dfree®Financial Freedom Movement to Offer Solutions for African Americans to Break Financial Barriers with New MoneyLion Partnership
MoneyLion to provide powerful financial tools and services to help bring financial wellness to a traditionally underserved community
NEW YORK, NY – July 17, 2019 –According to FDIC, 21 percent of African Americans do not have a bank account and 33 percent are underbanked. For this reason, many African Americans rely on predatory payday lending options which result in high interest rates and the insurmountable reality of never paying them back and drowning in debt. Civil rights activist and author, Dr. DeForest B. Soaries, Jr. and the dfree®Financial Freedom Movementhave teamed up with MoneyLion, America’s most powerful financial membership, to combat these financial issues with real solutions for change. dfree® is a values-based, wealth-building system designed specifically with the black community in mind.
“dfree®was created to give African Americans freedom from the chains of high-interest debt and to assist in closing the wealth gap, and we are excited to finally share the tools with our community that will enable them to get ahead of their financial problems and make their goals achievable,” said Dr. DeForest B. Soaries Jr., Founder and CEO of dfree®. “One of my frustrations in the past has been that we’ve not been able to really help people solve financial problems. This partnership with MoneyLion provides hardworking individuals with real solutions for financial freedom.”
MoneyLion helps even the playing field to achieve financial wellness by providing the powerful tools people need to break free from financial stress, including a zero-fee checking account, zero-fee debit card, zero-fee managed investment account, 0% APR daily cash advances, cashback rewards, and personalized financial advice. Used by 5 million members, MoneyLion also provides access to responsible, low APR, credit-building loans that won’t continue the cycle of debt but rather put people in charge of their finances.
“Our mission at MoneyLion is to end financial stress for all Americans through unprecedented access to the tools they need to take control of their financial futures,” said Dee Choubey, CEO and Founder of MoneyLion. “Our partnership with dfree®will provide its members with access to our innovative and integrated technology platform to make financial freedom a reality.”
The dfree®strategy and curriculum prepares individuals to take charge of their financial future through literacy. Now, through the MoneyLion partnership, dfree®members are further empowered with access to powerful financial tools and state-of-the-art metrics to ensure continued success.
The partnership between dfree®and MoneyLion primarily focuses on two audiences: the unbanked and underbanked communities. For the unbanked population, MoneyLion offers its Core membership which includes free checking accounts, 0% APR cash advances, no overdraft fees and rewards. One of the major benefits for the underbanked population is that MoneyLion offers credit building loans at 5.99% APR in its Plus membership. Out of the current members, 70% have seen an increase in their credit scores. For fully banked dfree®members, MoneyLion offers easy-to-understand and manage investment opportunities for legacy building. One of the many reasons why predatory payday loans have had such success in urban communities is because they are advertised as a way for people with no or bad credit to get quick cash. MoneyLion offers access to new ways to save, invest, borrow and grow.
dfree®members can sign up for MoneyLion at a discounted rate to take advantage of zero-fee checking, hassle-free saving, fully managed investment accounts and personalized financial advice. MoneyLion will further amplify dfree®‘s existing 12-step program to becoming debt free and inspire the community to earn rewards, make smart investments and save for the future.
For more information about this partnership, please visit: http://get.moneylion.com/dfree/.
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About dfree Financial Freedom Movement:
As the only faith-based, wealth-building system specifically designed with the black community in mind, dfree® delivers access to financial freedom. dfree® uses a variety of tools to educate, motivate and support people who make the choice to achieve and sustain financial freedom. dfree® began as a faith-based initiative to help stem an epidemic of overspending, particularly in the African-American community. dfree® has grown into a movement that gives participants the: ability to handle their own financial responsibilities; willingness to help others do the same; and, capacity to leave assets for future generations.
In the tradition of Rev. Dr. Martin Luther King, Jr., dfree® also is a movement to help achieve economic justice in America. Rev. Dr. King once said, “We must never let it be said that we spend more for the evanescent and ephemeral than for the eternal values of freedom and justice.” dfree® emphasizes controlling money matters so that individuals have the freedom to focus on more purposeful pursuits.
MoneyLion is America’s most powerful financial membership, which empowers people to take control of their finances. Since its launch in 2013, MoneyLion has amassed more than five million members and has earned its customers’ trust with new mobile onlinebankingand managedinvestmentservices that offer a one-of-a-kindcashback rewardsprogram, no-fee checking account, overdraft protection, andloansfunded in 15 seconds. From a single mobile app, users can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build andimprove their creditand achieve everyday savings.
A brand committed to ending financial stress for all hard-working Americans, MoneyLion created the Financial Heartbeat, the industry’s first health tracker for finances. MoneyLion knows that good habits are formed over time, so the Financial Heartbeat rewards users for decisions that move them closer to their financial goals.
MoneyLion’s success relies on finding ways to make its members’ money work as hard as they do. MoneyLion is headquartered in New York City, with offices in San Francisco, Salt Lake City and Kuala Lumpur, Malaysia.
MoneyLion’s affiliate, ML Wealth LLC, is a Registered Investment Advisor with the SEC. MoneyLion Plus members’ investments are protected by the SIPC (Securities Investor Protection Corporation) for up to $500,000. Brokerage services provided to clients of ML Wealth by Drive Wealth LLC, a member of FINRA/SIPC. Other services provided by our affiliates include ML Plus, LLC. This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. Past performance is no guarantee of future results. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any securities or services.