MoneyLion offers a variety of financial services including a mobile banking account called RoarMoney, cash advances through Instacash, managed investment accounts, and credit builder loans through their Credit Builder Plus membership. They charge a $19.99 monthly fee for Credit Builder Plus which includes access to loans and credit-building tools. Additionally, MoneyLion has a WOW Membership subscription costing $9.99 per month (or discounted rates for longer terms) that offers cashback rewards on spending, loans, and crypto buys, along with extra perks like waived fees on investments and purchase protection insurance. Customers might see billing from MoneyLion primarily from these subscription memberships and any fees related to optional services or loans.
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The cancellation process is straightforward and can be completed within the MoneyLion app by navigating through Profile > Settings > Manage Membership > Cancel my membership, which is simple and quick to do without needing to contact customer support in most cases.
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How to Cancel MoneyLion: Step by Step
If you purchased through the MoneyLion App:
- Open the MoneyLion App on your mobile device.
- Tap your profile icon located in the bottom right corner.
- Select Settings from the menu.
- Choose Manage Membership.
- Tap Cancel my membership.
If you purchased through the MoneyLion Website:
- Log in to your MoneyLion account at moneylion.com.
- Go to your account settings.
- Select Manage Membership.
- Click on Cancel my membership.
Tips & Tricks for Canceling MoneyLion
- Attempt cancellation only if you do not have an active loan, as MoneyLion will not allow cancellations with active loans.
- Contact customer service via phone at 888-704-6970 and also use in-app chat to request cancellation.
- Email MoneyLion with a clear statement to revoke ACH authorization ahead of any upcoming payments to stop automatic withdrawals.
- Request written confirmation by email to prove your cancellation or revocation of authorization.
- Remove saved payment methods in your MoneyLion wallet to further prevent charges.
- Document all communications thoroughly by saving screenshots, chat logs, emails, and call details for escalation if needed.
- If cancellation fails, file complaints with the Better Business Bureau (BBB) and escalate to government sites like helpwithmybank.gov.
- Be persistent and follow up multiple times as memberships have been reported to reactivate without consent.
- Time your cancellation attempts close to billing dates but before the charge processes to prevent unwanted charges.
- Use firm, clear language stating you revoke ACH authorization and cancel membership immediately and refuse further payments.
- Consider mailing payments manually if you have a Credit Builder loan after cancelling automatic payments.
MoneyLion Customer Service Info
If you need assistance, here's how you can get in touch with MoneyLion's support team.
Cancel MoneyLion Script
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Dear MoneyLion Customer Support,
I hope this message finds you well. I am writing to request the cancellation of my subscription. Due to changes in my financial situation, I can no longer justify the monthly expense.
I appreciate the service you provide, but I must prioritize my current budget constraints. Please confirm the cancellation of my subscription at your earliest convenience.
Thank you for your understanding.
Best regards,
Frequently Asked Questions
MoneyLion allows you to cancel your membership at any time. For monthly plans, cancellations take effect at the next billing date, while six-month and annual plans have specific refund policies for unused months if canceled within the first month. Canceling membership results in loss of access to benefits such as Credit Builder loans and exclusive offers.
You can cancel your MoneyLion membership directly through the app by clicking your profile icon, going to Settings, selecting Manage membership, and tapping Cancel my membership. This process does not explicitly state that you need your password, but since it's done from your account in the app, you would typically be logged in, which implies your password is needed to access the app and manage your subscription. If you do need to reset your password, you can do so here: https://moneylion.com/reset-password.
- Unauthorized charges and difficulty canceling accounts.
- Claims of users signing up for services they never did and refusal to issue refunds.
- Unable to cancel memberships due to linked investment accounts never opened by users.
- Poor customer service with delays, unhelpful representatives, and unresolved disputes.
- Issues with Instacash service, including limited bank acceptance, unapproved multiple loans, and unexpected transfers causing double charges.
- Security problems such as account takeovers, account locks, and poor communication with support.
- Frustration with automated systems preventing manual overrides or adjustments.
- Overcharging on purchases and pending holds on funds causing financial inconvenience.
- Long account lockouts following security checks leading to plans to close accounts.
- Difficulty logging in and removing accounts due to lack of direct live phone support.
- Reports of stolen large sums and unresolved complaints leading to formal BBB complaints and low ratings.
- Monthly membership fees combined with loan payments creating high effective borrowing costs.
- Lack of perceived benefits from the membership program.
MoneyLion WOW membership users should be aware that while you can cancel your membership at any time, if you are on a six-month or annual plan, cancellations within the first month of your term are eligible only for a refund of unused months minus the first month's fee, which is typically $9.99. Memberships auto-renew until canceled, so forgetting to cancel can result in repeated charges, and you must contact customer support to deactivate your account. There are no long-term lock-ins, but the first-month fee is non-refundable and immediate cancellation may not stop the ongoing billing until you confirm the cancellation with support.
Before canceling a MoneyLion subscription or membership, note that you will lose access to several key features. This includes Credit Builder Plus Loans, weekly credit monitoring, and other membership benefits like investment accounts and RoarMoney account services. Additionally, if you cancel, you may need to reapply to regain access to these features if you decide to return. It's also important to consider if you have any outstanding loans, as MoneyLion may restrict cancellation until balances are settled.
- Account login details (username/email and password)
- Membership or account number
- Email address associated with the account
- Confirmation of loan repayment (if you have outstanding loans, these must be paid off first)
- Access to the MoneyLion mobile app or website to manage membership or start cancellation
- Knowledge of any contract terms (minimum commitment periods, cancellation fees, etc.)
- Personal identification details if requested during the process
- Cancellation confirmation (save screenshots or emails verifying the cancellation)
- Customer support contact information (in case assistance is needed—phone: 1-844-224-0087, email: support@moneylion.com)
We've actually written a step by step guide on how to get a refund from MoneyLion. Check it out!
The Easiest Way to Cancel MoneyLion
If you’re frustrated trying to cancel your subscription, membership, or bill from MoneyLion—or if you didn’t even realize you were being charged—Chargeback can help. Chargeback is a personal subscription manager that automatically detects hidden, recurring charges like Netflix, Hulu, and hundreds of others. With one click, we can cancel unwanted subscriptions, flag suspicious billing, and even initiate refund requests on your behalf. No more waiting on hold or navigating confusing help pages. Just connect your bank or email account, and we’ll take care of the rest.
Start reclaiming your money today with Chargeback
What Are Some Alternatives to MoneyLion?
Transfer MoneyLion Instacash, MoneyLion Instacash Deposit
Editorial Note: These articles reflect the opinions of Chargeback's writers. Everyone's situation is unique; therefore, it is important to conduct your own research and note that our self-help tools are not guaranteed to help with any specific problem.
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