Advertiser Disclosure
Advertiser Disclosure
The offers that appear are from companies which Engine by MoneyLion and its partners receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed below. However, this compensation also facilitates the provision by Engine by MoneyLion of certain services to you at no charge. The offers shown below do not include all financial services companies or all of their available product and service offerings.
Additional Disclosures
Last Updated: March 2023 Engine by MoneyLion 50 West 23rd Street Suite 700 New York, NY 10010 (800) 410-1488
Engine by MoneyLion (NMLS#1475872) is an embedded finance platform that powers Fiona.com. For licensing information and state specific disclosures, see our licensing page.
Engine by Money Lion General Disclosures: Engine by MoneyLion (“Engine”, “we”, “us”, “our”) is not a lender and we do not offer financial products directly. Engine by MoneyLion does not represent the Financial Institution Providers on our platform other than as a referral source and we do not endorse or recommend particular Financial Institution Providers or products. Engine by MoneyLion does not accept applications, make credit decisions, or guarantee a particular result from a financial product offer request. Any Financial Institution Provider will require you to submit an application to them for their consideration before extending a firm offer of credit. We do not issue loan approvals, loan commitments, or make any guarantees on behalf of any Financial Institution Provider and all rates, fees, and terms are presented without guarantee. Rates, fees and terms are subject to change pursuant to each Financial Institution Provider’s discretion and may not be available in all states or for all types of financial products. You may receive loan offers that vary in amount from what you requested. We may also show offers for financial products that vary from the type you requested, such as debt relief, debt settlement, credit repair or credit monitoring. Financial Institution Providers’ privacy policies and/or security practices may differ from those of Engine by MoneyLion.
We do not connect you with every Financial Institution Provider in the market, so other Financial Institutions and financial products not listed on our platform may be available to you, subject to different terms and conditions, including lower rates. We cannot guarantee the lowest price or best terms available in the market. Your personal financial situation is unique, and it is your responsibility to evaluate the information and content provided, before making any financial decisions.
We support the principles of the federal Equal Credit Opportunity Act (the “ECOA”). We do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), the fact that all or part of the applicant's income derives from a public assistance program, or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Similarly, we are committed to compliance with any applicable state and local anti-discrimination laws.
Annual Percentage Rate (APR) Disclosure: The Annual Percentage Rate (APR) is the rate at which your loan accrues interest. It is based upon the amount of your loan, the cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. By law, the lender or lending partner must show you the APR before you enter into the loan. States have laws that may limit the APR that the lender or lending partner can charge you. Rates will vary based on your credit worthiness, loan size, amongst other variables, with the lowest rates available to customers with excellent credit. Minimum and maximum loan amounts and APRs may vary according to state law and lender or lending partner. We recommend that you read the lender's and/or lending partner's personal terms and conditions in full before proceeding for any loan.
Representative Example: If you borrow $5,000 with a 36 month repayment term, and a 10% APR, the monthly payment amount will be $161.34. Total repayment will be $5,808.24. Total interest paid will be $808.24.
Representative Example (Credit Cards): If you have a $5,000 balance remaining at a 15% APR. Your end of day balance would be $5,000 after the first day., Assuming no purchases or payments, your balance at the end of the second day would be $5000, plus $2.05 in interest that accrued on the previous day’s balance ($5000*(0.15/365)). This would repeat every day until the end of the billing period. If there are no fees or other charges monthly repayment may be $5,061.50.
PRODUCT SPECIFIC DISCLOSURES
Mortgage Products Including Home Equity Lines of Credit (HELOC) & Home Equity Loans
See our licensing page for additional mortgage product licensing information and state specific disclosures.
Any information you provide to Engine by MoneyLion pursuant to a request for mortgage product offers may be shared with the Financial Institution Providers on our platform in furtherance of your request.These Financial Institution Providers may retain your information provided to them by Engine by MoneyLion regardless of whether or not you obtain a loan from them.
The TILA-RESPA Integrated Disclosure Act, requires Financial Institution Providers to include a Good Faith Estimate (GFE), also referred to as a Loan Estimate Form, with any firm offers of credit they extend to you pursuant to an application you submit directly to that provider. This document sets forth the various loan terms and costs involved, such as a credit report fee, property appraisal fee, or other third-party fees in connection with your loan.
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The interest rate reflected in any offers presented to you are subject to change without notice, unless and until you and the Financial Institution Provider have entered into an interest rate lock-in agreement.. The refundability of any fees associated with an interest rate lock-in agreement will be set forth in the terms and conditions of that agreement.
If your home value is higher than your outstanding mortgage balance(s), you may be able to borrow against the portion of equity available in your home. Under the ECOA, you are entitled to receive a copy of any appraisal.
A Home Equity Line of Credit (HELOC) is a line of credit that is secured by your home. Some HELOC products offered on Engine by MoneyLion’s platform have variable interest rates. These variable interest rates may go up or down in relation to an index, economic conditions, and/or the terms of the loan agreement. Some HELOC products may be subject to interest rate adjustment caps that limit the range of fluctuation of your interest rate for a set period (i.e. 6 months or 1 year) and for the life of the loan. Example: A Variable Rate HELOC with interest rate caps of 2% for the first year and 1% each year afterward for the life of the loan.
HELOC Annual Percentage Rate (APR) Disclosure:
Rates and terms may change at any time and will be subject to property type, loan amount, credit history, lien position, loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, FICO score and draw amount at closing. Rates are subject to change daily and minimum line amounts may apply. All accounts are subject to individual lender approval. Any minimum periodic payments stated by a lender may result in a balloon payment if only the minimum is made. The amount and timing of the balloon payment is at the discretion of the lender. Please evaluate all terms prior to making any financial decision.
HELOC Representative Example
Home value $300,000
$300,000 x 80% = $240,000.
You owe $100,000 on your first mortgage: $240,000 – $100,000 = $140,000. In the above scenario, assuming your lender caps the maximum loan-to-value ratio of 80%, you could potentially qualify for a HELOC with a maximum credit line of $140,000.”
Other helpful information can be found at: HELOC Brochure "What you should know about home equity lines of credit"
Banking Products Including Checking & Savings Accounts
Minimum balance, minimum opening deposit, and/or other funding requirements may apply in order to open an account or earn the stated Annual Percentage Yield (APY). All accounts are subject to approval by the Financial Institution Provider. Accounts with variable rates are identified as such in the offers from Financial Institution Providers.
Annual Percentage Yield (APY) reflects the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period, expressed as a percentage. This differs from the Annual Percentage Rate (APR) which does not include compounding interest. APY is subject to change before and after account opening.
Types of Banking Products Offered on the Engine by MoneyLion Platform
- Money Market Accounts (MMA) are sometimes called money market deposit accounts or money market savings accounts. MMAs restrict withdrawals and payments to 6 times per month when using a check, debit card, draft, or electronic transfer. Withdrawals or payments by ATM, in person, by mail, messenger, or telephone check do not count against the 6 transactions per month limit.
- Cash Management Accounts (CMA) are cash accounts that combine services and features similar to those offered by traditional checking, savings, and investment accounts into one financial product. CMAs are offered by non-banking Financial Institution Providers such as brokerage firms.
- High Interest Checking Accounts (HIC) offers a higher interest rate (annual percentage yield, or APY) on money held in that account compared to other types of checking accounts.
- Certificate of Deposit (CD) is a type of savings account that earns interest on deposited funds for a fixed period of time ending with the “maturity date.” If funds are withdrawn prior to the maturity date penalties may be applied, including loss of interest.
Private Student Loans and Student Loan Refinance
Refinancing your federal student loan may result in the loss of certain benefits, and/or eligibility that apply to federal student loans. In addition, refinancing your student loan(s) may result in penalties, restrictions, or changes in your payment amount and terms. Refinancing your student loan(s) may not result in lower payments and in many cases can extend the life of the loan. Requirements, discounts, or other terms and conditions will vary by lender.
You may also qualify for federal student financial assistance. Visit https://studentaid.gov for more information.
Auto Loan and Auto Loan Refinancing
Any offers you receive for auto loans or auto loan refinancing on Engine by MoneyLion’s platform do not include all costs that may be associated with an auto loan such as taxes, licensing, and fees. Other factors such as down payment, trade-in, rebates, and type of
automobile may impact the actual terms of the loan. Minimum and/or maximum loan amounts may be applied by the Financial Institution Provider based on several factors such as your income, credit history, and the vehicle you are purchasing or refinancing. Restrictions as to the type and age of vehicle you are purchasing or refinancing, as well as other characteristics may also apply. Refinancing your auto loan may not always result in lower payments and in many cases it can extend the life of the loan.
Auto Loans or Auto Refinance Loans are a type of secured loan. This means the vehicle financed by the loan will be used as collateral to satisfy the loan in the event you become unable to pay according to the terms of the loan. In some cases, the Financial Institution Provider may hold a lien on the collateral until the loan is fully repaid.
