Can You Cancel MoneyLion? Here's What You Need To Know

Ever wondered if you can cancel MoneyLion? If you're thinking about parting ways with this financial service, you're not alone. Many users find themselves asking the same question. Canceling MoneyLion might seem like a hassle, but with the right steps, it's definitely doable. Let's dive into everything you need to know before hitting that cancel button.

MoneyLion has been making waves in the financial world by offering a range of services designed to help people manage their money better. From budgeting tools to investment options, it’s like having a personal financial assistant in your pocket. But let’s face it—life happens, and sometimes we need to reassess our financial commitments. That’s where the big question comes in: can you cancel MoneyLion?

Don’t worry; we’ve got your back. In this article, we’ll walk you through the ins and outs of canceling MoneyLion, including what to expect, how to do it, and any potential pitfalls you should watch out for. Whether you’re over the monthly fees or just looking for something new, we’ve got all the answers right here.

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What is MoneyLion Anyway?

Before we dive into the nitty-gritty of canceling MoneyLion, let’s talk about what it actually is. MoneyLion is more than just another app—it’s a comprehensive financial platform that offers everything from budgeting tools to loans and investments. Think of it as a one-stop-shop for all your financial needs. But like any service, it’s not perfect for everyone. Some users might find the features overwhelming or the fees too steep.

MoneyLion offers three main tiers: Free, Plus, and Elite. The Free tier gives you access to basic budgeting tools and a free credit score tracker. The Plus tier ups the ante with cash-back rewards and a credit builder loan. And then there’s the Elite tier, which includes all the perks of Plus plus access to managed investments and a premium credit card. Cool stuff, right? But what if you’re ready to move on? Can you cancel MoneyLion? Absolutely.

Why Would You Want to Cancel MoneyLion?

Let’s be real—there are plenty of reasons why someone might want to cancel MoneyLion. Maybe the monthly fees are eating into your budget. Or maybe you’ve found a better alternative that suits your financial goals. Whatever the reason, it’s important to know that canceling MoneyLion is a straightforward process. Here are some common reasons why users decide to cancel:

• Monthly subscription fees are too high
• Not using all the features offered
• Found a better alternative
• Don’t need the credit-building tools anymore
• Unhappy with customer service

Whatever your reason may be, it’s totally okay to cancel. Life changes, and so do our financial priorities. The good news is that canceling MoneyLion doesn’t have to be a headache.

Can You Cancel MoneyLion? The Short Answer

The short answer? Yes, you can cancel MoneyLion. And it’s not as complicated as you might think. Whether you’re subscribed to the Plus or Elite tier, the process is pretty much the same. The key is to make sure you cancel before your next billing cycle starts. Otherwise, you might end up paying for another month unnecessarily.

Here’s the thing: MoneyLion doesn’t lock you into long-term contracts. Most of their plans are subscription-based, meaning you can cancel anytime without penalty. That’s a big plus if you’re looking for flexibility in your financial services. But don’t just take our word for it—let’s break it down step by step.

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How to Cancel MoneyLion: Step-by-Step Guide

Now that we’ve established that you can cancel MoneyLion, let’s talk about how to do it. The process is surprisingly simple, and you can do it all from the comfort of your own home. Here’s a step-by-step guide to help you out:

Step 1: Log Into Your Account

First things first, you’ll need to log into your MoneyLion account. This can be done either through the app or the website. Make sure you’re logged in to the account associated with your subscription.

Step 2: Navigate to the Subscription Settings

Once you’re logged in, head over to the settings section. Look for an option that says “Subscription” or “Billing.” This is where you’ll find all the details about your current plan.

Step 3: Cancel Your Subscription

In the subscription settings, you should see an option to cancel your plan. Click on it, and follow the prompts to confirm your decision. It’s usually as simple as clicking a button and confirming your choice.

That’s it! You’re done. Your subscription will be canceled, and you won’t be charged again. Easy peasy, right?

What Happens After You Cancel MoneyLion?

So, you’ve canceled your MoneyLion subscription. What happens next? Well, it depends on which tier you were subscribed to. If you were on the Free tier, not much will change since the Free tier doesn’t require a subscription. But if you were on the Plus or Elite tier, here’s what you can expect:

• You’ll lose access to premium features like cash-back rewards and credit builder loans
• Your managed investments will be paused, but you can still access them through the app
• Any existing loans will still need to be paid off

It’s important to note that canceling your subscription doesn’t erase your account. You can still log in to view your transaction history and manage any outstanding balances. If you change your mind down the line, you can always resubscribe.

Will Canceling MoneyLion Affect Your Credit Score?

This is a question that a lot of users have. Will canceling MoneyLion hurt your credit score? The short answer is no. Canceling your subscription won’t directly impact your credit score. However, if you have any outstanding loans or credit card balances, those could affect your score if you don’t manage them properly.

Here’s the deal: MoneyLion offers credit builder loans and a credit card as part of its Plus and Elite tiers. If you cancel your subscription but still have an outstanding balance on one of these products, it’s important to keep up with your payments. Missing payments can negatively impact your credit score, so make sure you stay on top of things.

Alternatives to MoneyLion

If you’ve decided to cancel MoneyLion, you might be wondering what else is out there. The good news is that there are plenty of alternatives to choose from, depending on your financial needs. Here are a few popular options:

1. Mint

Mint is a free budgeting app that offers many of the same features as MoneyLion’s Free tier. It’s great for tracking your spending and setting financial goals.

2. Acorns

Acorns is an investment app that rounds up your purchases and invests the spare change. It’s a great option if you’re looking to grow your wealth over time.

3. Chime

Chime is a mobile banking app that offers budgeting tools and cash-back rewards. It’s a solid alternative if you’re looking for a more comprehensive financial solution.

These are just a few of the many alternatives available. Do your research and find the one that best fits your needs.

Can You Cancel MoneyLion and Keep Your Investments?

This is a common question, and the answer is yes. You can cancel your MoneyLion subscription and still keep your investments. However, your managed investments will be paused, and you won’t be able to make any new investments until you resubscribe.

Here’s how it works: MoneyLion’s investment services are managed through a third-party provider called Folio Investments. When you cancel your subscription, your account with Folio will remain active, but you won’t be able to access the managed investment features. You can still view your portfolio and make manual trades if you prefer.

Tips for Canceling MoneyLion Smoothly

Canceling MoneyLion doesn’t have to be a stressful experience. Here are a few tips to help you do it smoothly:

• Make sure you cancel before your next billing cycle starts
• Double-check that your subscription has been canceled
• Review any outstanding balances or loans
• Consider exporting your data before canceling

By following these tips, you can ensure a smooth cancellation process and avoid any unnecessary charges.

Conclusion: Can You Cancel MoneyLion?

So, can you cancel MoneyLion? Absolutely. Whether you’re over the monthly fees or just ready for a change, canceling MoneyLion is a straightforward process. Just make sure you do it before your next billing cycle starts, and review any outstanding balances or loans before you go.

We hope this article has been helpful in answering all your questions about canceling MoneyLion. If you have any other questions or need further assistance, feel free to leave a comment below. And don’t forget to share this article with anyone else who might be wondering the same thing. Until next time, stay financially savvy!

Table of Contents

• What is MoneyLion Anyway?
• Why Would You Want to Cancel MoneyLion?
• Can You Cancel MoneyLion? The Short Answer
• How to Cancel MoneyLion: Step-by-Step Guide
• What Happens After You Cancel MoneyLion?
• Will Canceling MoneyLion Affect Your Credit Score?
• Alternatives to MoneyLion
• Can You Cancel MoneyLion and Keep Your Investments?
• Tips for Canceling MoneyLion Smoothly
• Conclusion: Can You Cancel MoneyLion?