MoneyLion 101: How to Cancel Memberships and Products
How can I cancel my Credit Builder Plus membership?
As long as your Credit Builder Plus loan has been paid in full, you can cancel your Credit Builder Plus membership at any time with no fees. Remember, if you cancel your membership, you’ll lose access to credit builder loans, Lion’s Share payouts, credit monitoring, and more. You’ll have to reapply to unlock these benefits again if you wish to reactivate your membership.
In order to cancel in the app, simply:
- Click on your profile picture
- Tap “Membership”
- Tap “Manage My Membership”
If you followed the steps for canceling above but are unable to cancel, it's likely you have an active loan that is not yet paid off. In order for you to cancel your membership, your loans and Instacash℠ balance must be paid in full. Learn how to pay off your loan and repay Instacash.
How do I cancel Instacash?
Access to Instacash is free, so you don’t need to cancel anything. Simply stop using Instacash whenever you’d like. Just please make sure to pay any overdue balances before you go.
Wait, how do I cancel Auto Invest?
- Go into your investment account in the MoneyLion app
- Click “Auto Invest”
- Click “Delete Auto Invest”
You will get a notification confirming Auto Invest has been deleted. Please keep in mind, you can pause Auto Invest instead of deleting it. Simply switch the “Active” button from “On” to “Off” on the Auto Invest screen. If you choose to delete it, you can opt back in at any time.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan, and until your Credit Builder Plus membership payments are current. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.
Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Lion’s Share℠ Loyalty Program and monthly payment are subject to terms and conditions, see here.
Instacash is an optional service offered by MoneyLion. The amount of Instacash you are eligible to receive will be based on your creditworthiness and other criteria determined by MoneyLion, and may change from time to time. You will be informed of your current available amount in the MoneyLion mobile app. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Accounts are subject to administrative fee of $1 per month.