NEW YORK--(BUSINESS WIRE)--Despite solid economic and wage growth in the U.S. since the 2008 crisis, a host of studies point to critically low rates of savings and widening income inequality among American consumers. In the face of this savings crisis, mobile consumer finance platform, MoneyLion has launched MoneyLion Plus to help everyday Americans overcome today’s unexpected expenses while building savings for the future. MoneyLion Plus combines guided savings, simple investing, access to low-cost loans, and the personalized benefits of the MoneyLion platform, including tools to monitor credit, track spending, and earn rewards. The suite of tools is a first-of-its-kind innovation designed for consumers to build their credit, financial resilience, and first $2,000 in savings.
Since 2013, MoneyLion has helped over 1.5 million consumers work towards their financial goals. Over this time, more than 200,000 loans have been provided, a million bank accounts linked to the mobile app, and thousands of customer interviews conducted. This data has equipped MoneyLion with deep insights about the financial challenges of the middle class and has laid the foundations for MoneyLion Plus.
“Today’s U.S. household savings statistics are staggering. Seventy percent of Americans are unable to cover a $1,000 emergency expense with their current savings, while in July the country’s personal savings rate fell to its lowest point – 3.5 percent – since the 2008 crisis. This is not for lack of trying – fluctuating monthly income and expenses, combined with challenges accessing affordable credit, are derailing Americans’ savings goals,” said Diwakar Choubey, MoneyLion’s CEO and co-founder.
“In creating MoneyLion Plus, we’ve used our edge in behavioral data and analytics to democratize access to private banking-like financial tools typically reserved for affluent consumers. Today’s financial emergencies shouldn’t derail future savings goals, and this financial wellness product combination lets all consumers access funds needed to meet short-term commitments without disrupting their long-term financial health.”
A monthly subscription gives MoneyLion Plus members access to the following benefits:
- Guided savings: MoneyLion Plus makes it easy and convenient to save $50 or more per month. MoneyLion’s technology analyzes each member’s cash flows to determine when to set aside and save money from their checking account. Via the MoneyLion mobile app, members are provided with personalized daily budgeting tips to help them optimize their spending and increase their savings even further.
- Fully-managed investment account: The funds saved are automatically invested into a fully-managed investment account featuring a diversified portfolio of ETFs built to suit the financial needs and life stage of each member, all without any additional trading or management fees. These portfolios are based on simple investment strategies that will help members grow their wealth.
- Low-cost access to credit: Unexpected expenses can reset savings back to square one, preventing longer-term growth of wealth. Access to personal loans with APRs of 5.99% or less, regardless of credit score, offers MoneyLion Plus members an affordable means to manage their cash flow needs and avoid costly overdraft or late payment fees.
- Cashback bonus: MoneyLion Plus offers its members additional rewards, including an instant $1 cashback bonus deposited into a member’s investment account each day they log into the MoneyLion app. Members also earn rewards based on their investment account balance.
- MoneyLion mobile app: Members can access all of their benefits on-the-go via MoneyLion’s mobile app, including viewing their savings progress, getting personalized tips and offers for saving more, and accessing their loan funds in just a few taps.
Data from MoneyLion shows that without access to similar support, consumers will typically get mired with only $500 in savings, even after two years of effort. By contrast, MoneyLion Plus is designed to help its members reach $2,000 in savings over the same period, even when faced with inevitable unexpected expenses.
“Knowing how to start is one of the biggest frustrations for American consumers looking to save. There’s a perception that you have to have money saved in order to start investing, but with MoneyLion Plus, we’re making it easy for anyone with a bank account to build their wealth and manage life’s surprises at significantly lower cost,” added Choubey.
For more information about MoneyLion Plus, visit https://www.moneylion.com/plus.
MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through better products for borrowing, saving, and investing. Founded in 2013 by a team of leading technologists and financiers, MoneyLion uses superior analytics and machine learning-based technology to gain a 360-degree view of its users’ personal finances, enabling uniquely personalized advice and underwriting. With its built-in system of rewards, points, and incentives, MoneyLion encourages good financial behavior and better financial outcomes. MoneyLion is headquartered in New York with offices in San Francisco, Salt Lake City and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.
MoneyLion’s affiliate, ML Wealth LLC, is a Registered Investment Advisor with the SEC. MoneyLion Plus members’ investments are protected by the SIPC (Securities Investor Protection Corporation) for up to $500,000.