Cancellation service N°1 in United States
Contract number:
To the attention of:
Cancellation Department – Moneylion
249 W 17th St, Floor 4
10011‑5390 New York
Subject: Contract Cancellation – Certified Email Notification
Dear Sir or Madam,
I hereby notify you of my decision to terminate contract number relating to the Moneylion service. This notification constitutes a firm, clear and unequivocal intention to cancel the contract, effective at the earliest possible date or in accordance with the applicable contractual notice period.
I kindly request that you take all necessary measures to:
– cease all billing from the effective date of cancellation;
– confirm in writing the proper receipt of this request;
– and, where applicable, send me the final statement or balance confirmation.
This cancellation is sent to you by certified email. The sending, timestamping and integrity of the content are established, making it equivalent proof meeting the requirements of electronic evidence. You therefore have all the necessary elements to process this cancellation properly, in accordance with the applicable principles regarding written notification and contractual freedom.
In accordance with the Consumer Rights Act 2015 and data protection regulations, I also request that you:
– delete all my personal data not necessary for your legal or accounting obligations;
– close any associated personal account;
– and confirm to me the effective deletion of data in accordance with applicable rights regarding privacy protection.
I retain a complete copy of this notification as well as proof of sending.
Yours sincerely,
13/01/2026
How to Cancel Moneylion: Complete Guide
What is Moneylion
Moneylion is a fintech platform that bundles banking, lending, investing and credit-building tools into a single mobile-first product. The service markets membership tiers that unlock features such as small short-term advances, a managed investment account, and a credit-builder loan alongside a deposit account and debit card.
From a pricing perspective, Moneylion publishes a membership offering called WOW with tiered billing options and an auto-renew model; the company also sells a Credit Builder Plus product that carries a recurring membership fee and loan components. These published plan elements and fees form the reference for most cancellation and refund disputes.
How Moneylion subscriptions and billing typically work
Memberships are subscription-based and set to auto-renew until a member cancels. The WOW membership documentation notes monthly, six-month and annual term options and specific refund behaviour for short-term cancellations within certain windows.
Credit Builder Plus carries a recurring membership charge that is separate from the loan repayment stream; published materials list the membership fee and the loan principal and APR ranges that will affect total cost. These two cost streams are commonly the source of billing disputes.
| Plan or fee item | Typical published amount (source currency) | Approximate A$ equivalent | Service note |
|---|---|---|---|
| WOW membership - monthly | US$9.99/month | Approx A$15 | Auto-renews; some terms allow refund for unused months on longer terms if cancelled quickly. |
| WOW membership - six-month | US$54.90 per 6 months | Approx A$82 | Refunds for unused months may apply if cancelled within first month of term. |
| WOW membership - annual | US$99.99/year | Approx A$150 | Auto-renewing annual term; early-term refund rules available per membership agreement. |
| Credit Builder Plus membership | US$19.99/month | Approx A$30 | Membership fee is separate from loan principal and APR payments. |
Pricing conversion and note on approximations
Where the primary published figures are in US dollars, the A$ numbers above are approximate conversions based on mid-market rates around early January 2026; exchange rates fluctuate and local bank conversion or card foreign transaction fees will alter the out-of-pocket A$ amount. Use the A$ figures as planning estimates, not exact refunds or charges.
Customer experience and cancellation: analysis from public reports
What users report
Public feedback collected on review platforms shows a split between users who praise fast funding and those who criticise billing transparency and cancellation friction. Multiple reviews and aggregated complaint analyses cite recurring concerns about being billed after attempts to stop memberships and difficulty obtaining refunds.
Direct user quotes on review sites include statements about ongoing drafts after a loan was repaid and frustration at account actions that appeared to block deletion. These extracts are emblematic of the common complaints rather than systematic proof of company-wide failure, but they provide practical signals for anyone managing subscription risk.
Recurring issues and practical takeaways
From a financial perspective, two patterns drive most problems: the separation of membership fees from loan repayments, and automated renewals that restart billing unexpectedly. Users who did not distinguish these streams reported surprise charges.
In terms of value, membership products that bundle features can save money when used regularly; however, when usage is infrequent the fixed membership fee can increase effective borrowing cost. Comparing the ongoing monthly membership charge to the marginal benefit helps decide whether to maintain or cancel.
Common financial reasons people cancel Moneylion
From a financial viewpoint, cancellations are usually triggered by one or more of the following: the membership fee no longer justifies the features used, loan repayments or advance fees materially worsen cashflow, or repeated billing errors create distrust.
Credit-building products can carry two simultaneous costs: the membership fee and the loan repayment. If you do not use the credit reporting or investment features enough to offset the membership charge, cancelling can be a straight cost-optimisation decision.
How cancellations typically affect billing, proration and refunds for Moneylion
Published terms indicate memberships auto-renew and include limited refund language for certain term types and early cancellations; specifically, some six-month and annual memberships include a refund for unused months if cancelled within the first month of the term. Refund eligibility depends on the membership agreement and timing relative to the billing cycle.
Proration and refund outcomes vary by product: membership subscriptions may have explicit refund windows while loan-related payments follow the loan contract and scheduled repayments. Credit-builder loans commonly require a separate loan payment that does not automatically stop membership billing. Monitor both streams when analysing expected post-cancellation cashflow.
Documentation checklist
- Membership agreement: copy or screenshot of the membership terms and refund language.
- Billing history: statements showing recurring charges and dates.
- Loan schedule: documented loan principal, APR and payment dates.
- Proof of communications: logs or timestamps of your attempts to raise the issue or request actions (note: keep general records).
- Bank/card records: evidence of debits and refunds.
- Refund or dispute records: any acknowledgements, reference numbers or case IDs from formal complaints or disputes.
Disputes, chargebacks and regulator complaints
If a transaction appears incorrect after a cancellation attempt, consider the financial routes available: internal billing dispute and, where appropriate, a card issuer dispute or bank dispute. These actions have deadlines and evidence requirements; apply them within your financial institution's published windows.
Regulatory and media scrutiny of Moneylion products has been reported in aggregated complaint summaries and regulatory actions, which heightens the importance of preserving documentation if you escalate a dispute. Use regulator findings to understand likely resolution timelines and typical outcomes.
Address
- Address: MoneyLion, 249 W 17th St, Floor 4, New York, NY 10011‑5390, USA
Practical mistakes to avoid when cancelling Moneylion
- 1. Assuming loan payoff stops membership charges: membership fees may continue after loan closure unless the membership itself is addressed.
- 2. Not reconciling dates: failing to align cancellation timing with the billing cycle can trigger an additional full-period charge.
- 3. Losing proof: not saving copies of agreements, receipts and communication timestamps reduces leverage in disputes.
- 4. Ignoring separate fee streams: treat membership, loan repayment and investment fees as distinct cashflow lines.
Costs and value: comparing Moneylion to alternatives
From a budgeting perspective, compare the total recurring cost (membership plus any administrative fees) against the expected dollar benefit you receive each month. If membership savings are under the membership fee, cancellation will improve your monthly cashflow.
| Feature | Moneylion | Common alternatives |
|---|---|---|
| Short-term advances | Instant small cash advances with variable tips/fees and advance features. | Dedicated payday/advance apps or overdraft features at mainstream banks; these may be more costly or cheaper depending on APR and fees. |
| Credit builder | Paid membership plus loan principal that reports to credit bureaus; separate membership fee applies. | Credit-builder credit unions or specialist products that may charge lower membership fees but offer fewer bundled features. |
| Investing | Managed accounts with small monthly admin fees tied to account value. | Low-cost brokerages with flat fees or percentage-based fees; evaluate expected return vs fee drag. |
How to prepare financially before you cancel
Do a short cost-benefit run: calculate the remaining value you expect to receive in the next 3 months and compare it to the membership and loan costs scheduled in that period. This yields a marginal cost of cancellation versus retention.
Where a refund policy exists for the term you bought, weigh the refund amount (if any) against the time and evidence you will need to secure it. Immediate action paired with clear documentation tends to improve dispute outcomes.
What to expect after cancelling Moneylion
After a cancellation action, typical outcomes include: stopping future membership billing (subject to timing and terms), continued obligation for outstanding loan repayments, processing time for any refunds where eligible, and the need to monitor bank/card statements for residual or reversed charges. Keep records and reconcile statements over the next two billing cycles.
From a financial optimisation perspective, consider reallocating the monthly membership budget to an emergency buffer or lower-cost credit alternative if the membership no longer provides net value.
Next steps and practical financial advice
Prioritise four actions: review the published membership agreement and fee schedule for your exact term; extract and save billing and loan documentation; run a three-month cashflow comparison to decide if cancellation improves your budget; and track statements for two cycles after your cancellation attempt.
Consider alternatives that separate subscription costs from loan products if you need only one functionality. From a budgeting viewpoint, unbundling services often lowers fixed monthly outgoings and gives clearer marginal cost control.
Keep a copy of this article and your documentation checklist when you review your account statements and decide your next financial move.