a product for you.
While CashLion is an efficient possibility, it isn’t completely fee-free. There are different comparable no-fee or low-fee choices out there. The major advantages of CashLion are its entry to no-cost Instacash money advances and Credit Builder micro-loans that will help you rebuild your credit score.
CashLion’s investing, and crypto choices are additionally extra restricted than different rivals. This may not be a superb platform for an skilled investor. However, for brand new buyers on the lookout for low-cost merchandise and monetary literacy coaching, CashLion might be an incredible possibility.
Amanda Claypool is a author, entrepreneur, and digital nomad. She writes about wealth, blockchain know-how, consumerism, and the way forward for work. She is a digital nomad at the moment primarily based in Asheville, NC, and shares about her life on the highway over on Substack. In her free time, she enjoys mountain climbing, studying, and spending approach an excessive amount of time in native espresso outlets.