You're wondering: what is a financial Boost?
A Boost is a great - and really easy - way to lower the interest rate on your MoneyLion loan.
Boosts are essentially an online 'high five'... simple to give and get. All you need to do is ask a friend to Boost you.
It literally takes just seconds to do - and it can save you thousands of dollars!
Here's what to do:
Log in to your MoneyLion dashboard and click on the Community page.
If you're not set up yet, we'll send a code to your mobile phone.
Then request a Boost by sending your friend a quick email.
You'll see a little rocket symbol letting you know your Boost request is on the way.
When your friend joins MoneyLion and Boosts you, you’ll start earning loan rate discounts right away - up to 50% or a flat 36% APR. Best of all, your discount will apply to all loans you get at MoneyLion. Which means you could save thousands of dollars.
As for your friend, they’ll also get 100 points just for Boosting you, which they can later redeem for gift cards.
Here's what Boosts look like in terms of their actual value:
Let's say you have a $1,000 loan and you want to lower your interest rate. The more Boosts you get, the more money you can save. It's that simple.
* Discount in chart applies for loans with an initial non-discounted loan APR greater than 36%.
** Example $1,000 loan with 590% APR, 6 month term, and bi-weekly payment schedule.
For another example, let's say you have a $10,000 loan with an initial loan APR less than or equal to 36%* and you want to lower your interest rate. Here's how much you can save with Boosts.
* Discount in chart applies for loans with an initial non-discounted loan APR less than or equal to 36%.
** Example $10,000 loan with 24.18% APR, 36 month term, and bi-weekly payment schedule.
Ready for a financial Boost? Just log in to your MoneyLion dashboard to get started right now.
Your friends will thank you. Even if they don't have loans themselves, they'll enjoy having all their financial info (and free Credit Monitoring) all in one place - right in the palm of their hands.