Cancel MoneyLion Credit Builder Plus? Here's How! [2024]

Dr. Vesta Labadie V 14 May 2025

Are you looking to sever ties with MoneyLion and wondering how to navigate the cancellation process, especially regarding your Credit Builder Plus membership? It's crucial to understand the specific steps required to ensure a clean break and avoid any lingering charges or complications.

MoneyLion, with its impressive user base of over 17 million, offers a range of financial services, including instant payday loans, personal loan offers, and credit-building tools like the Credit Builder Plus membership. However, circumstances change, and sometimes it becomes necessary to cancel a membership or close an account. If you're ready to cancel your Credit Builder Plus membership, or any other MoneyLion service, it's essential to follow the correct procedures to avoid potential pitfalls.

Category	Information
Name	MoneyLion
Type	Financial Technology Company
Services	Mobile banking, investment accounts, credit-builder loans, personal loans, cryptocurrency services
Headquarters	New York, NY
Founded	2013
Website	MoneyLion Official Website

One of the most common questions is, "How can I cancel my Credit Builder Plus membership?" The answer depends on whether you've fulfilled your loan obligations. As long as your Credit Builder Plus loan has been paid in full, you are eligible to cancel your membership. The cancellation process is designed to be straightforward, and you can manage it directly through the MoneyLion mobile app.

Heres a detailed guide on how to cancel your Credit Builder Plus membership through the MoneyLion app:

Open the MoneyLion Application: Start by opening the MoneyLion app on your smartphone. Ensure you have the latest version of the app for the most accurate and up-to-date features.
Navigate to Your Profile: Look for your profile picture, which is typically located in the top left corner of any screen within the app. Tap on it to access your profile settings.
Access the Membership Section: Once in your profile, find and tap on the "Membership" option. This section provides an overview of your current MoneyLion membership and associated benefits.
Manage Your Membership: Within the "Membership" section, locate and tap on "Manage My Membership." This will take you to a screen where you can view and modify your membership details.
Initiate Cancellation: Look for the option to "Cancel My Membership." Follow the prompts to confirm your cancellation request. You may be asked to provide a reason for cancelling, but this is typically optional.

It's crucial to remember that if you have an outstanding balance on your Credit Builder Plus loan, you will need to pay it off in full before you can successfully cancel your membership. MoneyLion requires that all loan obligations be met before terminating the membership associated with the credit-building service.

What if you need to cut ties with MoneyLion entirely? Cancelling your Credit Builder Plus membership is just one aspect of managing your relationship with MoneyLion. You might also have other services like InstaCash or RoarMoney that you wish to discontinue. Here's a comprehensive look at how to cancel your MoneyLion account and associated services:

Cancelling Other MoneyLion Services: MoneyLion offers various services, and each may have specific cancellation procedures. For example, cancelling MoneyLion WOW involves navigating to the profile section of the app, selecting "Settings," then "Manage Membership," and finally, "Cancel My Membership." The steps are similar to cancelling the Credit Builder Plus membership, but its always a good idea to double-check the specific instructions for each service.

Closing Your MoneyLion Account: If you no longer need the MoneyLion application and want to close your account entirely, follow these steps:

Open the MoneyLion Application: As with the membership cancellation, start by opening the app on your smartphone.
Navigate to the Profile Section: Access your profile by tapping on your profile picture in the top left corner.
Find Account Settings: Look for a "Settings" or "Account Settings" option within your profile. The exact wording may vary depending on the app version.
Locate the Account Closure Option: Within the settings, search for an option like "Close Account," "Deactivate Account," or "Delete Account."
Follow the Prompts: Follow the on-screen prompts to confirm your account closure request. You may be asked to verify your identity or provide a reason for closing your account.

Alternative Methods to Close Your Account: If you're having trouble closing your account through the app, MoneyLion offers alternative methods:

Website: You may be able to close your account through the MoneyLion website. Log in to your account and look for account settings or a help section that provides instructions on account closure.
Email Support: You can also email MoneyLion support at support@moneylion.com and request that they delete your account. Be sure to include your account details and a clear statement that you want to close your account.

Important Considerations Before Cancelling: Before you proceed with cancelling your MoneyLion account or any of its services, keep the following points in mind:

Outstanding Balances: Ensure that you have paid off any outstanding loans or dues before you cancel. MoneyLion will not allow you to close your account if you have a remaining balance.
Active Accounts: Verify that you don't have any other active accounts or subscriptions with MoneyLion that you intend to keep. Cancelling your account will terminate all associated services.
Recurring Payments: If MoneyLion is still taking money from your account, it likely means you have an active account or outstanding balances. Closing your account is the most effective way to stop these payments.

Understanding MoneyLion's Membership Options: MoneyLion offers different membership options to cater to various financial needs. Two primary memberships include MoneyLion WOW and Credit Builder Plus. Each membership provides unique benefits and features.

MoneyLion WOW: This membership offers exclusive benefits to your favorite MoneyLion products. For example, MoneyLion WOW members may have the $1 monthly administrative fee waived for RoarMoney accounts. It also allows you to start investing with as little as $1.
Credit Builder Plus: This membership is designed to help you build credit while providing access to funds you can borrow. Credit Builder Plus loans typically have an annual percentage rate (APR) ranging from 5.99% to 29.99% and are subject to approval.

MoneyLion's Personal Loan Offers: MoneyLion provides a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from their top providers. This service allows you to compare trusted offers and find the best fit for your financial needs.

Cancelling a MoneyLion Loan: If you need to cancel a MoneyLion loan, the process typically involves paying the loan off in full. You can do this by going to the "Loans" tab in the MoneyLion app and following the instructions to make a payment. Once the loan is paid off, you can proceed with cancelling your account or membership if desired.

Understanding Loan Costs: When considering a MoneyLion loan, it's essential to understand the associated costs. The APR can range from 5.99% to 29.99% and may include your MoneyLion Plus membership fee. According to MoneyLion's website, your loan payment could be as low as $67.65 per month, but this depends on the loan amount, APR, and repayment term.

Credit Builder Loans: Credit builder loans from MoneyLion are offered by affiliates and are subject to approval. These loans are designed to help borrowers build credit while providing access to funds. The APR for credit builder loans typically ranges from 5.99% to 29.99%.

Modifying Loan Agreements: Sometimes, life throws curveballs, and you might need to cancel or modify your loan agreement with MoneyLion. Whether you've changed your mind about the loan or you're trying to avoid unnecessary interest, knowing how to cancel or modify the loan is essential. Contact MoneyLion's customer support to discuss your options and determine the best course of action.

MoneyLion's Tools for Financial Wellness: MoneyLion offers personal loans and easy-to-use tools to help you manage your spending, savings, and credit so you can achieve financial wellness. Their services are designed to provide access to funds and resources to help you get smart about your finances.

The Credit Builder Plus Loan: The Credit Builder Plus loan is designed as a simple, low-risk way to help you build credit while giving you access to funds. You can borrow money and make small, manageable payments over time, which can help improve your credit score.

In conclusion, navigating the cancellation of a MoneyLion Credit Builder Plus membership or closing your MoneyLion account requires careful attention to detail. Ensure you've paid off all outstanding balances, understand the specific cancellation procedures for each service, and verify that you've stopped all recurring payments. By following these steps, you can ensure a smooth and hassle-free experience when cutting ties with MoneyLion.