Engine by MoneyLion (formerly Fiona) personal loans review
- Max. Loan Amount
- $100,000
- APR
- 5.40% to 35.99%
- Min. credit score
- Poor
Our verdict
Get connected with personal lenders for free with this highly-rated connection service.
Engine by MoneyLion is owned by MoneyLion, another lending platform. It's is a free-to-use, online connection service with 31 personal loan providers in its lineup. You can search for personal loans up to $100,000 — a very high maximum. Similar to other connection services, loan details vary on the lenders you're matched with. Its lending partners offer rates starting at 5.4%, but the lowest rates are reserved for the best credit scores. And you may be bombarded with marketing emails and calls from Engine by MoneyLion's lending partners after applying.
Best for: Good to excellent credit borrowers looking for large personal loans.
Pros
-
Free to use with soft credit check
-
Compare lender offers in minutes
-
Highly-rated by BBB and past users
Cons
-
Shares your information with third-parties
Details
Product details
| Min. Loan Amount | $1,000 |
| Loan Amount | $100,000 |
| APR | 5.40% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | Poor |
| Origination Fee | 1% to 6% |
| Loan term | 4 months to 12 years |
| Turnaround Time | Varies by lender |
Contact info
| Phone number | 800-614-7505 |
| @hifionafinance | |
| @hifionafinance |
What makes Engine by MoneyLion (formerly Fiona) shine
Engine by MoneyLion has over 300 lending partners. While only 31 of them are personal loan providers, that’s a lot of connections. For comparison, Monevo has around 150, Credible has 17 and LendingTree also has over 300. The more lending partners a connection service has, the better your odds at finding a lender that suits your situation.
Like other connection services, Engine by MoneyLion is free to use and offers prequalification with its partners with a soft credit check. Even if you don’t move forward with any of its offers, your credit score isn’t impacted and there’s no obligation to move forward.
Engine by MoneyLion lists its lending partners on its site, separated by the loan type — a transparency that’s appreciated. Some connection services choose to list their partners, but it’s not always the case. Some partners include Best Egg, Lighstream, OppLoans and Upstart.
Additionally, it has zero Better Business Bureau (BBB) complaints as of December 2022, and while not accredited with BBB, it carries an A+ rating.
Where Engine by MoneyLion falls short
Engine by Moneylion (formerly Fiona) falls short where many other connection services do: Past users commonly complain of being contacted by multiple lenders via email and phone after submitting a form with Fiona.
Connections services make their money through referrals. These connection services often collect your personal information and share it with third-parties. While this allows the platform to showcase lender offers catered to your situation, it also means you’re likely to receive marketing calls or emails from its lending partners.
You can unsubscribe from Engine by MoneyLion’s marketing communications, but if you’re contacted by a third-party, you’ll have to unsubscribe or opt-out from communications with those businesses as well.
Borrowers with limited credit histories may not qualify
Engine by MoneyLion claims to have lending partners for nearly all credit scores. However, we submitted a few forms through its website and chose a poor/limited credit history for the prequalification, and sometimes received no offers or very few offers.
If you have a credit score below 500 or a limited credit history, you may not be eligible with its current partners. However, the form doesn’t come with a hard credit check or obligation, so there’s no risk to try.
Engine by Moneylion loan details
Engine by MoneyLion isn’t a direct lender so it doesn’t set personal loan details, but it offers ranges for rates and amounts based on its current lending partners.
| Minimum credit score/credit range | None stated |
| APR | 5.40% to 35.99% |
| Loan amounts | $1,000 to $100,000 |
| Terms | 4 to 144 months |
| Approval turnaround | Varies |
| Availability | All 50 states |
| Fees | No fees to use service, lenders may charge:
|
How to qualify for Engine by MoneyLion
Engine by MoneyLion doesn’t have any hard and fast requirements — aside from requiring users to be at least 18 years old. It claims to have lending partners for nearly all credit scores.
How to get a loan
Head to Engine by MoneyLion’s site, where you’ll enter some basic personal information, such as your name, birth date, address, annual income and Social Security number. Engine by MoneyLion also asks what type of loan you’re looking for and its purpose, such as a personal loan for debt consolidation.
Here’s how the application works:
- Submit a form with Engine by MoneyLion
- Review loan offer(s), then select a lender if interested.
- Apply and accept loan terms with the lender of your choice.
- Follow repayment plan.
Remember that if you do submit your information with Engine by MoneyLion, you’re not obligated to accept any loan offers or to move forward with an official application if you’re unhappy with the offers listed.
How Engine by MoneyLion compares to other lenders
Compare its rates, terms and features to other popular personal loan providers.
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Engine by MoneyLion (formerly Fiona) reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | |
| Trustpilot Score | 4.3 out of 5 stars, based on 257 customer reviews. |
| Customer reviews verified as of | 09 December 2022 |
Engine by MoneyLion doesn’t have any customer reviews or complaints on BBB, which is both a good and bad thing. Having some customer reviews could offer more insight, but the lack of complaints is a good sign. Fiona holds an A+ rating with the BBB. The BBB rates a business based on customer complaints, time in business, transparency and having proper licensing.
On Trustpilot, there’s over 200 reviews and the majority are very positive. Customers typically report a quick, simple and easy process in finding a lender with its service. However, the negative reviews commonly complain of multiple “spam” calls from other lenders and frequent emails after applying. But this feedback is pretty typical among connection services.
Is Engine by MoneyLion legit?
Engine by MoneyLion (formerly Fiona) is a legitimate connection service. It’s been in business for 12+ years, and a few of its personal loan provider partners include:
Your reviews
Bethany Finder
Banking editor
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