Lili Reviews

Lili | Banking Designed for Your Business

lili.co
3.70
126 reviews
Great Rating
Based on 126 user experiences

Rated 3.70 out of 5 by 126 Happy Customers

45.2%
15.9%
15.9%
6.3%
15.9%
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A

Beware of this bank

I use to love lili until I disputed some transactions on my account After I disputed the transactions I get a email that my account is closed I ve called and emailed many of times but its just a run around My account was closed in August but I still haven t received my money Beware of this banking app
R

Someone was trying to set up a fake

Someone was trying to set up a fake account in my name I called on Friday I was told by Lili someone would call me by Tuesday I did not get a call and they said they emailed me but did not receive an email Had to call back to confirm fake application was blocked Really would have appreciated higher urgency when a fake account is attempted to be set up in your name
R

My experience has been terrible

My experience has been terrible I use Mobil check deposit for my personal and business accounts The LiliMobil deposit application is awful To say the least Impossible to just snap a picture like with all my other accounts Even when the green bars are perfectly align and connect it still doesn t take the picture It s a business checking account that will not allow me to deposit more than 2 checks in a 24 hour period I bill monthly so when payments come they come at the same time and now I can t even deposit the checks I have worse is that once a check does get deposited it takes two days for them to accept it but 5-7 days for them to clear it and it be in my account I desperately need a new bank this was supposed to be convenient and it is anything but
A

Going down hill fast

I have had an account with lIli for almost 3 years and up until now I have had no complaints My account was recently hacked the person changed my email and password then took all the money from my savings then sent it to an unknown account I immediately contacted the bank within 5 minutes of the money being taken out They told me they would investigate and refund my account This was 2 weeks ago Keep in mind I am disabled and this was bill money I was facing having my electricity turned off so I had to choose between groceries and electricity Of course I chose electric Now 3 weeks later I still have not received my money and I am continuously told they are working on it I won t continue with this account if something doesn t happen soon
K

I opened this for my business account

I opened this for my business account but I can t use it to pay for my inventory from china
B

I love the Lily platform for business

I love the Lily platform for business it is amazing I wish that Lily could connect to more to Moore mobile banking networks or payment methods That would make it even more awesome
L

You ve been very good at handling my

You ve been very good at handling my Disputes and getting my money back I m impressed You ve done much better than Chime Thank you But you didn t block the merchant and they did it Again the next month Not so Great
D

The problem is that it s a business

The problem is that it s a business card account and it only allows you to deposit 500 a day at cash deposit locations And check deposits take 7 days to give you access to any funds And me as a business deposit larger amounts than they allow at their cash deposit places and when I deposit a check into the business account it is expected to be available especially if the company is needing it to function
E

Getting Lili goin again

I like the ease of accessibility of the benefits of my acct
T

I called because there was an unknown

I called because there was an unknown charge on my card and I don t know why but this gentleman was just like oh we have to let it go through and then we can dispute it I am so tired of this not being secured to the point where I have to order a new debit card every other month at 5 a piece you would think that you would just not do that since I m trying to live unless than 900 a month but I guess you guys just don t care

About Lili

Whether you're a small business owner or freelancer, Lili offers you tools you need to save money and grow your business.

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Frequently Asked Questions

Lili is a financial technology platform specifically designed for freelancers, independent contractors, sole proprietors, and small business owners. It provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single mobile application to address the unique financial challenges faced by self-employed individuals.

Lili offers a business checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and have access to a large network of fee-free ATMs. Features include early direct deposit and customizable expense buckets to organize funds for taxes, savings, or business expenses.

Lili automates expense tracking by categorizing transactions into IRS-approved categories. It includes a receipt capture feature to digitally store and match receipts to transactions. The platform also provides real-time income and expense tracking, and it automatically calculates estimated tax liabilities, helping users set aside funds in a dedicated 'Tax Bucket'.

Beyond banking and bookkeeping, Lili allows users to create and send professional invoices directly from the app, with notifications for when invoices are viewed and paid. The platform also offers insights and resources, such as articles and tools, tailored to help freelancers manage irregular income and maximize tax deductions.

Yes, funds held in Lili accounts are FDIC-insured up to $250,000 through its partner bank. The platform employs robust security measures including encryption, instant transaction alerts, and the ability to instantly freeze a debit card from the mobile app for added security and peace of mind.

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About Lili

Lili: The Financial Platform for Freelancers and Small Business Owners

Lili.co is a dedicated financial technology platform designed specifically to meet the unique needs of freelancers, independent contractors, sole proprietors, and small business owners. Recognizing the distinct challenges faced by the self-employed, Lili provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single, streamlined mobile application. The platform's core mission is to simplify financial management, saving users time and money while empowering them to focus on growing their business.

Core Banking Services

At its foundation, Lili offers a modern business banking experience through a checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and enjoy access to a vast network of fee-free ATMs. Key banking features include early direct deposit, enabling users to access their funds sooner, and customizable expense buckets to help organize and set aside money for taxes, savings, or business expenses directly within the app.

Integrated Financial Management Tools

Lili distinguishes itself by seamlessly integrating essential financial tools beyond basic banking. These features are engineered to automate and simplify the administrative burdens of self-employment:

  • Automated Expense Categorization:Transactions are automatically sorted into IRS-approved categories, making tax time significantly less complicated.
  • Receipt Capture:Users can instantly snap photos of receipts within the app, digitally storing them and matching them to corresponding transactions.
  • Real-Time Income & Expense Tracking:The app provides a live dashboard view of cash flow, profit & loss, and deductible expenses, offering immediate insight into business financial health.
  • Tax Estimation & Savings Tools:Lili automatically calculates estimated tax liabilities and helps users set aside the appropriate funds in a dedicated "Tax Bucket," reducing year-end surprises.

Features for Business Growth and Efficiency

Beyond day-to-day management, Lili provides functionalities aimed at supporting business operations and growth. Users can create and send professional invoices directly from the app and receive notifications when they are viewed and paid. The platform also offers valuable insights and resources tailored to the freelance community, including articles, tips, and tools for managing irregular income and maximizing deductions.

Security and Reliability

Lili accounts are FDIC-insured up to $250,000 through its partner bank, ensuring deposits are safe and secure. The platform employs robust security measures, including encryption, instant transaction alerts, and the ability to freeze a debit card instantly from the mobile app, providing users with peace of mind regarding their business finances.

Target Audience and Value Proposition

Lili is meticulously crafted for the modern independent worker, including freelancers, gig economy participants, consultants, creators, and small business owners. The platform's primary value proposition is consolidation—replacing the need for multiple separate apps for banking, accounting, and tax preparation with one unified solution. By automating financial tracking and tax preparation, Lili aims to reduce administrative stress, improve financial organization, and ultimately help its users keep more of their hard-earned money.

In summary, Lili.co positions itself as more than just a bank; it is a comprehensive financial assistant for the self-employed. By combining essential banking services with powerful automated bookkeeping and tax tools, Lili provides a tailored ecosystem that addresses the specific pain points of running a solo business, allowing entrepreneurs to manage their finances with greater confidence and efficiency.